Are you looking to purchase an investment property in Maryland?
You’re likely asking yourself: how is the real estate market in Maryland, anyway? Well, purchasing rental properties in Maryland carries the potential for a significant return on your investment. Many Maryland areas look promising when it comes to earning passive income and growing your wealth.
Before making any decisions, however, it’s smart to acquaint yourself with the local conditions and opportunities to the widest extent possible. Learn about the various areas and neighborhoods in Maryland and weigh them against each other in terms of investment potential.
In the following paragraphs, we provide an overview of the top Maryland areas to invest in. Consider these places to add a potentially lucrative property to your investment portfolio!
The Best Places to Buy a Rental Property in Maryland
This neighborhood of Eldersburg is nestled between Frederick and Baltimore, MD. It’s a historic town that provides a great blend of relaxed, rural living and amenities of a bigger location. There are enough commercial developments in Eldersburg to provide all the conveniences. Still, this place is far enough from the metro area to offer a small-town feel.
The location of Eldersburg is ideal. Frederick is 28 miles west, and Downtown Baltimore is 20 miles east. Families with children are delighted that this town is served by the Carroll County public school system.
The major transportation links of Eldersburg include Maryland Route 32 (Sykesville Road) and Maryland Route 26 (Liberty Road). Eldersburg is linked to Westminster and Sykesville via the Carroll Transit System.
2. Ellicott City
Ellicott City is divided into two major areas. The smaller one is the Historic Ellicott City, and the larger one is the Greater Ellicott City. Both of these areas have great opportunities for property investment.
Since Ellicott City is part of the Baltimore-Washington Metro Area, you’ll find that the city is relatively close to both Baltimore (13 miles) and D.C. (37 miles). As a resident, you can enjoy convenient access to I-95 and I-70.
There are many things to do in the Ellicott City area. The neighborhoods have superb dining spots, great craft beer from the local breweries and numerous small stores for high-quality shopping.
When it comes to property investments, you have a variety of homes to choose from. If you prefer new planned communities and fresh housing options, you can find many options in the Greater Ellicott City.
3. Mount Airy
Mount Airy is a quaint town located around a 40-mile drive from Baltimore and D.C. This location is right where Maryland’s four counties meet: Howard, Carroll, Frederick, and Montgomery.
The historic Main Street offers many great restaurants. You can even enjoy the local farmer’s market on weekends. Plus, the local parks provide superb amenities for Mount Airy’s residents. You can fish, jog, and even play tennis.
One of the things to note about Mount Airy is that the town is built along the historic railroad. What started as a tiny settlement has now grown into a medium-size town with plenty to offer for anyone living in the area.
The main property investment options cover townhomes and single-family homes. You can find some decent apartments in the area as well. Many of the local homes have been built in the Colonial-revival style.
Columbia, MD is a perfect place for solid real estate investments. Its location is undeniably desirable. As a resident of Columbia, you are only 20 miles away from Downtown Baltimore.
The most important thing to note about Columbia is that this place amounts to more than just a single community. In fact, Columbia hosts ten separate neighborhoods that are called villages.
Columbia has (and is close to) many attractions, which makes living in the area entertaining and great for families with kids. For instance, Robinson Nature Center allows you to explore outdoor exhibits that teach both kids and adults about natural wonders.
This planned community is big on outdoor recreation opportunities. Among other places, you can easily visit Symphony Woods Park, Middle Patuxent Environmental Area, Centennial Park and Cedar Lane Park.
Most of the properties in Columbia are single-family residences. However, the previous decade saw the development of new condominiums. The mix of new and old homes allows you to pick from a long list of real estate investments.
Sykesville carries a small-town atmosphere without being too far from the opportunities of the big cities. That’s because this town is only 20 miles away from Baltimore. According to BudgetTravel.com in 2016, Sykesville is the “Coolest Small Town in America.”
Living in Sykesville means that you are always close to the McKeldin Recreation Area. It’s a superb spot for anyone looking to get some outdoor recreation done. You can visit McKeldin for hiking, walking, fishing, horseback riding and disc golfing.
Since it’s a historic town, you’ll find a beautiful Main Street running through the central area of Sykesville. The same street hosts Sykesville Farmers Market from June to October.
As a real estate investor, you have many property options in Sykesville. Single-family residences, townhomes and apartments are all available in this town. The housing market in Sykesville is attractive because the local quality of life is high and the prices are lower compared to the major surrounding cities.
Tips for Buying Investment Property 7in Maryland
Consider the following recommendations before making any move in the Maryland real estate market:
- Weigh all your property investment options against each other before making the final decision
- Consider the services of a professional property management company to reduce the worries and stress of self-management
- Choose either a short-term or long-term rental property strategy to fulfill your investment goals
In a Nutshell: Best Maryland Areas to Invest In
Maryland has many areas that come with the potential for lucrative real estate investments. As you make your plans considering the next property investment, keep an eye on the following areas: Columbia, Sykesville, Ellicott City, Eldersburg and Mount Airy.