Luxury real estate is a very strong part of the market found in Edmonton. These are outstanding homes built and bought by those looking to live an incredible lifestyle. Maybe you're ready to start shopping for your dream home or you just have the need for five or more bedrooms, either way, a luxury home is a great choice in Edmonton.
What to Expect
Many of the luxury homes in Edmonton feature gourmet kitchens, over four bedrooms multiple bathrooms, outdoor pools, mini movie theaters and more. The fixtures found in these homes are all brand name and the designs are some of the most lavish in the city. Most of the luxury homes are custom designed and built specifically for the owner.
Homes Over $1 Million
Luxury homes are often defined by the sales price. Anything over $1 million falls into this category. These single-family homes usually come on large lots or even come with multiple acres of land. Whether you prefer a home in a luxury neighbourhood or you prefer one with a few acres of land, you can find what you're after in Edmonton.
Imagine living in a home with seven bedrooms, four bathrooms and over 3,500 square feet of space. These homes exist and something around this size will run around $3.5 million. Of course, this type of home is only one example of what you will find in the city.
Luxury condominiums are another part of the market and many come with two or more bedrooms, at least two bathrooms and nearly 3,000 square feet. Luxury condominiums can range as high as $4 million, depending on the size and location.
Some of these homes are gated, designed with columns or are a renovated historic home. There are many different designs, styles and sizes of homes found within the luxury real estate market of Edmonton.
How Buying a Luxury Home Differs From Buying a More Affordable Home
There are many ways in which buying a luxury home differs from buying a standard home. Understanding those differences can help home buyers decide whether they're ready for such a major purchase.
For example, larger homes have greater home maintenance expenses. The bigger the home, the more expensive the maintenance costs will be. Home buyers who want an estimate can assume that they'll have to spend about 1% of their home's value in maintenance every year.
More expensive mortgage. The minimum down payment for any mortgage is about 5%, if the cost of the home is less than $500,000. For homes that cost greater than $500,000, the down payment is 5% for the first $500,000, and 10% for everything above that amount.
More expensive furnishings. Big houses need high-end furnishings, and a lot of them.
In other words, buyers can expect to spend a lot of extra money on luxury homes. They must take these expenses into account when trying to decide whether a luxury home is right for them.
If you prefer a luxury home and you're moving to Edmonton, finding the right one is the first step. A realtor can help you find the right home for you.