The Economic Impact of Buying a HomeWe’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our
Should You Rent Or Buy In Denver
Denver is known to have a hot housing market which has left people asking themselves a common question, which is more comfortable in terms of financing, to rent or to buy a home? The first and most important factors to consider when choosing to rent or buy in the Denver housing market includes, financial help, your lifestyle and the impact it brings to your life.
A recent study by researchers at the Florida Atlantic University might have the answer to the current disturbing question. The study was done by taking into consideration 23 largest cities in the country including Denver. On the side of owning a home, researchers looked into situations like insurances rates, property taxes, tax write-offs, down payments, property appreciation, and other trends of the local market. Researchers took into consideration the present renting climate in most of the cities. From the research data, some people may consider renting over owning while others may not.
Sincerely speaking, owning is always better than renting in every real estate market. The buying trend is more compounded in Denver as Colorado housing market is seen at its peak which is an assurance for a return on investment for homeowners. The Denver market is known to have rising prices as investors just need to buy now, sell later and get the benefits. There’s still more to buying rather than renting which includes.
Financial security: One big reason for owning a real estate in Denver include the assurance you get for financing. Your home acts as a support and something to use as collateral in case you need cash in the future. Most people would take a home equity loan to settle debts, make a large purchase or as a backup when they have surprise expenses beyond their budget. A homeownership investment can serve as a retirement plan for some people.
A place to call home: Owning a home is advantageous from every perspective. A property you buy is yours and gives you the ownership feels with a unique bond to it. Renting a home feels uncomfortable and there’s always the need to have a place you call your own.
Savings: Denver was seen as the 16th most expensive rental markets across the nation. Presently, renting would cost you over $1,390 for a one-bedroom place a month or $1750 for two bedrooms a month. Denver can also be an expensive buying location but buying and owning offers investment opportunities not offered by renting. This gives a long-term saving and short-term as well with Denver’s hot housing market.
Tax breaks: Tax breaks are always experienced by those in place of a home. The can start by deducting mortgage interest and property taxes. Homeowners can exclude capital gains earned from the sale of a property. Renters don’t have such opportunities, instead, the owner of the rented property is in place of all the benefits.
Richard Bradley specializes in residential real estate sales and property management services. I am committed to helping homeowners, buyers & investors with their real estate needs. I spend my time in....
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According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60. The good news is, our younger generations are strong