Three Reasons Buying a Home is More Affordable than Renting!


Buying a home in Colorado Springs can save you money if you are currently renting.  Interest rates on mortgages are still very low while rent typically continues to rise. There are many reasons people choose to rent and for some, it may be the best option.  If you have the option to buy versus renting, you may be able to save yourself money in the long run.  Calling one of our experienced Colorado Springs real estate agents is your first step in the home buying process.  Our team can assist you with all questions related to the buying process from start to finish.  As a first-time home buyer, understanding the benefits of buying a home versus renting is crucial in taking the next step.  Here are three reasons buying a Colorado Springs home is more affordable than renting.

Rent Continues To Climb While Mortgage Rates Are Still Low

In 2018, rent prices continue to rise and mortgage interest rates are still at very low rates.  Now is the time to lock in these lower interest rates as they are projected to rise over the next few years.  In most states, including Colorado Springs, it may be cheaper to buy a home than to pay rent, even with taxes and insurance factored into your monthly payment.  Rent prices have continued to rise over the years typically at a faster rate than the average wages of most Americans.  This makes buying a home much more affordable than renting in most cases.  If one of your goals is homeownership, now is the time to make it happen.  Lock in low rates now to lower your monthly payments for years to come.  

Enjoy the Tax Benefits of Home Ownership

Owning a home has many perks including the tax benefits.  You can deduct the interest paid on your home throughout the year.  In addition to deducting your interest paid, you can deduct any property tax payments.  These add up and can make a big difference at tax filing time.  As a renter, you are essentially making these payments for your landlord and they will get the benefit of the write off at the end of the year.

If you buy a home and make energy efficiency home improvements, this can lead to tax credits as well.  Geothermal heat pumps or a solar energy systems may qualify you for a federal tax credit of 30% of the installation cost.  Check out www.energy.gov to see what tax credit, rebates and other incentives you can take advantage of when you make improvements to your home.  As your Colorado Springs real estate agent, it is our job to walk you through the benefits of homeownership.  We are experts in the real estate market and the Colorado Springs area so navigating you through the benefits of owning a home is our specialty.

Buying a Home Is an Investment That Can Pay Off Down The Road

As a homeowner, your home investment will build equity every year creating more wealth.  As a renter, your rental property builds equity for the person you are renting from.  Owning a home can also build your credit score which can help with many purchases down the road.  Good credit means better interest rates, which can save you a lot of money over time.

Homebuyers may eventually pay off their mortgage eliminating a monthly payment.  When purchasing your home, you can choose the length of your loan as well.  Ultimately this means once you pay off the loan, you no longer have a monthly payment.  Choosing to rent, means you will have a payment indefinitely.

Buying a home is an investment that should pay off when it is time to resell.  If you decide to sell the home, your equity in the home can help you with a down payment on your next house.  You might also be in a position to rent out your home, creating an investment that can have big payoffs.  

Buying a Home in Colorado Springs

Now is the time to buy a home if you have been on the fence.  Renting a home is necessary for some but if one of your goals is to buy....NOW is the time!  The entire process of buying a home may sound daunting but that is why our team is here to help!  We will walk you through the process and make sure you understand all the details.  We outlined three benefits of buying a home versus renting.  Buying in Colorado Springs is an investment that will build wealth, create tax breaks and overall can be cheaper than renting.

If you’re looking for the best real estate agents in Colorado Springs, we would love to offer our services. I have been involved in Colorado Springs real estate for over 25 years, and I’m also a Colorado native. Our team works well together to help you make the most of your real estate experience.  Visit our website to learn more about our real estate services. Let’s get started!


Mike MacGuire
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919

719-536-4324 or 719-660-6793
Mike@BuyWithMike.com

Comments

Post a Comment

Popular posts from this blog

The MacGuire Team & US Military

Image
Memorial Day is one day out of the year where we remember the men and women who have died for our country in the military. The MacGuire Team wants you to know that we also remember our military who are currently serving and their family. Because of this, we have provided the #1 Military Relocation Service in Colorado Springs . Moving can be stressful enough without having to add in other stressors like fast turn around times and another spouse who is left to handle everything. Here are just a few ways The MacGuire Team can make it easier with our  military relocation service . Colorado Springs Military Relocation Service Military families have special needs when they move. Distances are vast and time is of the essence. The MacGuire team understands that the 10-day window before reporting for duty at the new assignment is crucial to your relocation. Often, one spouse has the responsibility to choose a new home for the entire family. Or when selling, the remaining spouse must deal w
Read more

Mike McGuire's Real Estate Selling Strategy

Image
When selling your home, there are several ways you can accomplish it - but there are some ways that are better than others. When you hire the best real estate agent in Colorado Springs we use our 25 years of experience to not just sell your home, but to sell your home at the highest price possible in the shortest amount of time. Selling your home can be an overwhelming process, but our team is ready to assist you with ALL of the details. We have a very specific selling strategy that can give us the ability to make the most of your unique selling situation and sell your home as fast as possible. Here is how we accomplish this: Condition There are a few factors that go into selling your home: condition and price. The real estate market controls the price, but you can control the condition. Our team of agents can help you prepare your property for the market with advice that is time-tested. Our comprehensive listing enhancement services provide you with professional home stagi
Read more

Real Estate: We are NOT the Only Ones Saying You Should Buy

Image
By KCM Crew We have never hid our belief in homeownership. That does not mean we think EVERYONE should run out and buy a house. However, if a person or family is ready , willing and able to purchase a home, we believe that owning is much better than renting. And we believe that now is a great time to buy. We are not the only ones that think owning has massive benefits or that now is a sensational time to plunge into owning your own home.  Here are a few others: Benefits of Owning Joint Center for Housing Studies, Harvard University “Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord…Having to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings.” The Federal Reserve “Renters have much lower median and mean net worth than homeowners in any survey year.” Benefits of Buying Now Trulia “Buying costs less than renting in all 100 large U.S. metr
Read more