Buy Vs Rent - Renters Enjoy Much To Gain By Pursuing Home Ownership

It is a big decision to buy vs rent in Colorado, and it needs meticulous attention, as most mortgage lenders will agree. But the merits of home ownership are great. For many years, purchasing real estate has been regarded as a quite profitable investment. It is an achievement that offers a sense of pride, economical stability and potential tax benefits.

There are certain responsibilities related to owning a home. Landlords will commonly argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 a month for an apartment, and you know your rent will rise 5% every year, then over the next five years you will pay your landlord $66,309. If you are presently renting an apartment, you may be paying much higher than that each month. Either way, you get no equity by shelling out this monthly housing expense and you certainly won't benefit when the property value goes up!

However, if you were to buy your own home or apartment, you would be well on your way toward building equity within that equal five-year period. By choosing a fixed-rate loan package, you can have the comfort of knowing that your per month mortgage payment will never get higher. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop, and this would cause your monthly mortgage commitment to decline.

In addition to building equity, there are tax benefits that come into play with home ownership. Depending on your tax bracket, owning a home is typically less expensive than renting after taxes. Interest expenses on a mortgage below $1 million are tax-deductible, and your mortgage adviser should help you estimate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.

There are also many first time home buyer programs in Colorado. To identify the loan program that is appropriate for you, your mortgage broker will need to evaluate your monthly household income, current property and savings, as well as any monthly expenses you may have for credit card payments, car payments, child support, etc. These prerequisites, along with the record of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also essential to let your mortgage consultant learn what your future goals are, because this will help narrow down which loan program is the best match for your long-term requirements.

There are several different types of loan programs available, including "low" and "no" down payment mortgage programs. These types of programs demand the first time home buyer in Colorado to give less than 3 percent of the loan amount as down payment. FHA lenders rule that the mortgage payment, combining principal, interest, taxes and insurance (PITI) should not go beyond 31% of your gross income, and the PITI and other long-term debt (car payments, etc.) must not exceed 43% of your gross income.

Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and believe that "home" is more than just someplace to hang your hat, consider the advantages of purchasing real estate. It may be time to take the measure into building your personal net worth as a landlord.

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Buy Vs Rent - Renters Enjoy Much To Gain By Pursuing Home Ownership

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