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Buying or Renting – Which is Right for You?

In Denver Real Estate, Market News, Moving | on September, 05, 2014 | by | 0 Comments
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Many people make the mistake of solely focusing on the financial implications when leaving their old home and making a choice between purchasing a property or renting one. However, as we are going to discuss during the course of this article, there’s so much more to making a choice between buying Colorado real estate or renting your new home. If you want to have any chance of making the “right decision” you need to look at both options from a number of different perspectives and carefully assess the impacts that buying or renting would have on your life. Life is about more than just plain old money; you have to take your personality and preferences into account too.

Factors to Consider When Deciding Whether to Buy or Rent Real Estate

buy or rent in ColoradoAs an experienced real estate agent in Denver, we’ve worked with hundreds of clients over the years and we can’t tell you how many times we’ve heard something along the lines of “I made the wrong decision last time and this time I want to make sure I get it right.” However, unless you take some time out to consider the following  points, you run the risk of making a decision you will live to regret once again.

  • Your Ideal Environment – Are you attracted by life in the big city or do you crave the tranquil ambience that only the suburbs can offer. The matter of where your new property will be situated can have a considerable impact upon your life and it’s also a factor that will probably sway you towards either buying or renting. Should you choose to live in Denver itself you will have a whole host of facilities on your doorstep, a thriving nightlife and a comprehensive transport network that you can utilize. If you want to live in a suburban area it’s generally considered to be a much safer environment (great if you’ve got kids!), it’s greener and you won’t have to fight for a parking space every day. Real estate prices are generally much higher in urban areas than in suburban areas, which might force you to seriously consider renting  if you have a limited budget but you want to live in Denver itself.
  • Lots of Amenities? – Are amenities something that you consider to be important? For example, would you like your new home to have access to a swimming pool, a gymnasium and some tennis courts? Amenities like this can drive the purchase price of Denver realty right up, perhaps beyond your budget’s upper limit, in which case renting becomes the more viable option.
  • Are You Looking to Settle? – If you still need a considerable amount of flexibility in your life, perhaps due to your job, there’s no doubt that renting makes more sense until you are permanently based in a single location. There are a number of reasons for this. Firstly, you invest less money into the property meaning the financial consequences should you need to move in a hurry are not so severe. Then there’s the fact that you can move at relatively short notice if you need to, whereas if you purchase real estate, it could take you months or even years to sell up. However, if you’re at a stage of your life where stability is very important, you should probably seriously consider buying, as then there’s no risk of the landlord telling you to move out 6 or 12 months down the line (as long as you keep making mortgage repayments). In other word you know you’re going to be able to continue living at the same property for as long as you want.
  • Ready-made or Personalized Solution – If you purchase a home, you can make whatever changes to it that you desire, as long as they fall in line with the local building code. You can’t do that when renting real estate though; as long as the property meets the required standards it’s the landlord that will have the final say over when it’s time to decorate in the living room or purchase a new bedside table for the master bedroom. However, while owning a property does give you much greater freedom in this regard, there is certainly added responsibility, as every time something goes wrong it’s you that has to resolve the issue.

Whether you know what you’re looking for in the real estate market or you would welcome some advice that could help you come to a firm decision, contact our team as we would be glad to be of assistance.  Here’s a good article on Denver’s current rental market:  http://www.9news.com/story/news/local/2014/09/09/no-end-in-sight-as-rent-prices-continue-to-climb/15352883/

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