Are you planning on moving to Maryland anytime soon? Well, you are certainly not the only one! A lot of people have decided to call Maryland home in the last couple of years. And why? Well, there are a couple of great reasons. For instance – the economy is booming, there are many job openings, both health and education systems are top-notch, and there is plenty to do and see on those days off. Moreover, there are plenty of different housing options too! But, because of that reason, many people have difficulties making a decision whether to rent a property or buy it. Well, that depends on many factors. And, we are here to help you analyze those factors and hopefully help you make your decision. Thus, if interested, keep on reading.
Know the Average Prices of Renting and Buying
Trying to decide whether to rent or buy a property in Maryland is a big decision to make. Thus, you should start from the basics. That is, you should get to know the average prices of both renting and buying a property in Maryland. So, let us look at the median prices. For instance, the median house value is around $309,182m, or $186 per square foot, which is a little bit above the national average. Moreover, according to real estate experts, this price will rise for about 1.7% until the end of the year 2020. And when it comes to renting prices, you will be expected to pay around $1,700 for a median rent price in Maryland. Again, the rental price too is above the national average.
Of course, the prices may vary depending on the region, but you should make your decision based on your needs and budget. Moreover, look at your needs and budget in the long run. If you plan on staying in Maryland for the rest of your life, you should buy a property, if not, you should rent it. Thus, analyze everything and always remember to think twice. Only then you can consider calling excalibur-movers.com and moving to Maryland.
Which City Will You Call Home?
Your decision should also depend on the city you plan on calling home. For instance, if you plan on moving to a city that has many job openings, great schools, and all the possible amenities, it would be much cheaper to rent, as home prices there can really break the bank. And, if you are moving to a city occupied mostly by professionals, and where there is a high vacancy rate combined with low demand, then you should consider buying.
Currently, in Maryland, the best cities to invest in buying a property are Baltimore or Waldorf. And, the best cities for renting are Bethesda, Ellicott City, and Silver Spring. So, do market research before you make any decision. Or, even better, have a talk with a real estate agent, and ask for some advice.
Benefits of Renting in Maryland
As previously mentioned, you should better decide to rent if you plan on staying in Maryland for a short period of time. Or, if you do not know how much time will you spend there at all. In those situations it seems ridiculous to buy a home, right? But, there are some other situations that should make you think twice too! For instance, if you are young and still do not want to worry about home investments and renovations, down payments and property taxes, then again, renting a house is a better option. Many people also do not want to be tied down. If you decide to buy a home, you are committing to a life-long investment. An investment you will need 20 or 30 years to pay off. So, maybe the biggest benefit of renting is being able to invest in yourself instead of your property.
The Advantages of Owning a Home in Maryland
But again, there are also many advantages of owning, that is buying a home you always wanted. When you buy a home in Maryland, or anywhere else for that matter, you are paying equity for your future, instead of filling your landlord’s pockets every month. Moreover, you will finally have a say in your neighborhood, which would be impossible if you were just a renter. And, of course, the biggest benefit of buying, that is owning a home is making sure you and your family are safe. Nobody can kick you out unexpectedly. You will always have a roof above your head and you will ensure that your family and the future generations have one too. After all, that is why most people buy their homes in the first place, right?
Yes, we mentioned some great reasons for both renting and buying a property in Maryland. The prices are important, but so is your life situation. Thus, before you make any rash decision based on your feeling right now, try to analyze your situation. How long will you stay in Maryland? Do you plan on living there forever? Do you plan on starting a family? Can you afford to buy a property? What type of rental property will suit you the most? Will you be able to pay off your mortgage every month in the next 20 or 30 years? These are just some questions to ask yourself. So, think! Even better, put everything on the paper. Hopefully, that can help you make the right decision. Good luck!
Lisa Roberts has been engaged in writing blog articles for the last 7 years. Although she started off her career in the moving industry, her experience brought diversification to the content topics she covers. Today, her range of topics spans from moving across the globe to everyday lifestyle tips, marketing, real-estate news, etc. In her spare time, Lisa enjoys running, reading books and spending time with her dogs Lue and Sill. As a great lover of life, she finds something practical and useful in every experience, which contributes to her portfolio as well.