Today’s luxury home buyer would rather get wired than go green.
A new survey of luxury home buyers by Better Homes and Gardens Real Estate, a subsidiary of Realogy Holdings Corp., shows that most homebuyers prefer houses outfitted with technology features. Nearly 90% of homebuyers say they would not even consider a home that isn’t tech-friendly, and two-thirds say a “smart” home is more important to them than a “green” home, meaning one with eco-friendly features, although there is some overlap between the two.
Homeowners have long coveted technology features, but the trend spiked in the past few years as more home buyers became comfortable with technology and saw it as a way to be more efficient, says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate.
Tech features also allow home buyers to personalize their homes to fit their lifestyles. “They want custom experiences that they can create remotely on their iPad,” she says.
By and large, homebuyers still prioritize standard features, like security systems and energy-efficient washer and dryers. But trendier features are becoming more desired. Of home features considered essential, 55% of luxury home buyers cite a home theater; 50% say wireless speakers; and 40% say keyless entry.
Traditional spaces are also getting a tech update. A luxury wine cellar used to consist of one climate-controlled room. Now, some are much more sophisticated, with multiple climate settings, built-in coolers and fridges and iPad-control systems, Ms. Chris says.
Homebuyers are willing to sacrifice space for these amenities. About 94% of home buyers would sacrifice 1,000 square feet of living space for a lifestyle amenity, according to the study.
The Better Homes and Gardens Real Estate Luxury Homes Survey was conducted by Wakefield Research among 500 luxury home buyers, between May 20 and June 4, using an email invitation and an online survey. The margin of error is plus or minus 4.4% percentage points.
Source: The Wall Street Journal