The looks of the property is directly related to its appeal and the type of residents who would be interested in occupying such property. While curb appeal plays a major role, many other important considerations will also define a property to be luxurious.
Properties that are considered luxurious are not only popular and fill up fast, but also they demand a higher rent. Hence, if property management wants to market the property as being luxurious, it is important to know the elements that would define luxury. Here are some important points to consider while making such a claim.
Differences between Areas
The unobstructed view of a stunning sunrise might be considered luxurious in the desert landscape of Arizona, whereas in Florida access to a quiet beach, which does not cater to tourists, would be considered a luxury. Hence, luxury is defined differently in different areas and from different viewpoints.
While marketing a property it is important to know what the local population considers luxurious in a property. This can also vary between tenants demographics. For instance, younger tenants will be more interested in a secure garage for bicycles and a fully equipped gym, whereas senior tenants would consider an exquisite health center with visiting nurses, luxurious. The culture of the majority of the prospective residents and the climate of the place will also influence expectations about luxury.
Even upgrades done on a small scale can make the property outstanding and terrific if it properly targeted to suit the lifestyle of the possible residents. The ability to customize and addition of fanciful decorations are very appealing to many tenants. Providing smart storage, and incorporating unique patterns and textures for the interiors play a major role in demonstrating luxury.
Important interior elements that can be considered are abundant space for storage, subtle lighting fixtures, built-in shelves, especially in kitchen and bathroom spaces, and loads of tech support that includes docking stations, USB outlets, and many electrical outlets for digital and entertainment equipment.
Size vs. Amenities
A compact unit does not necessarily mean that it lacks luxury. Most tenants are now looking for more amenities and convenience, rather than vast spaces. In fact, many professionals think extra space would translate into extra maintenance and cleaning chores, which would be bothersome.
Mostly residents, now look for comfort and features that make things convenient for them. For instance, attractive features could include HVAC with zoning technology, better drapes for privacy, hi-tech security systems, and round the clock availability of various services.
While considering luxury, another major change is that now many tenants are not concerned about the materials used, as long they are convenient and long lasting. For instance, the older generation seeking luxury would look for tubs and countertops made of granite, but now people mainly want efficiency, convenience, and the latest technology. For instance, residents who invite many guests are no longer concerned about the countertops being made of granite, but will be looking for hi-tech ovens and cooking tops, and whether they can hook up the latest entertainment system.