The residential real estate industry is known for its creative language designed to sell homes. Two of the hottest terms these days are ‘lifestyle home’ and ‘lifestyle property’. The two terms essentially mean the same thing. So, what is a lifestyle home? More importantly, do you need one?
Let us answer the second question first. No, no one ‘needs’ a lifestyle home. When you consider that a home can be any sort of structure that offers housing to its inhabitants, you and I could live in just about anything. That makes a lifestyle home a luxury rather than a necessity. That said, lifestyle homes are all the rage in booming real estate markets like Salt Lake City, Utah and Naples, Florida.
The Lifestyle Home Defined
To help you better understand lifestyle homes and their intent, we will switch to the term ‘lifestyle property’ instead. Why? Because to truly embrace the lifestyle concept, you must look at more than just the house. You have to look at the whole property and what it has to offer.
A lifestyle property is a property that includes specific elements intended to enhance the occupant’s quality of life. Sounds simple enough. However, there’s a catch: what might enhance your quality of life could be rather inhibiting to someone else’s quality of life.
Whether you are talking luxury homes in Salt Lake City or their counterparts in Naples, the fact that quality of life differs from one owner to the next indicates that the lifestyle property concept is a boon for home builders. It presents plenty of opportunities for real estate brokers, like Salt Lake City’s CityHome Collective, as well.
Accommodating the Individual
Buying or selling a lifestyle property involves multiple components, beginning with the individual lifestyle of the buyers. You may have buyers looking for a property in Salt Lake City, buyers who are fascinated with the great outdoors and would love nothing better than a house in the hills surrounded by mother nature.
On the other hand, you might have buyers in Naples who simply adore the coastal lifestyle. They want a house on the water complete with a dock and easy access to city restaurants, shops, and entertainment venues. Their needs will be entirely different from the buyers in Salt Lake City.
Inside their respective houses will be other enhancements depending on their preferences. Perhaps the Salt Lake City family is big on technology. They want home automation that controls everything from temperature to lighting to ambient music. They are definitely in the market for smart home.
The family in Naples may be passionate about entertaining family and friends. The main feature of their home is a large great room with direct access to a sizable outdoor deck. Both spaces are premium entertainment spaces that can be used in conjunction with weather conditions. When the weather is beautiful, everyone goes outdoors. The great room awaits when the weather doesn’t cooperate.
The Lifestyle Community
Another component of lifestyle properties is the communities in which they are located. This comes into play when people are looking for luxury homes designed around a shared lifestyle that they hope to enjoy with other property owners. Think golf communities, senior living communities, etc. A fly-in neighborhood with its own private airstrip would be another example of a lifestyle community.
Lifestyle properties are all the rage these days. Do you need one? No. Do you want one? Only you can answer that question. If you do, you will be pleased to know that the stock of lifestyle homes in the U.S. is steadily growing.