What is an upscale home?
While most everyone thinks of their home as being first-rate, upscale homes have been specifically defined in the realm of real estate. These homes typically exceed 4,000 square feet of living area and range in value from $900,000 to upwards of $1 million. By one common definition, the following characteristics are typical of an upscale home:
- Unique design for an individual owner—Many of the homes in this category have been specifically designed for the homeowner or have been modified to meet his/her needs or wants.
- Special purpose rooms, such as libraries or conservatories—These rooms are not typically found in other homes and therefore add to the value of an upscale home.
- Decorative roofs and roofing materials—Many of these high-end homes do not use the traditional shingles found on the majority of other homes, but use other materials in decorative ways, adding value.
- Unusually large size—These homes have a number of unusually large rooms or a large overall spread.
- High-grade appliances in the kitchen, or multiple kitchens
- Uniquely shaped rooms and high ceilings
- Ornate entranceways or interior courtyards—similar to having special purpose rooms, these entranceways and courtyards add value.
These factors are only a handful of the characteristics one may find when looking into buying one of these upscale homes . Many families see an upscale home as their "dream home" and are willing to put forth the large amount of financial means necessary to have all the amenities they desire.
Buying an Upscale Home
When looking into buying one of these pricey but beautiful homes, general and specific research should be of utmost importance in the process. Once you have decided whether you want to buy a home that has already been built or have one designed to your specifications, you should find a respected real estate agent or a contractor to guide you along the way. Some agents and contractors specialize in selling and building upscale homes , so these businesses should be at the top of your research list.
Location is another important factor. When looking to relocate, think about whether you want to settle into an already established community of high value homes or if you would like to isolate your home in a unique location. Many high-end communities are sprouting up all over the U.S.; a large market is currently being established in the midwestern states of Wisconsin, Iowa, Indiana, and Illinois. Many of these communities have specific construction rules and regulations, so be sure that you are informed of such rules if you choose to be a part of one of these communities.
Insurance for your home is, of course, important as well. Upscale homes , because of their unique design and the quality of workmanship that goes into each of these dream homes, insurance underwriters must be well-versed in the value of such homes and be able to accurately underwrite the risk and provide the homeowners with confidence that their home is properly protected.
By Ashley Andyshak