First off, you'll want to consider a few things:
- Who is the designer? Whoever built your luxury home of interest should have a reputation for producing quality results. There are a lot of so-called luxury builders who happen to use low-quality materials and still charge high-dollar. A luxury home is not cheap, therefore the buyer must beware of luxury homes built by little-known builders. Craftsmanship, attention to details and longevity should be the focus of any quality designer/builder.
- What materials were used? This is extremely important because low-quality materials will not last as long as their counterparts. For example, using aged hardwood rather than plywood is obviously going to provide you with a home that you can pass down from generation to generation. Plywood is a cheap, low-cost material that doesn't last very long. This applies to flooring and walls as well. Floors made of Italian marble will likely last decades longer than any synthetic flooring such as linoleum (which is used is most in cheap modern housing).
-What are the features that come with the home? Does it come with stained glass windows? Spiral staircases? Granite flooring and countertops? A custom, polished wood library? One of my personal favorites as far as luxury design goes, is the work of Jeffrey Colle, a designer/builder who has done a lot of the gorgeous homes in the Hamptons. He uses old-world craftsmanship and mixes it with modern elements, for example, he'll take a fireplace originally a part of a castle in Europe and add it to a luxury home rather than the usual gas fireplace. Handcrafted and carved designs in stone and wood also make excellent features in a luxury home.
- Ask about the location, is it a waterfront property? Does it reside in a safe, low-crime area? How easy is it to access the freeway from there? Does it come with a private drive and if so, is it updated with modern security equipment (i.e. cameras, microphone, alarm system in the case of a breach) or not? Is it in the country?
- Is it in compliance with zoning and local laws? Has the land been checked for sinkholes?
Ultimately, your home is an extension of you. If you don't feel that it fits you and your lifestyle, then I wouldn't recommend purchasing it because luxury homes don't always sell fast, so if you want to get rid of them right away, you could be out of luck for awhile. Be very careful about your choice!