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Buying vs. Renting a Home in Colorado

Updated: Mar 2


Buying vs. Renting a Home in Colorado

We want to make sure that buying a house in Colorado is truly the right choice for you. While renting allows you to get up and leave at any time, buying your home gives you the opportunity to invest in something you own.


You might think that it's getting too expensive to buy a house in Colorado, but when the housing prices go up so do the rent prices. It all comes down to personal preference and what best suits your financial status and lifestyle.

Here are a few things to consider when choosing which option is right for you:

Buying

A home of your own means a stronger financial position, the freedom to make the space your own with upgrades and renovations, and the security of a monthly payment that won’t unexpectedly increase.

  • Much more cost-effective—not only are you benefiting from tax savings, but your monthly rate will also most likely be cheaper

  • Investing in ownership of your home and the freedom to personalize the space

  • Long-term commitment - you better be ready for the long haul

  • More responsibility and liability

  • The monthly payment is stable and agreed upon

Renting

Renting your home or apartment gives you the freedom to leave whenever you want and doesn't require you to have as much of a burden when it comes to repairs or renovations.

  • The monthly rate is generally more expensive than if you were investing in your own home

  • Investing in ownership of an agreement to pay monthly—you walk away with nothing

  • Lack of commitment—the space isn’t yours forever

  • Less responsibility and liability

  • Rent payment could suddenly increase in price without any reason

A couple standing in front of the home they just bought

What you may not know is that there are special mortgage programs designed to help renters finance a home purchase, and Security First Financial is the place to find them. We have multiple loan programs that are great for first-time homebuyers that require little to no down payment such as FHA Home Loans, VA Home Loans, and USDA (Rural Housing) Home Loans. We also specialize in Down Payment Assistance Programs and are one of the top producing Colorado Housing and Finance Authority (CHFA) lenders in the state of Colorado.


If you want to stop renting and start owning your space, give us a call at 303-740-8300, or visit our website at www.sffmortgage.com.

Opinions expressed are solely my own and do not express the views of my employer.


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