The Clarity of Luxury Real Estate Prices: Does the Price Tag Include Furniture Options?
In the world of luxury real estate, video ads often showcase completely furnished apartments to entice buyers. But do the price tags on these listings include the interior furniture and furnishings? This article delves into the specifics of what is typically included, market norms, and how to navigate potential negotiations.
Furnished vs. Unfurnished Listings: What You Should Know
Luxury real estate listings may come with or without furniture, and either way, it can lead to significant cost differences. Some luxury properties are explicitly labeled as furnished or partially furnished. However, it's crucial to understand that the inclusion of furniture can vary by listing and market. Buyers should clarify the details with their real estate agent or check the listing specifics.
While some properties are fully furnished, especially when marketed as turn-key homes, others may only include basic furniture or have options that require additional payments. For instance, in high-end markets, luxury properties are often sold fully furnished, reflecting a shift towards turn-key living.
Market Norms in Luxury Real Estate
In many high-end markets, luxury properties are commonly sold fully furnished, especially if they are marketed as turn-key homes. This means that you can move in without any additional purchases or installations. However, the specifics can vary, and it's always important to clarify these details with your real estate agent.
Clarification in Listings: A Key to Avoiding Surprises
It's crucial to ask your real estate agent or check the listing details to fully understand what is included in the sale. Potential buyers should consider the cost of additional options, such as custom fixtures, appliances, or furniture. Depending on the listing, the price tag may or may not include these elements, leaving room for negotiation.
The Unease of Luxury Real Estate Ads
Despite the clarity provided by many real estate listings, potential buyers may still feel wary about the inclusion (or lack thereof) of furniture in luxury properties. Some may see this as a "bait and switch" tactic, especially if the property is marketed as completely furnished but the reality differs.
From a historical perspective, as one experienced realtor noted, little may have changed in the real estate industry over the years, with similar concerns and practices persisting. Even with the extensive regulation of the real estate business, concerns about misleading marketing can remain prevalent.
In various parts of the world, the level of furnishing in luxury properties can differ. For example, in some areas, houses and apartments might be delivered partially or fully furnished, while in others, they might be provided bare. In Europe and Asia, luxury developments often include tailor-made furniture, but the buyer is responsible for additional costs if they want something outside the provided options.
The Cost of Luxury Furniture
While luxury properties might come with some furnishings, potential buyers should be aware that additional costs can arise. In many cases, buyers have the option to choose their own finishes, fixtures, and furniture, which can be subject to additional charges. For instance, features like a jetted tub, granite countertops, or specific bathroom fixtures can come at an extra cost.
Some luxury developments offer clients special deals with furniture manufacturers, but this is not yet the industry standard. In the Anglo-Saxon tradition, potential buyers may hire architects or interior designers to help them with the furniture and styling choices, leading to extra costs.
Estimating Furniture Costs
It's estimated that the cost of furniture for a new house can range from 10% to 15% of the house's price. For luxury properties, which can range into the tens of millions of US dollars, this estimate is significant. As such, luxury furniture manufacturers see this as an attractive market to target.
For those interested in furniture and design, it's worth following authors and experts in the field. My background and expertise in furniture and design can provide valuable insights into these markets and help buyers navigate the complexities of luxury real estate.