In the luxury sector, home buyers will spend the money to renovate in order to incorporate features they really want. If you buy a home that was pre-owned, the chances that you are going to get every feature you want are small. There is almost always something on the list of desirable features that is missing because each buyer is unique.
One buyer might want an enormous master closet, for example, while another cannot live without a designated media room. Of course, in Texas, buyers don’t have to choose between them because we have plenty of space. Luxury buyers tend to have very large homes here in Texas with plenty of room to go up and out with renovations.
Even with a house that is not in the luxury sector, buyers paint, or re-carpet, or make other cosmetic changes. The luxury sector is different only in that the changes they make might be considerably more expensive. But luxury buyers have the resources to get exactly what they want and do not have to compromise.