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How much home can you afford?  Mortgage rates, calculators, etc.

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.