I think it’s a safe assumption that if you are renting, you’re probably spending $1500+. As a renter you don’t get any real estate tax deductions but most of all, that money is spent doesn’t go toward anything for yourself in the end. So many times I talk with renters and then end up helping them become Maryland First Time Home Buyers!
Take a look at Glen Burnie. So many people like this area because of the location near 695, convenience to Fort Meade, area shopping centers, and the affordability. If you look up the 21061 Glen Burnie zip code, there are only FIVE detached homes with 3+ bedrooms under $250,000.00.
[stats pulled May 21, 2020 @11:44am]
Let’s take 349 Thelma Ave, Glen Burnie, MD 21061 for example. This property just hit the market. It’s a split level detached home. On the upper level there are 3 bedrooms, an updated full bath, and an updated kitchen. On the lower level there’s a large family room, laundry room, half bath, and additional room that could be used as a 4th bedroom. The backyard is large and flat! Check out the some photos below.
So what would this cost? This house is on the market for $230,000. If you do an FHA loan, you’d need to put down 3.5% of the purchase price. At $230,000 your money down would be $8,050. I called my preferred lender Jon Vitak of Coastal Lending Group to run some numbers based off:
Purchase price: $230,000
Interest Rate: 3%
The estimated monthly payment with principle, interest and taxes is about $1300.00
This is exactly what I was thinking. So many are paying over $1500 a month in rent and they could own for even less! If you want more information on the home buying process or want a personal tour of 349 Thelma Ave in Glen Burnie, contact Suzie Coronel!