5 Tips For Buying a Luxury Home in Annapolis

Looking for a top-tier real estate brokerage in Annapolis to sell or buy a property valued at $1 million or more? Coldwell Banker Realty is the #1 Luxury Real Estate Brokerage in the market, with years of experience providing unwavering support to both luxury home sellers and buyers in the area. With unique design elements and amenities that are hard to come by, luxury homes are defined as the top 10% of their market. They are typically situated in the most desirable areas of a market, offer plenty of space, and boast high-end materials. From private waterfront settings, and deep water docks/boat lifts, to basketball courts and even bowling alleys, luxury homes are often equipped with one or more of these amenities!

If you have not purchased in the luxury market before, you should be aware that the process can be different from buying a standard single-family home. Here are some tips to help you navigate your way through the luxury home market.

1) Be patient

Shopping for a luxury home may take longer than average. For one, there are not as many of them, which, of course, is what makes them special. Since many luxury homes have décor or features that are distinctive, quirky or eccentric, finding one that fits your style may take a little while. The closing process may also take longer as there is more to inspect, more to negotiate on, and often special circumstances to be worked out. Make sure you are getting what you want. Any time you are investing in a home, you want to make sure you don’t settle.

2) Know where to look

Luxury homes don’t always make it to the MLS but are often handled as a “pocket listing“. You may need to network with people in your desired area (and work closely with a well-networked real estate agent, see #5 below), to find out what homes are being offered. Look online for luxury home sales websites such as mansionglobal.com or luxuryportfolio.com.

3) Check for possible planned development

Don’t assume that the lovely pond or wooded park behind the property will always be there. Make sure you know of any development plans that may affect your view, the amenities around the property, and the future resale value. You don’t want to buy a home for its beautiful ocean or mountain views only to find out another property will be built along the way. Information on permitting in Annapolis can be found online.

4) Consult with your financial advisors

Make sure you qualify for the purchase amount you are thinking about. Luxury home sellers will often want to see proof that you qualify to purchase their home before they even allow a showing. If you do get a showing, you will certainly need to have your financial preparations done before you contemplate an offer. Everything is scrutinized more closely in the luxury price range. You should also make yourself aware of all the financing options available to you.

5) Work with an experienced luxury home agent

The Wright Team of Coldwell Banker Realty knows all of these tips and more. We are knowledgeable in the affluent neighborhoods in Annapolis and throughout Anne Arundel County, and we understand the intricacies of negotiating and closing on luxury homes.  Our Team Leader, Dave Wright is a Certified Global Luxury Specialist. Dave has earned this prestigious designation through his dedication to professionalism and market knowledge of luxury Real Estate. He has been professionally trained to find the unique qualities, amenities, and value of each luxury property in order to present it to a global audience in the best possible light.

The Wright Team of Coldwell Banker Realty Can Guide You

Whether you decide to buy now or in the future The Wright Team of Coldwell Banker Realty is here to help guide you through the entire process. The Wright Team provides residential and commercial real estate services in Annapolis, as well as the surrounding communities in Anne Arundel County. With over 70 years of combined experience in the industry and superior local real estate, the Wright Team specializes in historic homes, new construction projects, marketing homes to sell, and assisting buyers to identify homes to purchase in the local area. Contact us today!