Whether you’ve grown tired of renting and not building any equity or you’re about to retire and you’re thinking about downsizing, you’ve likely realized that over time your home ownership priorities have changed. In this post we’ll share a few different home buying scenarios and explain what to look for when you begin your hunt for your next piece of Maryland real estate.
Buying a Home for the First Time After Renting?
There are few more liberating experiences than buying your first home and getting out from the endless cycle of paying rent without building any equity. However, it’s important to understand that buying a home is a major investment and as you’ll be living in your home for at least the next few years you’ll want to choose your location wisely.
Buying close to work means a lot less time spent commuting – but will you still be in the same position in five or ten years? If you’re a single young professional, do you plan on perhaps getting married and starting a family? It’s worth spending a couple of minutes peering into the future to ensure the home you buy now will suit you as your life progresses.
Starting a Family and Need More Space?
If you have a child – or if you plan on having one in the next year or two – you’re going to have vastly different considerations. You’ll want to purchase a home that is slightly bigger than you might expect you will need, as families with kids can always use the extra space. If you have a particular school or community in mind, you can enter those in our advanced search bar at the top of this page to find available listings in the area. Alternately, each listing that you view on our website has information about nearby schools as well as rankings so that you can ensure your children will be receiving a quality education.
Downsizing to a Smaller, More Intimate Home?
Finally, if the kids have moved on and you’re noticing that there’s a lot of empty space around the house it may be time to downsize to a more efficient home, such as a small house or a condo. Downsizing is an excellent opportunity to unlock the equity you have in your large house which may end up selling for considerably more than it will cost to buy a smaller home. When you begin your search, be sure to consider the community amenities that you use on a regular basis – this is your chance to move closer to the golf course or that local park that you love to run around.
Whatever your buying needs, the professional team here at The Speicher Group & RE/MAX Realty Centre is ready to help in any way we can. Contact us at 301-710-9920 or by email on our quick contact form and let us know about your priorities and what you’re looking for in a new home.