When you are considering buying a home there are many things you want to keep in mind. What are the benefits to Renting and what are the benefits to buying? Well here are some statistics for you to help give you a good idea of the Pro’s and Con’s of buying vs. renting.
1. Increase in home market prices for Colorado
When it comes to the market value of homes it is hard for ANYONE to know EXACTLY what is going to happen but what we can say is that in the past three years market value of homes have increased enormously. Consistently above a 10% increase and projected to continue to rise into 2015. If you decide to wait on buying a home you will be risking paying thousands of dollars more for that same home if you would have bought this year!
2. Tax Deductions
There are many possible tax deductions that you can benefit from if you buy a home. Many homeowners are able to deduct the interest they pay on the home as well as property taxes that are paid and these will add up over time. There are also other eligible expenses that you can write off like certain upgrades.
One of the main reasons that you should buy a house is to be able to enjoy your independence. You don't have to wait around for a landlord to fix things around the house or worry that a few nail holes or carpet stains may limit your deposit when you move out. You are in charge of your home and all decision making. You can paint the walls any color you want, hang up any pictures you want, plant any plants or trees you want, add on to your home, remove walls...basically complete independence and pride of ownership that you can only get from buying your own home.
4. Buying a House is an Investment
As a tenant, paying rent to a landlord month after month does not do anything for you in the long run. The rent that you are paying could be very similar to a mortgage payment on your own home and you may not even know it. When paying rent, you are paying for something that is not yours. Making a mortgage payment every month builds equity on your home and someday if you decide to sell, it is possible to make some money on your investment. You could even rent out your home someday and have income from it every month. The possibilities are endless when you invest in Real Estate and that is such a great reason to buy a house.
Even though throughout history interest rates are not at their lowest they are still historically low and have recently declined again at an average of 3.99% for a 30 year fixed loan(Freddie Mac). Interest rates are expected to jump up to 5% in 2015 meaning that at a purchase price of $250,000 an FHA loan (3.5% down) at 3.99% monthly payment would be around $1,775, at 5% your monthly payment jumps to about $1,922.
Colorado’s market is moving very fast so don't miss out on the chance to start building equity and achieving the American Dream! Want to start looking for homes now? Search for free at www.buydenverhomesnow.com
Denver Colorado Realtor -Michael Steffen Michael
is a motivated realtor specializing in internet marketing for Real Estate Agents and purchasing in real estate for investors and new home buyers located in the following areas; Denver
, Arvada Aurora Bennett Byers Castle Pines Castle Rock Centennial Cherry Hills Village Columbine Valley Deer Trail Denver Elbert Englewood Franktown Greenwood Village HighlandsRanch Larkspur Littleton LoneTree Parker Sedalia Sheridan Strasburg Watkins
, Wheat Ridge
, Lakewood, Castle Rock, Thornton, Westminster, Evergreen, Golden. Michael Steffen