When to Buy Your First Home in Maryland: A Complete Guide for Young Adults

Dated: February 8 2024

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Purchasing your first home in Maryland marks a significant milestone, especially for young adults. The benefits of homeownership extend beyond having a place to call your own; they also include financial advantages, such as building equity and enjoying tax benefits. This guide provides an overview of the crucial aspects to consider, offering insights on when it's the right time to take this step towards homeownership.

Legal Age to Buy a Home in Maryland

A. Legal Age Requirements

While there's no specific "legal age" to buy a home, you must be of legal age to enter into a contract in Maryland. This generally means you need to be 18 years or older to legally purchase a property.

B. Factors to Consider When Determining the Right Age

Choosing the right age to buy a home depends on several factors, including your financial stability, readiness for a long-term commitment, and having enough savings for the down payment and closing costs. Additionally, it's wise to consider the current housing market conditions and how they align with your financial situation.

Financial Preparedness for First-Time Homebuyers

A. Building a Strong Credit History

A good credit history is crucial for securing a mortgage with favorable terms. Timely bill payments and responsible credit usage are key to establishing and improving your credit score.

B. Saving for a Down Payment and Closing Costs

Setting a savings goal and sticking to a budget can help you accumulate the necessary funds for a down payment. Look into down payment assistance programs and grants that can alleviate some of the financial burdens.

C. Understanding the Costs of Homeownership

Beyond the mortgage, homeownership involves additional costs such as property taxes, insurance, maintenance, and possibly association fees. Budgeting for these expenses is essential for a sustainable financial future.

Expert Advice for Young Adults Buying a Home in Maryland

A. Educating Yourself About the Homebuying Process

Knowledge is power. Research neighborhoods, understand market trends, and learn about your mortgage options, including the pre-approval process.

B. Partnering with a Reliable Real Estate Agent

A knowledgeable real estate agent can be invaluable. Look for someone with experience in Maryland's market and get recommendations from trusted sources.

C. Exploring Financing Options and Programs

Various loan programs and first-time homebuyer assistance programs can make purchasing a home more accessible. FHA, USDA, and state-specific programs like VHDA offer different benefits tailored to first-time buyers.

D. Location and Property Considerations

Think about your long-term needs and how they match with the location and type of property you're considering. Schools, amenities, and transportation should factor into your decision-making process.

E. Assessing the Affordability of Homeownership

Ensure that your housing expenses do not exceed a reasonable percentage of your income. Planning for future expenses and maintaining an emergency fund are also critical.

F. Secure Funding and Review Legal Documents

Understanding the terms of your loan and seeking professional advice during contract negotiations are crucial steps in securing your investment.


For young adults in Maryland, buying your first home is a decision that requires careful planning and consideration. By understanding the legal requirements, preparing financially, and seeking expert advice, you can navigate the homebuying process more confidently. Remember, the right time to buy is when you are financially ready and well-informed about your options and responsibilities as a homeowner.

Our commitment as your real estate professional is to help you find your dream home at the right timing for you.

It's the biggest purchase of your life, and can assure you that even small mistakes can be costly.  BEWARE, technology changes almost daily and I can help you pinpoint all the homes for sale near your location points. I have access to over 18 million properties from hundreds of locations, including Government  properties, action homes, VA homes, HUD Properties and all available private houses for sale in between.


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Maxus Realty Group

Fernando Herboso: Honesty and integrity, along with determination and dedication, are philosophies that Fernando strives for in all aspects of his life. Applying these principles to his business, has....

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