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
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
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