Return To Blog

Renting vs. Buying Homes in Highlands Ranch Co

January 4, 2017

Are you ready to move into a new home? If so, you may be trying to determine whether you should rent or buy your next home. Before you make your decision, it’s important to understand the many benefits of buying homes for sale in Highlands Ranch Co as opposed to renting them. Here are several for you to consider:

Buyers can make changes

As a renter, you will have to consult with your landlord regarding any changes you want to make to the interior or exterior of your home. However, buyers have the freedom to paint their bedroom walls a different color or install new countertops as they please. If there is an HOA involved, buyers may have to ask before making changes to the exterior, but overall they still have more freedom than renters do to change the home as they please. If you want to truly make a home your own, buying it is the best option so you can customize it to fit your personal style.

Buyers get tax deductions

Buyers also have the benefit of deducting certain expenses associated with ownership on their taxes. For example, mortgage interest payments are tax deductible, as are the costs of most energy-efficient upgrades you have made in your home. If you choose to rent, you won’t get to take advantage of these deductions, so you may end up paying more in taxes every year. Learn more about homeowner tax deductions here.

Renters have to deal with fluctuating prices

If you’ve ever signed a lease before, you know that landlords generally have the right to raise your rent after a certain period of time has passed. This means renters will have to deal with fluctuating prices on a regular basis, but buyers typically don’t have this problem. Even if you have a mortgage, you can usually lock in a fixed monthly payment for decades, so you don’t have to worry about your monthly expenses going up unexpectedly.

Buyers become part of the community

Renting a home is usually seen as a short-term arrangement, whereas buying a home is a long-term commitment. If you want to finally become part of a community, it’s best to buy a home so you can start to grow ties to a neighborhood and form relationships with your neighbors.

Buyers have made a wise investment

The real estate market often fluctuates, but that doesn’t mean buying real estate is ever a bad idea. Even if you decide to move out in the future, you can always rent out your home to earn extra income, or put it back on the market to get cash back. You don’t have these options when you choose to rent a home, so buying a home is a much wiser investment in your financial future.

Now that you know the many benefits of buying a home as opposed to renting one, it’s time to find a real estate agent who understands your needs. Contact us at 720-220-2059 to talk to the experienced agents at Colorado Home Sales.