The decision to purchase a home instead of renting is a major one that is mostly personal and relies on a variety of factors.
While owning a home has been considered part of the “American Dream,” home ownership is not for everyone. On the other hand, low interest rates and a recovering real estate market give potential homeowners a prime opportunity to buy in the Denver metro area.
Among the many advantages of home ownership are that it gives you equity in your property that you can recoup when you sell. It also allows you to make changes to your property. You can add a third bathroom, expand the garage or paint the interior orange – if they want.
The best advice is to call a trusted Realtor with Rocky Mountain Real Estate Advisors to go over the pros and cons. In the meantime, please consider these issues and questions:
- Do you have a steady, stable job that will allow you to afford the mortgage and stay in your home for at least three to four years?
- Do you have good credit and can you qualify for a mortgage?
- Do you have enough savings to pay for a down payment?
- All homes require upkeep and maintenance, as well as property taxes and insurance. Are you ready and able to take care of these obligations?
- Does it make financial sense to buy rather than rent? To explore this further, use some of the financial calculators that are available online, including right here on this website.
If you find that renting is the right option for you at this point in time, please contact Rocky Mountain Real Estate Advisors to get the name of a trusted and preferred property management company.