Ninety-four percent of luxury home buyers would give up 1,000 square feet of living space in their next home if they could get such tradeouts as living in a better neighborhood or getting a shorter commute, a new survey finds.
The nationwide poll for Better Homes & Gardens Real Estate of 500 "luxury home buyers"--defined as people living in homes worth at least $1 million--focused on must-have bath, kitchen, and home technology features. In all cases, the online survey conducted by Wakefield Research asked respondents to list items they regarded as "essential" without defining exactly what that term meant.
Top responses in each category from the survey, announced Sept. 11:
Bath: Multiple shower heads was the top choice, with 58% of respondents calling them essential in a luxury bathroom. Following were a dedicated makeup and grooming space (50%), heated floors (46%), ports for digital music players (43%), a "focal point" tub (43%), and a sauna or steam room (43%).
Kitchen: The No. 1 essential was "extra" appliances, such as a built-in wine refrigerator or coffee maker. It was cited by 58% of respondents as essential. Then came islands with extra sinks or appliances (55%), an outdoor eating area (50%), granite countertops (49%), and a flat-screen TV (46%).
Home Technology: Seventy percent of respondents regarded a security system as essential in their next million-dollar home. Trailing security was an energy-efficient washer/dryer (65%), smart thermostat (62%), home theater (55%), flush-mount wireless speakers (50%), home automation system (48%), and keyless entry (40%).
As for those tradeouts, 54% said they'd give up 1,000 square feet of space to live in a better neighborhood, 51% would do it for a house with character, 44% OK'd a smaller home if it meant more land on their lot, 39% would do it for access to dining and entertainment, 38% for a shorter commute, and 35% would trade space for community amenities like a country club.