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Is It Smarter to Rent or Buy a Home in Colorado Springs?
Manage episode 172034026 series 1368179
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As a real estate agent, people always ask me if they should buy or rent their home. You'd think as an agent, my obvious answer would be to buy a home, but that's just not the case. A lot of it is personal preference, as well as market conditions.
As we've seen the market rise here in Colorado Springs, the cost to rent today is 20% more than it was just two years ago. So today, buying a home with really low interest rates and high rentals makes the most sense. As the market shifts though, that might not be the case. In markets like Denver, for example, the prices have gotten so high that you're better off renting, and not paying the top of the market prices.
"Luckily, the Colorado Springs market has not peaked yet."
Luckily, the Colorado Springs market has not peaked yet. I would say today, your best bet is to buy a home, but you really have to determine what your long-term goals for homeownership are. Treat your home like an investment, not just a place to live. Buying the right home will protect your financial investment for years and years. Whether you're buying a new home or a resale home, you want to think not about what it's worth today, but what it will be worth in the long run.
Most homeowners live in a house for three to five years, so you want to try to guess what your home is going to be worth three to five years from your move. By looking at your house this way as an investment rather than just a place to live, you can avoid what's happened in previous markets, where collapse has left people upside down on their mortgages.
If you have any questions about buying versus renting, let's talk soon. I can help you find the right investment for years to come.
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