The Benefits of Choosing a Luxury Home in Edmonton

October 31, 2022 7:00 am Published by Terry Paranych Real Estate Group

From high-rise penthouses overlooking downtown to sprawling estate properties along city outskirts, Edmonton’s luxury market has something to offer every discerning buyer. Edmonton’s upper-scale homes are also considered some of the most sought-after properties in Alberta, thanks to our broad selection of luxury communities and the exclusive amenities they provide.

And that’s just the start.

Here are a few key benefits to look forward to when purchasing a luxury home in Edmonton.

Luxury Home Living Defined

The definition of luxury living will vary from person to person. For a growing family, luxury living may mean ample square footage, multiple bedrooms and bathrooms and dedicated recreation spaces (i.e. family rooms, oversized yards, game rooms etc.). On the other hand, a downsizing couple may prefer a low-maintenance home in a gated, adult-only community with onsite amenities (i.e., a fitness centre, golf club and social room). Overall, luxury homeowners, regardless of personal taste, enjoy an extremely comfortable lifestyle, highlighted by ultra-desirable surroundings.

Benefit 1= Different Luxury Styles to Choose From

New Construction Luxury Homes

Pre-Sale Homes – Commonly referred to as “pre-construction homes,” these properties have yet to be built. In opting for a pre-sale, buyers may choose from a set of prescribed floor plans and high-end finishes. Note: A pre-sale luxury home isn’t necessarily the same as a “custom” luxury home, as the models, layouts and home features are often pre-determined by the builder.

Custom Luxury Homes – There are no compromises when it comes to a custom luxury home. From wine cellars and wet bars to home gyms and movie theatres, building custom allows you to incorporate one-of-a-kind features specific to your unique wants. In addition to designing your home from the ground up, going custom will enable you to:

Choose the right builder
Gain greater control over your luxury home budget
Choose your location, lot, view, etc.
Control construction material types and quality

Spec Homes – Luxury spec homes are new home builds where construction is either underway or already complete. This type of new home build is appealing to buyers in search of a shorter move-in timeline or who prefer to limit the decision-making process. As such, you can have as much (or as little) say in your new home’s design. Luxury spec homes may also be referred to as “move-in ready” or “quick possession” homes.

Waterfront Luxury Homes

Waterfront homes are any real estate holding overlooking a body of water. These can include everything from luxury condos overlooking the North Saskatchewan River to an executive bungalow nestled alongside a scenic stormwater pond. In most instances, waterfront properties are not just about purchasing a beautiful new home but buying into a specific, recreation-friendly lifestyle. Other perks include incredible views, health benefits and excellent resale value.

Infill Luxury Homes – Infill is the process by which older homes are replaced with new construction properties. Many luxury home buyers opt for infill homes to enjoy the best of both worlds between modern living and an established community atmosphere. These contemporary properties are often characterized by bespoke features, large lots and proximity to amenities.

Acreage Luxury Homes

Acreage luxury homes are located along the outskirts of Edmonton. Most properties offer between 1 to 20 acres and may be standalone or situated in a larger estate community. Despite their rural setting, these large country homes are anything but remote and usually within a short distance of schools, services, shopping amenities and more.

Luxury Condos

Edmonton is home to many luxury condo developments. These high-end units are generally priced at $600,000 and up and may include 1,500+ square feet of open living space (sometimes across two or more stories). They’re also located in a wide range of neighbourhoods, including downtown, new developments, prestigious gated communities and more.

Penthouses – Penthouses are considered the top-floor luxury unit of an apartment building (usually a high-rise). “Penthouse” may also apply to any luxury unit that differs from the rest of the building in terms of finishes, size, style and floor plan. Other features to expect from a penthouse include panoramic views, plenty of privacy and luxury onsite amenities. Check out 14 Benefits of Penthouse Living for more information.

Luxury Townhomes and Duplexes

Edmonton’s luxury townhomes and duplexes offer many of the same benefits as their detached counterparts without the maintenance. These high-end units include multiple storeys (including finished basements), generously sized bedrooms and bathrooms, and spacious open floor plans. Attached and detached garages, private yard spaces, and ample storage are also common, as are other luxury finishes such as:

Spa-like ensuites
Gourmet kitchens and inviting dining areas
Roomy master suites (complete with walk-in closets, private balconies, etc.)
Upper-floor laundry
Vaulted ceilings
Dens/flex rooms/bonus rooms
Outdoor entertainment spaces
And more!

Benefit 2 = Lavish Luxury Features

Luxury homes are defined by their unique features. This is because luxury home buyers are better positioned to incorporate more of their home “wants” compared to an average home purchase.

Common luxury features include:

Chef-inspired kitchen (stainless steel appliances, double ovens, chef’s pantries, butler’s kitchens, custom islands, etc.)
Six+ piece luxury ensuites (standalone soaker tubs, walk-in glass showers, his and hers vanities, in-floor heating, water closets and more)
King-sized owner’s suites (private balconies, walk-in closets, fireplaces, etc.)
Butler’s kitchens
Custom cabinetry
Quartz/granite/stone countertops
Natural and/or engineered hardwood flooring
Upscale lighting
Formal dining rooms
Elegant great rooms
Curved and spiral staircases
Glass railings
20-foot/vaulted ceilings
Open to below features
Oversized windows
Upper-floor laundry
Convenient mudrooms
Contemporary gas fireplaces
Bonus rooms
Exercise rooms
Games rooms
Theatre rooms
Wine cellars
Wet Bars
Walkout basements
Vaulted/coffered ceilings
Outdoor sound systems
Pools/hot tubs/saunas
Triple+ car garages
Sports courts
Outdoor entertainment spaces
Full landscaping
Underground sprinkler systems
Circular lit driveways
And more!

Benefit 3 = Exclusive Amenities On and Offsite

Luxury communities are also known for their prestigious onsite amenities. For instance, many of Edmonton’s waterfront communities feature recreational lakes (perfect for swimming, boating, fishing, etc.). and exclusive beach clubs. Other luxury neighbourhoods include championship golf courses, country clubs and recreational amenities, including tennis courts and outdoor fitness parks.

Additionally, luxury home communities are located within a short distance of schools, commuter routes, shopping centres, restaurants, and more.

See: 7 Amenities to Look For In Your Next Neighbourhood

Benefit 4 = Exceptional Neighbourhoods

Whether you’re searching for a brand-new neighbourhood currently under development or a historic riverside lot, luxury homes are available in every corner of the city. For more information as to which luxury Edmonton community will best meet your unique wants and lifestyle, take advantage of our complimentary neighbourhood resources:

Your All-In-One Guide to Choosing The Right Edmonton Neighbourhood – Discover your dream luxury home in the perfect luxury community with the help of this all-in-one guide.

Your Ultimate Guide to Edmonton Real Estate – From home prices and styles to community features and amenities, we’ll tell you everything you need to know about Edmonton’s distinct quadrants and the neighbourhoods therein.
Edmonton’s Top Infill Communities – Unique homes, mature tree-lined streets and popular amenities are just the beginning! Find out more about Edmonton’s many sought-after infill neighbourhoods with our free guide.

Benefit 5 = Excellent Resale Value

As luxury homes aren’t as common to the Edmonton real estate market, buyer demand generally outweighs supply. As such, luxury homeowners enjoy a healthy return on their initial investment with less need to worry about property depreciation. Due to this niche market segment, luxury homeowners also enjoy a quick and easy selling process.

For more information, see our previous post: Our Top Tips For Selling a Luxury Home

Helpful Luxury Home Buying Tips:

Organize Your Finances – As luxury homes are a particularly large investment, sellers will want to know you have your finances in order. In fact, many luxury home sellers will want to see proof of financing before agreeing to a private showing (more on that below). In addition, your personal finances will be more heavily scrutinized, so you’ll want to meet with your accountant, mortgage broker and other financial representatives beforehand.

Establish Your Wants and Needs – When it comes to luxury real estate in Edmonton, the choices are endless. For this reason, it’s essential to establish your wants and needs before hitting the luxury market to save time and frustration. Your luxury homes NEEDS may include location, number of bedrooms and bathrooms and specific amenities. WANTS may encompass luxury features you’d like to have but aren’t essential to your overall happiness (i.e. granite countertops as opposed to quartz or a specific paint colour).

Keep in mind, you always have the option of adding those “wants” later on.

Research the Neighbourhoods – Talk to your Edmonton agent about which luxury Edmonton communities best suit your current and future needs. We also recommend accompanying your agent to these areas at various times of the day to avoid any unwanted surprises later on (i.e. construction noise, excessive traffic, etc.).

Schedule a Private Home Tour – As luxury properties are usually professionally staged and photographed, try not to rely on photos alone. Your luxury Edmonton real estate agent will schedule a private home tour on your behalf.

Work With an Expert – Purchasing a home can be challenging even for the most seasoned home buyer. That’s why we recommend partnering with an Edmonton REALTOR®. An Edmonton agent will help you find the right high-end home to suit your wants and needs while ensuring a seamless buying process.

Be Patient – Here again, the meaning of “luxury” differs from buyer to buyer. As a result, not all luxury properties will be created equal when it comes to complimenting your distinct tastes. Finding the right unit in terms of floorplan, design, décor, and features may take some time but remember, when it comes to such a significant investment, you don’t want to settle for less. Trust that your REALTOR® will work hard to find you the right luxury home for your lifestyle.

Working With a Luxury REALTOR®

Working with a professional who understands the Edmonton luxury home market is critical when looking for the right luxury home. As one of Edmonton’s leading luxury home real estate teams, the Terry Paranych Real Estate Group has the skills, professionalism, and experience to guide you on your home buying journey from start to finish:

Determining your luxury home wants and needs
Getting pre-approved for the right mortgage
Honing in on the right luxury community
Finding the perfect luxury home
Negotiating with luxury home sellers
Navigating paperwork and purchase details
And more!

Check out our latest listings for more information on luxury homes for sale in Edmonton. We also invite you to take advantage of any one of our FREE home-buying resources, including:

The Terry Paranych Dream Home Finder – On the hunt for your new dream home? Simply fill out our form, and we’ll get to work.

20 Common Mistakes to Avoid When Buying a Home – Even the most experienced home buyers make mistakes. Avoid common pitfalls throughout the home-buying process with our free eBook.

The Terry Paranych Real Estate Group Home Buyer Blog – From home buying tips and community profiles to financial advice and mortgage information, our blog is the go-to resource for Edmonton home buyers.

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Photo credits: shutterstock.com

Tags: buying

Categorised in: Buying a Home, Home Styles

This post was written by Terry Paranych Real Estate Group