Deciding whether to rent or buy is a critical step in the home buying process. While renters often feel that they are “throwing money away” by renting, the economics of this real estate question is not quite that simple.
With home ownership, you see additional costs (both financial and time/effort costs) than you would with renting. For example, maintenance, taxes, insurance, etc.
But, more than that, depending on how you will be financing your home, the cost of your mortgage may make ownership a worse investment than renting and investing the difference other ways.
Of course, home ownership provides many surprising benefits other than potential return on investment. So, this question is not simply a financial one and for many, the intangible benefits of home ownership are enough to make the decision to buy.
Current Price to Rent in Colorado Is Rising
Right now major cities all across Colorado are seeing spikes in cost to rent, possibly changing the dynamics to this complicated question. This week we are going to dive deep into this question to provide you resources in your decision to rent versus buy in Colorado in 2012.
Price to Rent in Colorado Increasing Summer 2012
Price to Rent in Colorado Compared to Nation
Price to Rent in Major Colorado Cities 2012
Additional Resources for Determining Whether to Rent or Buy
Make an Informed Decision: It is Important To Carefully Consider “Renting Or Buying”
Before deciding to buy, make sure you have carefully evaluated the Rent or Buy question carefully for your personal situation. If you are buying a home with the primary goal being a financial investment, make sure you understand what it will take to get a return on your investment. If the other benefits of home ownership are more important to you than just the finances, then you are making an informed decision.
