Investing in apartments or houses in Maryland, or pretty much anywhere else, is a big decision. So, if that is your plan, you really must think everything through. Investing in both apartments and houses comes with many advantages and disadvantages. It all depends on how you look at it. For instance, many people believe that land is the most important investment and that it has the biggest value. Those people invest in houses. On the other hand, some people believe that things like location and closeness to all the possible amenities are far more important. Those people like to invest in apartments. These were just a few examples, but if you keep on reading you will find many more that will hopefully help you make a decision whether to invest in a house or an apartment in Maryland.
Why Are People Moving to Maryland?
Before we tackle the issue of what is better when it comes to property investment in Maryland – house or apartment, and before you start preparing your belongings for the move, let us first briefly mention why this state is becoming so popular. First of all, it offers great housing options, low cost of living and an ability to commute to Washington D.C. with ease. However, commuting to D.C. for work may not be necessary, as the job market in Maryland is booming right now! Also, you will not have to worry about your children because here they will receive a top-notch education. And, there is plenty to here for fun too! You can enjoy sports like really popular martial arts for kids and adults, mesmerizing landscapes, eat great food, enjoy beaches in summer and mountains in winter. So, yes, Maryland really does have a lot to offer, and it is no wonder that so many people are either moving or investing in a property here.
Investing in an Apartment in Maryland
In the past, many investors believed that investing in houses is a much better option. But today, we see a lot of changes in population, housing prices and different kinds of lifestyles. That is, the population is rapidly growing along with housing prices, and people prefer being in all the hustle and bustle of living in the city center. Because of this, investing in apartments in Maryland seems like a much better option, whether you want to rent it or live there by yourself.
Also, buying an apartment in Maryland is a much better option for those first-time investors. This is because it is a lot cheaper and there are fewer risks. So, if you think that this is the kind of investment to start with, pay attention to the following apartment characteristics:
- The size of the apartment: The bigger the better! Do not look at anything under 50 square meters.
- Having different amenities: Look at buildings that have access to the gym, pool and similar as they will add more value. Also, look for apartments close to supermarkets, banks, restaurants and bus and metro stations.
- Rental Income: If you plan on renting the apartment, not living in it or re-selling it, check the rental history and all real estate market trends in that area.
Investing in a House in Maryland
Yes, as it has previously been mentioned, many people prefer urban living, and that is what apartments can offer. However, there are still people who want to sacrifice that closeness to the center of happenings for some peace and quiet and of course, more privacy and bigger space. Because of that, many people prefer investing in houses. This way, you will have room for growth, more scope for improvement and the ability to personalize anything you want. And, even though the prices of investing in houses are higher, you will get a better value and the possibility to rent it for more. Also, you will have more sense of control than when investing in an apartment.
However, be sure that investing in houses comes with some cons as well. For instance, houses require continuous maintenance and constant repairs. Thus, if you plan on renting it, you must be available most of the time. And, if you plan on living there, make room in your budget for all the work that needs to be done.
Best Real Estate Investment Markets in Maryland
Besides knowing what to invest in, either house or an apartment, you must also consider which Maryland’s city or neighborhood is best for your goals. So, without further ado, here are some areas that are really great for investment:
- Baltimore – This city is the most populated city in the state and has the most dependable economy. If you plan on investing in a property that you plan on renting, consider Charles Village. In this neighborhood, the median rent is over $1000 and the median home value is around $245,000.
- Columbia – In Columbia, better consider investing in homes that you plan to resell or flip. There are many families that are constantly looking for homes in Columbia as there are many job opportunities and highly-rated schools. The median rent is $1,630 and the median home value is $367,600.
- Germantown – This is actually a suburb of Washington D.C. but according to many, it is one of the best places to live in Maryland. It is great for investing in properties as people who work in Washington and families with kids keep on coming. The median home value here is $326,600 and the median rent is $1,664.