Many Southern Maryland millennials may prefer to rent rather than buy because they can’t afford to spring for a home. But with rental costs increasing, is renting still the best choice?
Research from Zillow shows that rent has grown at about two times the speed of wages. At the same time, home-buying benefits like home values that retain their pre-recession prices and low mortgage interest rates have been consistent in nearly all areas.
Do you still doubt whether you can afford to buy a house of your own? If you have good credit and a modest entry-level income, there’s a chance you can afford a condo. An affordability calculator can help you determine what condo price ranges are suited for you and your salary.
Excited to commit to a new home of your own? Here are five more reasons to invest in a Southern Maryland condo as your first home.
You Can Save Money
How much are you currently paying for rent? In today’s Southern Maryland market, you’re probably paying more in rent than you would in a mortgage and homeowner association fees – combined! A condo may be more limited in space when compared to a single-family home, but monthly fees and utilities are also smaller. Less space means you can easily warm up or cool down your home whenever you need to.
Condos have other benefits, too, including free recreational space and activities, some external repairs, and, in some cases, water. This can drive down the cost of upkeep and maintenance of your home when compared to renting a house.
You Can Save Time
Living in a Southern Maryland condo means you won’t have to do outdoor chores like trimming hedges or mowing the lawn. You won’t even need to shovel when it snows! Homeowner association fees generally cover all of that. And, living in a community property saves time on the weekend because you won’t need to tackle weekend maintenance projects.
You Can Make New Friends
Renting a house does give you quietness and privacy when you need it, but to really get that space (and be able to afford it!) you’ll need to be pretty far out into the suburbs. This makes it harder to get into urban areas and to your favorite hangouts and things to do. Living in a house also limits your day-to-day interaction with neighbors and others who live nearby.
A condo, on the other hand, is likely to be filled with young families, graduate students, and young professionals – especially if it is located near a university or urban spot. You’ll increase your chances of making new friends because you’ll have shared recreation areas to hang out and mingle in. If you have an active condo management team, they probably also host meet-and-greet events to get everyone in a community spirit.
A Condo Is a Solid Investment
A condo is a great investment, even if you only plan to live their temporarily. Before you sign an agreement to purchase the condo, check to see whether the homeowner association allows you to rent out your place. Not all HOAs do this, so it is worth it to check all the details before you commit. If it is allowed, great! After some time in the condo, you’ll need somewhere bigger to live. You can put the condo up for rent and earn a little income, too.
You Can Choose Where to Live
Living near the heart of a bustling city can be more costly than living in a suburban house further out. On a limited budget, you may not have many options in houses in the areas you want. Your options will broaden when you take that same budget and look for condos. Condos in college neighborhoods or downtown areas are probably still lower than a single-family home in the same location!
La Plata MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309