Renting vs buying in Maryland: What’s right for you?

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    Deciding whether to rent or buy a residence is a big decision, no matter where you choose to relocate to. That, of course, includes Maryland as well. In recent years, the prices have sky-rocketed. That’s why you need to carefully decide what is worthwhile – being a homeowner or a tenant. Only when you are completely sure of your decision, you should hire movers in Maryland. The rest will be a piece of cake. But before that, let’s see which is better – renting vs buying in Maryland.

    Real estate prices

    To decide whether you should rent or buy a home in Maryland, first, you need to think about prices. Which is more affordable? Well, nowadays, the real estate market in Maryland continues to follow the same patterns as the rest of the country. Due to a notable shortage of inventory and its high demand, both rent and home value have increased in Maryland.

    A woman is lying in bed while searching on her laptop about renting vs buying in Maryland
    One of the key things when thinking about renting vs buying in Maryland is knowing the real estate prices

    Buying a residence in Maryland

    When it comes to buying a home, you should know that the average home value in Maryland is around $378,000. Although we can see that the prices of homes are higher than in 2022, some forecasts suggest that Maryland’s housing market may not experience significant growth in 2023. Therefore, if you wish to move to a place such as Bethesda, this can be a perfect chance to buy a home there, hire one of the finest moving companies Bethesda residents trust, and relocate.

    Renting a residence in Maryland

    For those who wish to rent a home in Maryland, the median rent amounts to about $1,697. However, this number is bound to range based on the type of accommodation you choose. For instance:

    • Studio apartment – $1,252
    • 1-bedroom apartment – $1,403
    • 2-bedroom apartment – $1,717
    • 3-bedroom apartment – $2,013
    • 4-bedroom apartment – $2,417

    These prices don’t only depend on the type of accommodation, but also the exact location where you wish to relocate to. For example, you will find that after hiring movers in Potomac MD, and relocating there, the average rent is around $2,867. Again, this can vary based on numerous factors, such as size, quality, and location, among other things.

    The advantages and disadvantages of renting vs buying in Maryland

    Now that you know what prices to expect once you move to Maryland, it’s time to learn the advantages and disadvantages of both renting and buying a home. This is crucial because weighing the benefits and drawbacks is the greatest method to make an impartial, well-thought-out decision before you hire local movers MD has to offer.

    A couple holding hands is pointing towards the house
    You will be met with benefits and drawbacks no matter what you decide to do – buy or rent in Maryland

    The advantages of buying

    There are three major pros of buying a house in Maryland. The first one would be financial stability. The amount of money you pay each month for a mortgage is important for your future. It’s not like with renting, where the monthly pay benefits your landlord while you achieve nothing. The second pro has to do with mortgage equity. When you own a property with equity, you may be eligible for a line of credit depending on the amount you’ve previously invested in it. The last but not least advantage is more freedom. You can do whatever you want with or in the house as you are the owner. You can also speak with elected officials about issues affecting the community. Perhaps, the most important example is not having to worry about the landlord not renewing your lease.

    The disadvantages of buying

    Although there are many benefits to owning a home, drawbacks also exist. Some of them are:

    • Maintenance – when you are the homeowner, all expenses related to maintenance are your responsibility. This could range from buying a new water heater to fixing a leaking roof or damaged driveway.
    • Less freedom – although this seems contradictory, considering we’ve already mentioned one of the advantages of homeownership being more freedom, this also stands true when it comes to moving. When you rent a residence, it’s much easier to make a decision to move somewhere else and start all over again. However, if you buy a residence, making such a decision will be much harder. Therefore, when you think about renting vs buying in Maryland, freedom can play a crucial role in both.
    • Property taxes – when owning a home, you pay property taxes to the taxing authority. If you don’t do so, you risk having a lien placed on your home and eventually losing it to foreclosure.

    The advantages of renting

    If you like changing places often, renting is the perfect solution for you. Furthermore, if you are young and you still don’t want to settle down, we recommend renting a residence. Buying one and then later on selling it can be too stressful. Not to mention it costs more than you would expect. If you rent an apartment, you won’t have to worry about maintenance, as repairing and changing items will be the landlord’s duty. Moreover, you don’t need to pay a large amount of money at the very beginning, like when you buy a house. There will be no down payment, closing costs, property taxes, or any other such costs.

    A man is standing on an elevated surface with his arms open enjoying freedom
    If you decide to rent an apartment, you will be able to move more often, especially if you’re the type of person who doesn’t like staying in the same place for too long

    The disadvantages of renting

    If you don’t own a residence, it means one day you will have to leave your current abode, even if that’s not what you wish. It’s up to your landlord to decide whether they will renew your lease or not. In addition, your rent isn’t fixed. It can be higher in the months that follow. The last major drawback would be that you have to follow certain tenant rules. For instance, not every apartment is allowed to have pets.

    Renting vs buying in Maryland – is it a tough decision?

    When thinking about renting vs buying in Maryland, many things have to be taken into consideration. This is not something that should be taken lightly. Only when you weigh all the pros and cons of buying and renting comes the time when you make a final decision that you won’t regret. However, if you wish to use the space for your business, you should research this topic more extensively before hiring commercial movers Maryland residents rely on. Nevertheless, whatever you decide on, we wish you a happy relocation!

     

    References:

    Maryland Housing Market Trends and Forecast for 2024

    https://www.zillow.com/home-values/27/md/

     

     

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