You don’t have to be a millionaire to afford some luxury in your home. Below are a few tips on how to achieve a luxury home while spending less.
Restore a luxury home in poor condition
One way to afford a luxury home could be to buy a once impressive home that has now fallen into disrepair. Such homes may be within your budget. However, they will need a lot of work – and you will need to make sure that you have the funds, time and energy to carry out this work. It’s best to look for properties that need a lot of work, but that you can still move into immediately without having to invest in lots of repairs upfront.
Be content with less space
A luxury house may be out of your reach, but what about a luxury apartment? For those that don’t need all that extra space, apartments can be a great solution for affording luxury. The likes of these Meriton luxury apartments can offer stunning views and swimming pools all for the trade-off of having less private space. A house for the same price in the same area would most likely not offer these features.
Look for luxury homes in less attractive locations
Luxury homes are more expensive in prime locations. Those that are very remote or in less attractive urban neighbourhoods can be a lot cheaper – and some may even be within your price range. If you’re not too fussy about the location, consider whether this could be a means of affording a luxury home.
Build your own luxury home
Another option could be to design and build your own luxury home. Building a home isn’t as expensive as many people realise and it may be possible to work in small luxury features like skylights and en-suite bathrooms without spending too much extra. The most exciting part is that you’ll get to design the layout around your preferences. There are self-build mortgages and land loans that you can take out so that you don’t have to pay for it all upfront in cash. This guide at Build offers a few tips for undertaking a successful self-build.
Upgrade a regular home with luxury features
You don’t have to move home to make a home more luxurious. Simply through renovations, it may be possible to add a slice of luxury to a regular home. If you have the option to extend, consider using this as an opportunity to add a luxury feature to your home – whether it’s a larger kitchen or a lavish bathroom. There may be certain limitations that you have to work within such as local planning restrictions, however by getting creative you can find fun ways to make your home a little more lavish without spending too much (faux-luxury materials like synthetic stone and synthetic wood can be a great way to make a certain areas of a home look expensive on the cheap).