Should I RENT or BUY a Home?

By
Real Estate Broker/Owner with Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786
https://activerain.com/droplet/5cjf

 

The question of Renting or Buying is always a decision some spend a lot of time deciding!    There are situations where maybe it is not the best idea, but most often buying a property could provide a lower payment if buying!

 

 

1.   How is your Credit?

     Call a lender and have your credit pulled, and they can tell you if there are any issues you need to take care of, or that you are good to go.   You will be required to submit many documents for them to review your credit.

 

2.  Will you Remain in a City for two years?

      If there is a chance you will only stay for a year or less in one place, maybe buying a property may not be a good decision.    If you stay in a home for two years (out of five years), you can move to another home without capital gains.  **check with an accountant for more details

 

3.  There are lenders that do as less as 3% of the purchase price for conventional financing or 3.5% for FHA financing.   You DO NOT need a 20% down payment, but if you do, this will eliminate the PMI.  (mortgage insurance)  There are some programs that have grants or gift funds (some need to be repaid) if you do not have a down payment and closing costs.  

 

4.   Buying a home gives the homeowner a sense of success.   You OWN a home that you can put your stamp on, change decor, remodel, landscape, to make it yours, without the approval of a landlord.   You can pay the mortgage off, and you own it free and clear.    

 

5.  Buying a home gives you equity (in most markets) and after a few years, you will have a larger down payment if you decide to up-size your home.    We have seen an average of 10% increases in value for the last 4.5 years.    

 

Did I give enough reasons to at least think about a home purchase?    If it sounds good, give me a call, and let's talk about your options!

 

 

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Metro Brokers - House to Home, Inc.House to Home

GRI, CRS, CNE, e-Pro  

Broker/Owner

Joan@JoanCox.com

720-231-6373

 

Denver Real Estate

Homes for Sale in Denver

Neighborhoods in Denver

 
  A Denver Metropolitan Realtor

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 02/28/2018 11:40 PM
  2. Roy Kelley 05/04/2018 01:00 AM
  3. Debbie Reynolds 05/14/2018 05:00 AM
  4. Gita Bantwal 05/20/2018 05:22 AM
Topic:
Home Buying
Tags:
buyer advice
renting versus buying
should i buy a home

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Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth, there are so many benefits that come with home ownership!  

Feb 17, 2018 05:06 PM #9
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gita, I too hope I get some calls.

Feb 17, 2018 05:06 PM #10
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Debb Janes EcoBroker and Bernie Stea JD I agree, rents (like our home prices) are skyrocketing, and understand the safety part totally.

Feb 17, 2018 05:07 PM #11
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jeff, I agree, there are some renters that buying doesn't make sense.

Feb 17, 2018 05:07 PM #12
Rainmaker
2,402,921
Rebecca Gaujot, Realtor®
Vision Quest Realty, Martha Hilton, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Home owership is so much better than renting, Joan. Although for some it is just not feasible.

Feb 17, 2018 05:17 PM #13
Rainmaker
1,646,789
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Joan - most of the reasons point toward ownership.  It is a great plan.

Feb 18, 2018 05:06 AM #14
Rainmaker
4,529,421
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Joan.  This is excellent information for those people struggling with this decision.

Feb 18, 2018 05:12 AM #15
Rainmaker
1,125,154
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Joan

Someday soon, I will need to make this decision for in the next year or two, I will be selling my home. Whether to buy something smaller or to rent will be a bridge I will need to cross. cheers cvc

Feb 18, 2018 07:55 AM #16
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Rebecca, I agree with that.

Feb 18, 2018 11:52 AM #17
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Grant, all good if it is good for the individual.

Feb 18, 2018 11:52 AM #18
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gabe, I have recently had a few buyers call and we debate their options.

Feb 18, 2018 11:53 AM #19
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Curtis Van Carter UGH, sounds like you have some decisions coming up in the future.  Best of luck.

Feb 18, 2018 11:53 AM #20
Rainmaker
1,125,154
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Joan

Not my choice but things are what they are. double UGH, cheers cvc

Feb 18, 2018 12:54 PM #21
Ambassador
3,903,509
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It is still less expensive to buy than to rent and on top of that there is more inventory for buying. Some renters change their minds and buy.

Feb 18, 2018 08:23 PM #22
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Good luck to you Curtis!

Feb 19, 2018 07:10 AM #23
Rainmaker
3,740,838
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Debbie, have to agree, if there is any chance, go for it!  

Feb 19, 2018 07:11 AM #24
Rainmaker
4,854,679
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is excellent advice to share and I will schedule a reblog for May 4th.

Mar 01, 2018 05:46 AM #25
Rainmaker
2,910,691
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Excellent graphic explanation for ths very worthwhle comparison !

May 04, 2018 04:03 AM #26
Rainmaker
1,553,588
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Great advice and an excellent graphic - so nicely done - I am glad that Gita Bantwal    included it in her post

May 17, 2018 05:05 AM #27
Rainmaker
125,309
Khash Saghafi
Liberty Home Mortgage Corporation - Cleveland, OH
Mortgage Loan Officer, Cleveland Ohio

Great information Joan.  Owning is not always the best choice and renting is not always the worst.  Gita re-posted, so that is where I saw it and I am thankful that she did.  Great information!!

May 20, 2018 11:06 AM #28
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Rainmaker
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Joan Cox

Denver Real Estate - Selling One Home at a Time
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