Should You Buy Or Rent Your Next Home?
The decision to buy or rent their next homes has challenged home-seekers for years. Buying a house in Colorado Springs can be a daunting prospect financially, but studies are consistently showing that owning your own home is often just as (if not more) affordable than renting one. The ultimate decision is of course up to you, but The MacGuire Team is here to offer a few important considerations.
Owning Is More Affordable Than You Think
Contrary to popular belief, the days of having to have a stellar credit score and a 20% down payment in order to buy a house are long gone. Thanks to varied and competitive mortgage options, buyers are now able to purchase homes with as little as 10%, 5%, 3%, and (in some cases) even 0% down. Interest rates are also at a historic low, which means your monthly mortgage payments can be incredibly affordable.
Renting Is More Expensive Than You Think
People who don't think they can afford to buy often choose to rent as an alternative, but these individuals may not realize the true cost of renting. As a renter, your monthly rent check is still going towards a mortgage - just not your own. Not only that, but studies consistently show that renters pay a significantly larger percentage of their monthly income on rent than homeowners do - and an article by Keeping Current Matters predicts that rent costs will raise substantially in the next year.
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Owning Lets You Invest In Your Future
Renting keeps you focused in the present. You write your monthly check for rent at the beginning of every month to pay for that month of housing. Conversely, owning your own home allows you to plan for and invest in your future. A portion of every month's mortgage payment is money that you keep as equity in your home. If/when you choose to move or take out a second mortgage, the equity you have accumulated will be a valuable financial asset.
The MacGuire Team Would Love To Help You Find Your Dream Home!
Ready to begin reaping the rewards of homeownership? If you are interested in looking at some of the homes for sale near Colorado Springs, please contact me or my team. As an experienced Colorado Springs REALTOR®, and the knowledge and skills you need to find your dream home - for a great price. Contact me to get started!
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Colorado Springs, CO 80919
719-536-4324 or 719-660-6793