Is it Better to Rent or Buy a House?

Is it Better to Rent or Buy a House?

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Have you ever seriously pondered the question: “Is it better to rent or buy a house”? The thought of purchasing a home is big because it is one of the largest investments you will make in your lifetime. Many will see the high price tag and ask, “Is buying a house worth it?” The answer to this question is complex and depends on your specific needs, lifestyle, and budget. We want to help you ask the right questions to guide you in your decision-making process. To begin, check out our real estate for sale and price a few property options available now!

The Right Questions to Ask When Considering Renting vs. Buying

We recommend asking yourself these questions as you think about renting vs. buying:

  • Should I rent or buy a house?
  • Do I prefer stability or flexibility?
  • What are my main reasons to buy instead of rent?
  • How long would I like to stay in my next home? 
  • What is my budget? Is it big enough for miscellaneous repairs and maintenance?
  • What are my biggest short-term and long-term career and family goals?

If your answers leaned towards stability, financial health, and a longer-term stay, then taking a leap and purchasing a home may be the next step for you. Choosing between buying vs.renting doesn’t have to be complicated. 

Why Buy a House? Homeownership is Stacked with Benefits

So, why buy a house? Whether you’re renting or buying, you are paying for housing and making an investment either way. Here are a few of our suggested reasons to buy a house as the preferred option.

1. Your payments go towards owning the property. 

Though the cost of your mortgage may be higher, one reason to buy a home instead of rent a home is that you are taking strides towards freedom. The argument that renting eliminates tax and maintenance costs is simply not true; your landlord just includes it in your rent payment, along with a profit margin!

2. The investment increases over time!

If the price of your home goes up over time, the value will likely increase as well! That means that there is a high chance of getting more out than you put in. Why buy a house? Because even if the market does not dictate an increase in value, pricing your home to sell with guidance from knowledgeable professionals allows you to recoup most of your expenses.

3. There is protection from inflation.

The prices of homes and properties often increases faster than the rate of inflation with the competitive nature of the market, which means rental rates came go up yearly without warning. One of the benefits of owning a home is being safe from this!

4. There are obvious tax benefits!

Did you know that property taxes are tax-deductible as a homeowner? When it’s time to file taxes, some homes are eligible to count mortgage interest as a deduction. Find out if you would be eligible for this advantage before you purchase your home for huge potential savings! 

5. You have the freedom to renovate and customize your space without limitations.

Say goodbye to landlords dictating what you can and cannot alter! In your space, you make the rules and have the creative freedom to turn your house into exactly what you envision. Paint the walls whatever color you’d like, install the flooring you prefer, and knock out as many walls as you see fit! Also, you can do away with unreliable landlords and long wait times for repairs. Say hello to more privacy and control!

 Find Homes for Sale Near You!

Are you still asking, “Should I buy a house?” Owning a home has significant short and long-term benefits. It is always the better option from a financial standpoint because you invest your money into yourself, not your landlords! Are you ready to look at homes for sale? 

The team at Key to the Rockies Real Estate is equipped and eager to help you in your search for homes for sale in Summit County. Are you looking for property in Frisco, CO; Breckenridge, CO; Keystone, CO; Silverthorne, CO; or Dillon, CO? Contact us and begin your search today!

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We are open and approachable to all inquiries, questions, or comments. Please don’t hesitate to reach out with the contact form, or call us at
970-470-3001