Are you wondering if you should make the leap from renting a Colorado home to purchasing your own? It's important to be well-informed about all your real estate options so you can make the right decision for you.
Use REcolorado's rent vs. buy calculator to see the monetary impact of renting and buying over time. You may be surprised by the results.
For more detailed information specific to your financial information, your agent can connect you with an experienced mortgage professional or financial adviser.
Use the Rent or Buy Calculator
Rent or Buy Calculator
Answer your Budget and Affordability Questions
This calculator can be a useful starting point but talk with your agent and mortgage lender for a more detailed evaluation.
Lenders look at factors including income, credit score, and debt to determine the size of the loan a home buyer can qualify for. Additional loans are available to help first-time homebuyers qualify for a loan and afford their first home.
Personal spending habits can impact how comfortable you are making a mortgage payment. Other factors, like interest rates, can also impact your monthly mortgage payment and overall affordability. Visualize these factors with the mortgage calculator.
To answer specific questions about home affordability, like budget and saving for a down payment, connect with a real estate agent.
Renting vs Buying – What to Consider
Whether you’re searching for a family ranch home or a one-bedroom pet-friendly apartment in Colorado, choosing to buy a home or stay in your rental can be tricky – especially in this real estate market. Here are some things to consider when making your decision:
Do you move often?
Many rental homes across Colorado offer time-specific leases, which are ideal if your location is not permanent. Remember, it is much easier to end a lease in a rental than to 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 before you decide to buy by having an in-depth conversation with your real estate agent.
Convenience.
If you’re not keen on yard work, snow removal, and overall home improvement, it may be better to choose a Colorado rental property. Depending on your rental home, a superintendent will likely take care of maintenance for you.
Local Housing Market.
Keep an eye on the Colorado housing market and real estate trends in the area you’d like to live. You will get a feel for rental home costs and purchase costs so you can better prepare yourself. Visit the Market Watch page on REcolorado.com for the latest Colorado housing stats and information from REcolorado.
To learn more about Colorado real estate and current market trends, search for a local real estate agent to find an agent you can trust.
