Rent or Buy a Home?
by: Mari Takeshita
The Denver rental market has seen dramatic price increases in the last few years. So why would anyone want to continue renting when they could purchase their own home for the same or just a little more than rent. And unlike rent, the mortgage staysbthevsamebwith a fixed interest rate. I find that most clients don’t believe they can purchase a home and aren’t even sure how to begin the process.
But buying a home isn’t as difficult as most may think. And It’s better than the alternative. You do realize you are paying a mortgage..correct? You pay the mortgage for your landlord. And you do so with no other benefits other than having a place to live.
When you are purchasing the home, you get tax benefits that you don’t qualify for as a renter. You also take advantage of the appreciation which allows for future benefit to upgrade with a higher down payment. Or, you will pay off the debt and then be in a position to have no payment at all except taxes and insurance, and HOA if you purchase a property that requires that payment.
For some, rent feels safer. But why? Like other fears, its incorrect emotional insecurity based on illusion of the unknown. How do you then become more familiar with the entire process? Ask a Realtor and mortgage loan officer to explain the process of purchasing and the loan.
You will find the process to be easier than you think. Once you are acquainted with the steps of purchasing a home, you will find it isn’t as difficult as you thought. Your Realtor and lender will take you thru each step and keep you informed about each new process.
Don’t hesitate to investigate the opportunities. It’s your future, it’s for your family.