Much like beauty, the definition of a luxury home depends on the eye of the beholder. To some, Annapolis luxury homes are near an ocean or body of water. For others, it’s a state-of-the-art condo in the downtown area of a bustling city. Architecture, superior or exotic materials, outstanding craftsmanship, high-levels of opulence and originality are other qualities of luxury homes while traditional “cookie cutter” homes are typically not considered luxurious. That being said, most Realtors and home buyers agree on certain qualifiers for a luxury home.
Annapolis Luxury Homes – Location
With easy access to local restaurants, the Chesapeake Bay and shopping, many of the waterfront or waterview properties in Annapolis and the Anne Arundel County area are considered luxurious homes. Surrounded by three bodies of water, Annapolis is well-known for its tranquil waterfront lifestyle. Many of the homes in Annapolis are near parks and vineyards with Colonial architecture prominent in the area. Homes located just a short drive from Annapolis are desirable as well.
Annapolis Luxury Homes – Price
For some, a house with a particular price point is automatically considered luxury. For others, not so much. Some may think an asking price of $1,000,000 is enough, while others feel that is a jumping off point. The average starting price point for many Annapolis luxury homes is around $950,000 with the maximum price topping out at over $3,000,000. The average sold price for a luxury home is around $1,250,000. Annapolis also has a variety of luxury home rentals available for people looking for a condo, townhome or single-family dwelling to lease.
Annapolis Luxury Homes – Amenities
For many home buyers, the amenities are what truly define a luxury home. Gated driveways, swimming pools, home theaters and even golf courses and basketball courts are just a few of the amenities people look for. Many waterfront homes in Annapolis have immediate and access to the water and nearby marinas.
Price, amenities and location are a just few things to look for when deciding on whether to buy a luxury home. An experienced agent can help you with the home-buying process and can help you make good decisions on what to buy and where. Read on for some additional tips and items to consider when house-hunting.
Property Tours & Schools
Take several tours of the homes you’re interested in at different times of the day. Notice how the sun hits the house in the morning and evening. Get a feeling of the neighborhood and the people who live nearby. When you consider buying a luxury home, also look into address disclosures and what is required to disclose by the seller. A knowledgeable agent can guide you through the process. Many realtors also suggest researching the schools and school districts surrounding the neighborhood. Good school districts can help maintain the price of the home.
While many people dream of having a house by the sea or on top of a mountain, the commute to work or town each day can make that dream fade. Consider traveling back and to work each day at different times to monitor traffic patterns. Annapolis is just a short commute to Washington D.C., Baltimore, Northern Virginia, Columbia, Bethesda and other metropolitan areas.
Annapolis Luxury Homes – Financing
In today’s tough economy, it is recommended that luxury home buyers have their financial documents in order before shopping for homes. Be prepared to show financial statements, W2s and pre-approval letters to your realtor and mortgage broker. Many realtors will not show a luxury home unless the potential buyer is pre-approved and serious about buying a home. Because more money is involved, expect a longer approval and loan process up to 60 days or more. Expect also to put down a larger down payment of 15 to 20 percent on a luxury home as most larger banks will require this amount.
Research Comparable Properties
Once you have found the right house for you, check other houses in the market and compare prices. Good information on how many houses have sold and how long they have been on the market can help you with the buying process and assist with determining the right offering price.
Consider Renting as an Alternative (for now…)
While many luxury homeowners know what they want, others may want to try renting a luxury home first. Townhouses, condos and single-family homes are just a few of the luxury home rentals available in Annapolis. The rental prices range from $2,800 a month to a maximum $6,000 with very few homes including an option to buy.
These are just a few tips to get you started on your search for the perfect luxury home in Annapolis. With a short drive to Washington, D.C. and Baltimore, you are sure to find a home that fits your needs.