In a world where the idea of committing to the long-term responsibility of a mortgage makes many nervous home seekers are looking to rent homes or apartments in lieu of buying houses. The flexibility of lease, combined with the lack of responsibility of small repairs, makes it too good of an offer to refuse--at least on the surface. In bigger cities, where property value is often higher due to location, it can be especially hard to justify investing in a home. That’s why these cities are stepping up to the challenge. In Baltimore, the city government has recently rolled out a number of homeowner incentives designed to encourage residents in buying a home, helping to ease some underlying fears.

Healthy Neighborhoods Purchase and Rehabilitation Loan

Those looking to buy a house in one of Baltimore’s well-established neighborhoods might consider the Healthy Neighborhoods Purchase and Rehabilitation Loan. This loan is designed to aid residents in purchasing and renovating a home. It also comes with numerous tax benefits, a below-market interest rate, and even free design advice!

 Buying Into Baltimore

To help with closing costs, the Buying Into Baltimore program is designed to engage residents and promote healthy homeownership. The BIB program takes place immediately following the Live Trolley Tour event, a week-long experience where prospective homebuyers can explore different Baltimore neighborhoods, view houses currently on the market, connect with real estate professionals, and speak with current residents to see if the neighborhood would be a good fit. Buying Into Baltimore is a lottery drawing occurring 10 days after the Live Trolley Tour event. However, do note that only those who participate in all available Trolley Tour activities are eligible.

Healthy Neighborhoods Home Renovation Loan

Once the home has been purchased and closed, the Healthy Neighborhoods Home Renovation Loan is there to help a new house feel perfectly like home. Offering between $5,000-$20,000, this loan can go toward anything that may increase property value: a chef’s kitchen, a spa upstairs, an in-ground pool, you name it and the loan can take care of it.

In All

These are just a small handful of the numerous benefits available to those looking to buy a home in Baltimore. Prospective homeownership doesn’t have to be scary, it can be a thrilling time of finding not just a house and a neighborhood that suits your style, but a home in which to invest your life in.