Are you considering making the leap from renting a home to owning a home? It's important to be well-informed of all your real estate options and give yourself time to make a decision that is right for you. Use our rent vs. buy calculator to determine what you can afford with each type of property.
Rent vs Buy – What to Consider
Whether you’re searching for a family home or a one-bedroom apartment, choosing to buy or rent can be tricky. Here are some things to consider when making your decision:
Do you move often? Rental properties offer time-specific leases, which is ideal for someone whose location is not permanent. Remember, it is much easier to end a lease than sell a house.
Your financial situation. Does your budget allow for mortgage payments, homeowners’ insurance, moving expenses, and a down payment? Buying a home can take a toll on your finances. Be sure you are in a good financial position if you are considering buying.
Convenience. If you’re not keen on yard work, snow removal, and overall home improvement, it may be beneficial to rent. Depending on the home you are renting, a superintendent will take care of maintenance for you.
Local Housing Market. Keep an eye on the housing market and real estate trends in the area you’d like to live. You will get a feel for rental costs and purchase costs so you can better prepare yourself. Visit the Housing News page on REcolorado.com for the latest Denver Metro housing statistics from REcolorado.