As the COVID vaccines are rolling out, life is resuming a normal pace, however different from the past. This has revived economic sectors that had previously succumbed to the health crisis and slowed down. These include investments in the real estate sector and the housing market, in general.
Real estate investors want to know how the year will pan out for the housing market, especially those interested in a luxury property. Will luxury real estate come back in the market? Will it appreciate? Will there be suitable refinancing options for property buyers?
Since the health conditions are still uncertain, investors are wary of investing in unrewarding assets. It’s time to shed myths about luxury real estate because it’s not all for the rich folks. Here’s what you need to know about the housing market and luxury real estate.
A Robust Start to Luxury Housing
Remote work conditions have boosted the demand for single-family units and private properties. Even though corporate offices are planning to renovate the workspace for socially distant placements, employees will opt to work from home. This requires permanent changes to be made to housing needs.
Homeowners have made different lifestyle choices, such as stepping out into their lawns and terraces and setting a home workout space. They need larger living rooms to create incentives for leaving the bedroom on lazy days. They’re revamping their house to accommodate more fitness and recreational options such as indoor swimming pools, gyms, and the likes. Since not all homes allow enough room to implement luxury changes, homeowners are looking at new luxury housing options.
Healthcare Facilities in Homes
Do you remember a time before the COVID era when we were particular about sanitizing our environment or cleaning ourselves? Even though the prevention tips for COVID are nothing new, we’ve only now started incorporating them into our routine. For instance, washing hands, showering after returning home, laundering clothes on time, or disinfecting contaminated clothing.
Managing all this at home is not easy if you don’t have the facilities for it. Homeowners are now installing sanitary equipment in bathrooms, repairing HVAC systems, installing touch-less security systems and revolving doors, adding distant seating to living rooms, and setting up sanitization units at the entrance.
This trend has permeated the housing market because buyers need housing that can make all this possible. Additional rooms or bathrooms will only be possible if there’s more space. Homes that offer valuable health perks are high in demand, which puts luxury housing at the top.
Outdoor Spaces For The Win
As people struggled with house arrest blues, realtors realized that buyers will now need outdoor spaces. Having an outdoor space in the house offers a view of the outside world and helps isolated homeowners feel aware and in-touch with reality. It’s also a refreshing change from the indoor environment and invites revitalizing elements such as sunlight and fresh air.
As instructed by the CDC, people are advised to conduct any gatherings in outdoor spaces, if at all. Those with big lawns or decks have an advantage, and those who don’t have it, want it now. Luxury housing offers decks, verandas, gardens, or backyards that enhance the value of property. This also increases the total covered area of the property and classifies it as luxury housing.
If you’re looking for such housing options in Brevard County, reach out to Paul Bryan Realtors.
Whether you want to buy a multi-family unit or a luxury condominium, their real estate services are at your disposal. Feel free to call them at (321) 305-3162 for more details.