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Should I buy a house or rent?

Should I buy a house or rent?

Helene Kelbaugh @ Keller Williams Realty Baltimore

Should I buy a house or rent?

Helene Sells Homes @ Keller Williams Realty Baltimore

As the market changes, there are more buyers looking for great homes.  Rents are increasing astronomically fast with no sign of slowing down in the near future.  

Buying a house is a big decision.  If there are future plans of living in an area for 3 years or more, it's a good idea to meet with a REALTOR and look at the cost of buying.  Most REALTOR'S have a trusted lender that can help.  A lender can  provide an estimate of what buying a house means monthly in addition to working up down payment and closing costs expenses.  

In the Baltimore Housing Market, buyers typically find that buying a house is the best option. Rents are ranging anywhere from $1700 on up to $4000 depending on the location and property amenities.  A home in that range can buy quite a substantial amount of house!

 

What's in it for me?

Buying a house gives many benefits to home homeownership.  

  • When tax time rolls around you have the benefit of deducting the interest paid on the mortgage throughout the year.  
  • You can customize your living space to make it truly yours
  • With a fixed rate mortgage, your payment stays the same and does not increase.
  • If you've owned and occupied your principal residence for at least two of the last five years you can earn up to $500,000 on the sale of that house and pay NO FEDERAL INCOME TAX!  **If you are married, single people will get up to $250,000 tax free.
  • Pride of ownership
  • Appreciation of value (paying down the loan, accelerates appreciation)

 Should I buy a house

Do I have to be rich?

Grants

There are some great options for down payment assistance.  Grant programs may be available.  A lender that works with grants can determine your eligibility.  

401k

You can borrow from your 401k for down payment assistance.  Speak with your Human Resources representative and 401k for details.

Gift

Another great option is borrowing a gift from a family member.  

Is now your time?  Prices are starting to up tick but there are still great deals to be had.  

Start your home search

Need to sell first?

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