What Does Luxury Mean to a Person? | Lumina Homes (2024)

Nowadays, the word luxury is typically associated with wealth, sumptuous living, self indulgence, and possession of expensive and high-quality brands. It can also include organizing lavish events in a luxury hotel and everyday life extravagance. Most people define luxury as having access to the nicest things life has to offer, whether it is material possessions, experiences, or a particular level of comfort or ease.

However, luxury is actually defined as something that gives pleasure or comfort to an individual but not completely necessary. These are the things that is good to have, but not essential for survival. Hence, it is safe to say that luxury is relative to our economic status. It can mean differently depending on one's real income. For instance, owning a high-end mobile phone with the latest specs might be a luxury item for a middle-income employee but may not be true with a company's wealthy top executive. Purchasing an economy car may be a big deal for the great masses but this model won't be appreciated by people in the elite society. Even with food, a scoop of ice cream may be such indulgence to some but a regular dessert to some. It is really about how much money an individual takes home to identify what is luxury for him/her.

Considering this, how you classify luxury brands, luxury services, and luxury goods may not be the same on how your friends, neighbors, or bosses classify them. It depends on how each of you can avail these items' price point without compromising your daily necessities. Remember, luxury has a no one-size-fits-all definition. It is relative.

The Relative Definition of Luxury

The word "luxury" came up as a topic of hot discussion after a Filipina teen in Singapore was criticized for referring to a bag she recently purchased from Charles & Keith as "luxury." Since her video went viral, the definition of "luxury" has become a point of contention on the internet, with more people sympathizing with her story.

A few netizens mocked her for classifying the brand her father gifted her as "luxury" when according to them this is just a mere mid-range brand that is not even close to what they consider luxury brands, such as Louis Vuitton, Hermes, Chanel, Dior, Fendi, Gucci, Prada, and the likes. They spread hate comments when the girl's only objective in posting was to demonstrates her appreciation and gratefulness to his dad. Fortunately, many netizens favored her and also explained their two cents of what does luxury mean to a person.

As previously discussed, the meaning of luxury varies from one consumer to another. What constitutes a luxurious livings to one person may be totally different for another, and so perhaps a brief look at what a consumer's financial situation might be helpful for us to understand how they define luxury products or the word luxury in general.

Is a House and Lot a Luxury?

With the global inflation and country's economic situation these days due to the pandemic, many of us are heavily impacted financially. Thus, many would ask, why would someone prioritize buying a house and lot when bringing home decent meals three times a day is already a challenge? Honestly, many will understand this argument, especially that food is on the top of our basic needs. Without food, we will not be strong enough to perform our daily activities and deliver results at work. So, food will always be a priority in everyone's grocery list.

However, a home is integral to live as well. A shelter, next to food and clothing, satisfies one of the basic needs of man. We need a house to rest well, be secured and sheltered, and build a family. A house provides a sense of security and well being. It's a safe place for self-expression and freedom.

In fact, majority of us really want to purchase a house someday. We all strive so hard to be able to buy a house and lot where all of our aspirations and dreams can come true and where we can enjoy our tiny and major victories as a family. For us Filipinos, a house represents security and permanence, a place where one may raise one's own family, plant roots, and assist one another establish a life together. At the same time, a home and land that you can call your own is a precious asset and a lifetime investment that your children and future generations will be able to enjoy.

Undoubtedly, a house belongs to human's needs and not just a mere luxury. For some fellow Filipinos, though, owning a house and lot sounds like having one is a form of luxury due to the idea that purchasing a real estate investment costs a fortune.

However, credible real estate developers understand this sentiment, which is why many of them are now building and offering affordable house and lot in the Philippines that suit various financial capabilities of prospective homeowners. You can absolutely find a unit that meets your budget and need.

You might want to expand your search for a real estate investment outside of the metro to find and acquire a property without hurting your budget too much. This is definitely possible. Biases aside, Lumina Homes can list the financial benefits of a house and lot as well as prove that this is more than a luxury, especially if you earn a decent living.

Key Benefits of Real Estate Property

The market value of real estate rises over time.

When you spend money on vehicles or devices, their value usually begins to diminish the moment you buy them. In the case of real estate, however, the opposite is true. The market value of real estate rises over time. Real estate properties in the Philippines benefit from a gain in value, particularly in areas with a growing population. Given the right location, you may expect the value of your investment sale to rise in the coming years.

Real estate is a profitable and secure investment.

Even in uncertain times, real estate investment can provide confidence and peace of mind. Although there are some setbacks at the moment, you may expect it to expand in the long run.

Furthermore, unlike other investment options that necessitate extensive industry knowledge, even first-timers may benefit from real estate prospects without difficulty, especially with the assistance of reputable real estate companies in the Philippines.

Real estate allows you to have complete control over your investment.

Real estate investment does not provide you with a piece of property that imposes constraints. If you purchase a home, you will have a tangible asset over which you will have complete control. You can convert your property into a source of passive income. You can use it for storage, which is very useful if you have other enterprises. Of course, you can live in it and sell it at a greater price if market prices rise.

Real estate thrives in tandem with a thriving economy.

Real estate benefits from a thriving economy. While the economy appears to be in a slump right now, you may expect to earn more out of your real estate investment once it recovers. You might anticipate that improved economic conditions will result in increased demand for market properties. As a result, the value of your property will rise as well. There will also be more options to increase your passive income.

One approach to help the community is through real estate investing.

One aspect of real estate investment that should not be overlooked is the benefit to the community. It may appear to be a personal endeavor, but you will also be benefiting those around you. Tax income will assist the city in where your property is located. Given the supplies and labor required, the changes you'll make are one method to support local industries in the neighborhood. If you convert it into a rental property, you will be able to provide good housing for families who cannot afford to buy a home.

For these reasons, we hope to have given you a glimpse of the real estate scene so you can consider diving into homeownership. Let Lumina accredited sellers help you with that. We are more than pleased to assist prospective homeowners looking for affordable house and lot for sale. With our over 50 locations nationwide, you can certainly find an affordable house and lot that works well with your needs and financial requirements. Contact us now to inquire.