Is it possible to get a luxury townhome without paying a premium for it? Yes, it is.
Gone are the days when luxury housing meant paying top dollar in exclusive addresses. Even more, affordable luxury housing doesn’t mean compromising on space, exclusivity, and amenities.
Today, luxury housing is being redefined to remove the hefty price tag while at the same time keeping the details that define luxury living. Affordable housing projects, such as luxury townhomes, have access to comforts that only the ultra-wealthy could afford. This has liberalized the high-end real estate market to make it accessible to medium- and low-income families.
Before we continue, you’re probably wondering; how is it possible to have luxury townhouses without the luxurious price tag? Well, it’s possible. Read on to find out how.
How Affordable Luxury Homes Come Into The Market
First, the reduction in the prices of manufacturing and technology has played a significant role. Because of this, components that are used in the construction of luxury homes like materials and technology are significantly cheaper today than they were before. Developers, therefore, have transferred that cost-benefit to buyers.
Also, developers are becoming more creative. For example, land prices are a significant barrier to affordable luxury homes (especially in cities where the price of land can even be higher than the cost of the house on it). Instead of building single-family luxury homes, developers have resorted to building multi-family homes to circumvent this issue.
This concept of building up enables developers to spread the high cost of land across more homes, making luxury homes more affordable. That is why finding luxury townhomes in Toronto is possible today.
Luxury homes can also become affordable through filtering. When luxury houses age and the designs go out of fashion, the previous owners move into newer homes. These old luxury homes are then remodelled and released into the market at rates, below the previous luxurious price tags.
There are many ways in which luxury homes find their way into the real estate market. What is being witnessed today is just the beginning of the golden age of affordable luxury housing.
What to Look Out For In Luxury Townhomes
So now that you’ve seen how luxury housing was born, what does it entail, and what should buyers of luxury townhomes look out for when shopping?
Below are a few key features or details that luxury townhomes should have, even if they don’t have a luxurious price tag.
- Smart Home Technology
You may know what smart home technology is, especially if you are a fan of science fiction. These are interconnected gadgets that can communicate with each other to perform sophisticated functions.
For example, you can have your lighting system, entertainment media, HVAC systems, and other components in the home all networked into one system. This way you can control them remotely and perform a myriad of tasks or create specific environments depending on your needs and preferences.
- Luxury Amenities
Modern planners and builders of affordable luxury homes are increasingly adding luxurious components to homes or organizing them in a centralized area. Some of these amenities include saunas, pools, mini theatres, gyms, and sitting plazas halls.
Developers are taking advantage of the fact that that the prices of such amenities have reduced considerably. They can, therefore, include them in their developments without having to hike prices to the benefit of the buyers.
- Top of the Line Safety And Security
When it comes to luxury living, safety and security are paramount. Your luxury townhome should have some built-in security features, superior to what is found in average homes. This can keep your home safe from unwanted attention and theft.
Some of the basic security features include security cameras, smart locks, and safety alarms for fire or break-ins. In addition to these home security systems, luxury townhomes should also have reliable security at the entrance and, where need be, within the property.
- High-End Kitchens
The heart of the home—the kitchen. Kitchens in luxury homes should be opulent, spacious, and well-equipped, to say the least—features you rarely find in a typical kitchen.
Among the things you should see are heating drawers, washers, restaurant-quality appliances, sufficient storage, and prep space as well island sinks, among other things.
- Prime Location
A luxury townhome is supposed to be a little piece of paradise. It should be situated in a location that offers privacy and exclusivity. Luxury townhomes in Toronto are located in such neighbourhoods, including The Bridle Path, Sunnybrook, and Kleinberg.
However, we are talking about luxury townhomes without luxury price tags, so do not set your expectations too high.
Also, remember that luxury housing is not just about exclusiveness. Modern affordable luxury is also about access to essential facilities that fit the current social and community lifestyle. This includes things like smooth connectivity, easy accessibility, and necessities like good hospitals and schools.
Now with all this in mind, how should you go about this business of buying affordable luxury townhomes without a hefty price tag?
Patience is a Virtue
Getting your hands on a perfect luxury townhome requires patience. This is especially the case when looking for an affordable one, which matches your needs and preferences.
Don’t fall into the trap of jumping onto the first deal you get simply because it is within your budget. Before you commit to buying, ask yourself whether it is possible to find a better one.
Also, just because a particular townhome attracts a lot of interest doesn’t mean that you should want it as well. Be guided by your own needs, preferences, and budget.
Additionally, do not shy away from backing away from a deal if you see something that you don’t like. With patience and research, you might even get a better home than you are looking for.
Expert Guidance is Crucial
Finding a good and affordable luxury townhome is akin to finding a needle in a haystack. But with expert guidance, you might find exactly what you are looking for or something even better.
To begin with, hire an agent who is familiar with the luxury housing market in the neighbourhood you want to buy in. This matters a lot because access to high-end properties is usually restricted, unlike standard developments where anyone is open to walk in and see them. Good buyer agents may have relationships with the sellers or developers, making the process smoother.
Also, because you want something affordable, you want to work with someone who understands the luxury market in the area you’re interested in. A good agent is better placed to know what a good deal looks like.
Don’t Be Afraid To Negotiate.
Sometimes people fail to get good deals simply because they do not ask. It is important to note that, unlike other high-end home markets, the affordable luxury housing market has an allowance for negotiations.
Also, the high-end real estate market has fewer buyers than the traditional housing market. Therefore, the competition is not very stiff, meaning many sellers are willing to negotiate.
So do your homework, come up with a plan, and be patient until you find the perfect luxury townhome.