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Passionate Pursuits at Home
Having a room dedicated as a “specialty space” may seem like the ultimate indulgence, but in fact, not only is this a trend on the rise, it’s increasingly becoming a “must have” for significant properties all over the world. Whether it’s a spectacular outdoor dining room or a space dedicated to a pursuit of a passion, such as an elaborate and organized kitchen pantry or a kitted-out garage, specialty spaces are a way that homeowners can embrace what they love most in the world and ensure they spend some of their precious time devoted to it.
Recently, in our whitepaper The Rise of The New Aristocracy we highlighted this trend, specifically in the U.S., and how the preferences of two distinct buyers differ when it comes to specialty spaces.
This first group includes the design savvy and urban dwelling group known as The New Aristocracy. Ranging from age 25-49 years old, these buyers have inherited or anticipate inheriting, a significant amount of wealth. 58% expect to receive at least $1 million in inheritance from a parent, grandparent or another family member.
Luxury Portfolio International president, Stephanie Anton notes: “The New Aristocracy is setting the tone for the affluent buyer of the future. This group of buyers has lived with significant wealth for most of their lives, therefore they have specific preferences and desires when it comes to a home.”
The New Aristocracy often chooses to use their inherited income to purchase a home that reflects who they are as people. “The need to reflect their passions and interests is a clear indicator of why this group loves the idea of specialty rooms,” says Anton. From outdoor patios to entertain close friends and family to music rooms to host an amateur jam session, these buyers have a wide range of preferences that they express through specialty spaces in the home. The desire for specialty rooms is also driving an interest in larger properties for this group. In fact, 25% of these buyers are looking for a residence between 5,000 and 7,500 square feet as a means to incorporate spaces that explore their passions.
Specialty rooms are also listed as three of the top five most essential spaces in a home among the more seasoned buyer group, the Luxury Loyalists. Comprised of traditional wealthy home buyers over 50 years old, these affluent individuals are looking to downsize and prepare for retirement or empty nesting. Unlike their younger counterparts, the Luxury Loyalists are specifically looking for smaller properties; 38% of this group is seeking out properties between 3,000 and 5,000 square feet. “Transitioning into a new stage of their lives, this group is beginning to spend on experiential choices like travel and asset transfer. They are preparing their heirs for a lifetime of wealth management,” said Anton.
Luxury Loyalists see the home as a place for comfort and security where they can relax and enjoy privacy and security. These buyers are looking to add convenience into their lives and favor practical specialty spaces like home offices and laundry rooms, however they also enjoy entertaining guests and love comfortable living areas for gatherings.
In addition to rooms for hobbies and comfort, both groups view fitness and wellness among their top must-haves in the home. “Gyms and wellness centers inside the home are in demand among these buyers and having a fitness area in the home is extremely practical for time stretched buyers,” said Anton. While The New Aristocracy seeks out gym and spa areas with a pool to entertain the whole family, Luxury Loyalists look for wellness areas with specific amenities like saunas, yoga studios and massage rooms.
On luxuryportfolio.com many potential buyers are favoring listings with specialty spaces that allow them to express their interests. Among these, art studios, theatre rooms and other entertaining areas have been quite popular as today’s buyers look to their home as a place that offers all of their life’s passions, in one place.