The housing market in Maryland is booming in 2021, even considering the damage done by COVID-19. If you’re considering buying a home in Baltimore, you’re in good company. Before you buy a home in Maryland (or anywhere else), you should first find a reputable real estate agent in Maryland. A good agent can save you a lot of time and money as you look for the perfect home in Baltimore. But if you’re planning a move, there are factors you should consider. Aside from contacting a real estate agent, there are unique aspects of home buying in the Maryland in general and in Baltimore in particular. The following are some things you should keep in mind.
Why to live in Baltimore? Variety – Baltimore City has over 200 distinct communities and neighboring towns have much to offer prospective home buyers in terms of employment, shopping and entertainment. Entertainment– From festivals to museums, the aquarium to the theater, and shopping to sports, there are always things to do in Baltimore.
Buyers want to find a location that allows easy access to the places they frequent the most (work, school, shopping, recreation, place of worship, friends and family). Look for easy access to the main roads and check traffic flow.
If you are planning to take out a mortgage to pay for your home, you need to understand how your financial situation impacts your buying options. As with any major purchase, you’ll have to take into account your income, expenses, debts, and savings. A good early step is to find a home affordability calendar to get a realistic look at your options.
Before even looking, you should determine your price range and get pre-approved for a loan in Baltimore. Buying a single-family home in Baltimore is a huge investment. There is always more to it than just the purchase price. Think about how all costs will affect your finances and stick to your decision on price range and mortgage payment.
If you are looking to invest in rental income, you should know investors can generally expect to earn $1,999 in monthly income from traditional rentals and up to $2400 in rentals listed on rental sites.
If you’re buying property in Baltimore, it is important to research the area you are interested in and be aware of the potential dangers. A sinkhole can cause considerable damage, displace your family, and wreak financial havoc.
If you’re in an eligible area, you can participate in the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program. It’s important to identify flood-prone areas before purchasing property, to save undue stress and protect your home or investment. This is where a reputable real estate agent can be particularly valuable.
How much you pay in home insurance will depend on factors like your insurance company, zip code, coverage level, and deductible. In Baltimore, the average cost for homeowner’s insurance is about $1,570 annually, though prices can fluctuate anywhere from $400 to $2700. So, it pays to shop around!
Government-backed loans, like VA and First Time Homebuyer loans in Baltimore, have lower down payment amounts because they use other means to offset potential risk. For instance, veterans can qualify for a VA loan in Baltimore with no down payment but must pay a one-time VA funding fee. First Time Home Buyer loans in Baltimore require down payments as low as 3.5%, but the borrower must also pay for private mortgage insurance (PMI) throughout the term of the loan.
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