Moving can be a stressful experience for anyone. When you receive orders on average of every three years to pack up your family and belongings to relocate to an unfamiliar city, the question of “should I rent or should I buy?” can be very daunting. The process of purchasing a home may be overwhelming in the midst of relocating, but it doesn’t have to be. Here are some of the benefits of both buying and renting. You may discover that buying a home is the right choice for you and we are here to help!
BENEFITS OF BUYING A HOME IN COLORADO SPRINGS
Whether you own a Colorado Springs home for a few years or a few decades, the benefits can stack up. Let’s start with financial benefits:
- Mortgage interest and property taxes are tax deductible
- Mortgage payments are predictable vs. rent payments which can increase yearly
- Monthly mortgage payments reduce your principal, which in turn increases your equity
- The opportunity to purchase a home with a VA loan for zero to little money down and no PMI payments
- With rent prices rising at a yearly rate, buying a house with a VA loan while interest rates are lower can many times offer lower monthly payments
Let’s also look at some of the other benefits home ownership offers:
- In most cases, you alone are the decision maker regarding all personal touches such as paint colors, flooring, window treatments, landscaping, etc.
- Greater privacy, particularly when purchasing a home vs. apartment living
- A sense of pride with home ownership and a stronger sense of community
- You never have to worry about a landlord giving you notice to vacate before you are ready to move
BENEFITS OF RENTING IN COLORADO SPRINGS
- The landlord is responsible for appliance repairs/replacements, roof leaks, plumbing issues, etc.
- No long term financial commitment
- You may not be responsible for landscape maintenance depending on your rental agreement
- More flexibility to relocate away from Colorado Springs after your assignment
As you can see, there are benefits to both buying and renting. We understand buying a home is not for everyone, however, here is one more thing you may want to consider as you prepare for your move to The Springs:
Many military families PCS to the Pikes Peak region and then decide Colorado Springs is the place they would love to retire once their military obligations are fulfilled. The rental market in Colorado Springs is hot in this area due to the large military population. With various platforms dedicated to helping military families seek out future tenants, renting out your home can be a very positive experience. This will also enable you to turn your home into a business expense allowing you to take advantage of even more tax deductions. Your home will have a longer time to gain equity in the event you do decide to sell, but if not, your home will be waiting for you when you are ready to return to beautiful Colorado Springs!
Contact our team to learn more about the pros and cons of buying and renting in Colorado Springs. We are here to help!