Tips for Buying a House in Baltimore
A major seaport along the Atlantic, Baltimore has a rich history as the birthplace of America’s national anthem and has become a vibrant, popular living destination. If you’re in the market for a new home or need to relocate to the Baltimore area, here are five Baltimore homebuyer tips to keep in mind when searching for your next (or first!) home.
5 Tips for Buying a House in Baltimore
1. Know the market
According to recent statistics, Baltimore’s annual appreciation rate is over 10 percent, making it higher than many other areas in Maryland. It’s also known for being an affordable city to invest in, which can be alluring for first-time homebuyers.
The median home list price in Baltimore is $213,500. This price reflects an increase in home values over the past five years of 42 percent.
2. Know the cost of living
Much like any city, the cost of living in Baltimore is on the higher end, though residents enjoy all the perks of city-living for less than other major cities like nearby Washington D.C. or New York City.
The cost of living will also vary depending on the type of home you buy. A new construction house in Baltimore, one that might utilize energy-efficient gadgets and equipment, will end up costing you less in monthly expenses than an older, although gorgeous, home. Older homes often have less efficient heating and cooling systems, lackluster insulation, and potentially in-need-of-repair roofs.
3. Know the Maryland loan options
Maryland has various loan options for homebuyers, especially individuals and families purchasing their first house. Of note is the Maryland 1st Time Advantage Loan and the Maryland Mortgage Program Flex. More information on both programs, including application requirements, can be found on the state government’s website.
4. Know the different neighborhoods
It’s not uncommon for major metropolitan areas to be subtly divided into unique, quirky neighborhoods with distinct personalities and yearly events. Baltimore is no different. It claims to house over 200 neighborhoods, though there are a few more popular ones.
There’s Canton, a waterfront borough known for being “quintessentially” old-school Baltimore and has Canton Waterfront Park. Right next door is Brewers Hill, aptly named for the two famous breweries located inside: National Brewery and Gunther Brewing. Druid Hill Park, circa 1860, sits in the center of Baltimore and is known as an “urban oasis.” This 745-acre area is also home to many of the city’s well-known attractions. Another quintessential Baltimore neighborhood is Federal Hill. The brick rowhomes in this area are sandwiched between family-owned restaurants and shops—all of which overlooks Inner Harbor. But there’s also Pigtown and Patterson Park, Port Covington and Roland Park…but rather than list out all 200+ areas, it’s sufficient to say there are many neighborhoods nestled in the greater Baltimore area.
Homebuyers looking to find the right community in Baltimore should consider the personalities of each area and compare them against the type of home and environment they’re envisioning for themselves. Baltimore actually sits within three counties: Anne Arundel County, Baltimore County, and Baltimore City County, though it’s technically an independent city (so it governs itself, rather than being governed by one of these counties). There’s also a handful of 55+ communities in Baltimore, MD, to consider, if you’re of age.
Although it might be challenging to find a home in the downtown or more historic areas, a tip to Baltimore homebuyers would be to keep a wide location perspective. There’s bound to be space in the suburbs around the city if you want to build a new home, putting you within driving distance of everything that makes Baltimore “Charm City.”
5. Know what you’re looking for
Buying a house is already a major life decision, but when you’re also considering or having to relocate to an entirely new area, the decision can seem all-the-more daunting. It helps to first narrow down your wish list. What are the aspects or characteristics of the home you want? What do you envision the street you live on to look like? What about your neighborhood? Do you want easy access to public transportation (of which Baltimore has plenty) or are you okay with driving to work?
Once you’re able to nail down these personal specifics, then you can turn your attention to the city of Baltimore and what is has to offer. Use your desires as lenses to narrow your search to only the neighborhoods that best fit what you’re looking for. From there, it’s only a matter of time until you find your dream home.
Looking to buy a home in the Baltimore area? View new construction homes in Baltimore here.
Looking for more tips, ideas, or inspiration? Return Home here.
Published 11.08.2022
Written by: Alexandra Shimalla, a Georgia-based freelance writer.