Here’s How to Tell What That Luxury Home is Really Worth

From spectacular rolling hills to world-class dining and entertainment, there are so many reasons why people love living in Nashville and the surrounding area. Whether you are searching for luxury homes for sale in Franklin or Brentwood, Tenn., there are many spectacular communities in the Nashville metropolitan area. So what are the hallmarks of a luxury listing? How do you determine what a luxury home is worth in Nashville? Here are some of the most significant indicators of a luxury home’s worth.

There’s a reason everyone emphasizes location in the real estate world — location is one of the main driving factors behind a home’s value. If you compare two properties of similar size, age, and condition, the property in the better location will be more expensive. Buyers are willing to pay more for an excellent location. In other words, location is one of the best indicators of a property’s value, especially for luxury homes. Fortunately for Nashville homeowners, location typically drives up the values of their homes.

Home to some of the world’s best music venues, live performances, and world-class food, Nashville has become more than just the birthplace of country music. It’s become one of the fastest-growing metropolitan areas in the country. Many prospective homeowners want to be close to downtown Nashville restaurants, shopping, and live shows. Other buyers want to live in high-end suburbs and will search for mansions in Franklin or luxury homes for sale in Brentwood. Every buyer has a different definition of an ideal location. Still, if a luxury home is in the right community, the right buyer is willing to pay more for that location.

Every buyer has a list of “must-haves” when purchasing their dream home. The standards for prospective homebuyers searching for luxury real estate are even higher. Living in a luxury home means buyers will expect certain features in their home: a gourmet kitchen, cathedral ceilings, expert craftsmanship, custom woodwork, and more. Yet, one of the essential factors luxury homeowners desire is amenities, both within the home and the community.

Whether a luxury buyer is searching for an upscale condo or a sprawling estate with acreage, a home’s amenities (or lack thereof) can be a significant determining factor in what a luxury home is worth. Suppose a buyer is searching for a historic property in downtown Nashville, for example. In that case, some of the amenities they will likely want are a blend of contemporary, high-end features seamlessly blending into the home’s historic charm. Luxury homebuyers in the downtown area also want to be close to downtown Nashville shopping, parks, and upscale restaurants, among other nearby amenities.

For buyers who live in a community outside of the city, their needs are slightly different. For many luxury buyers, one of the most highly requested amenities is privacy and space. Many homeowners who live in upscale communities also want access to resort-style amenities, such as fitness centers, swimming pools, and golf courses, while within a short distance of downtown Nashville’s amenities.

For luxury buyers, amenities are not just what is easily accessible to them within their community. Luxury buyers see value in a home with high-end finishes. From innovative home technology to artisanal craftsmanship, luxury buyers desire high-end finishes in their dream homes and will pay top dollar to secure them. Some of the most prominent high-end finishes buyers look for include:

• Fully equipped kitchens with luxury features, including custom cabinets, professional-grade appliances, ample kitchen islands, separate butler’s pantries, stone countertops, and contemporary lighting
  
  
• A cohesive floor plan with open yet defined spaces (whether buyers are searching for historic Victorian homes or contemporary estates, the floorplan needs to be practical and inviting)
  
  
• Cathedral ceilings with floor-to-ceiling windows for added natural light
  
  
• Custom-built finishes, including coffered ceilings, built-in woodwork, wrought-iron railings, and more
  
  
• Smart home technology
  
  
• Energy-efficient features, such as solar panel roof tiles, geothermal heating and cooling, garages equipped for electric cars, tankless water heaters, and more
  
  
• Extra features, such as a home gym, a resort-style swimming pool and spa, a home theater, an in-home office, a wine cellar, and other features that make the home truly special

Besides high-end features, Nashville area buyers will also pay for truly spectacular extras, such as outdoor spaces with views of downtown Nashville or the rolling hills. Any component that genuinely sets a property apart will have value for buyers.

From high-end finishes and top-of-the-line technology to outstanding locations, many factors go into determining what a luxury property is truly worth in the Nashville area. One factor makes or breaks any home’s ultimate value: the market. The demand for property drives real estate market value, and luxury real estate is no exception to this rule.

In an area like Nashville, where more and more people are relocating, the demand for luxury real estate increases alongside demand, which improves home prices. Luxury real estate buyers are willing to pay for the features and amenities they want in the areas of their choice.

When homeowners are in tune with the features they want, sellers are bound to earn top-dollar for their listings. For sellers considering selling their luxury homes, hiring an expert who understands the local market trends is essential. Once sellers hire the right agent and place their house on the market, they will realize what their luxury home is worth.

Are you ready to buy or sell your Nashville home? Janelle Waggener is your go-to agent for all things real estate in Nashville. Whether you are buying or selling downtown Nashville real estate or the surrounding area, trust Janelle to get the job done. Contact Janelle today for your free consultation.