To Rent or To Buy?

The New Year oftentimes brings big changes.  If you’re planning on a new baby to make its arrival, a job change, a relocation, or maybe just hoping to put the past in the past, then you might be wondering whether renting or buying a home is your best option.  Let’s break down the advantages that both owning or renting a home could bring.

OWNING

  • Build equity: as a renter, you’re building someone else’s equity, but as a homeowner you are helping yourself out
  • Tax benefits: your mortgage interest is tax deductible
  • Put down roots: owning a home often gives a certain sense of pride that can help create stronger ties within your community
  • Stable mortgage payments: with a fixed-rate mortgage, you can enjoy predictable monthly payments that make financial planning easier
  • Personalize home decor and landscaping: when you tire of the baby blue walls in the bathroom, you don’t have to ask anyone’s permission to change the color
  • Freedom: pets are your call when you own your own home

RENTING

  • Landlord handles all repairs: but it might be on their own timeline
  • Access to pool, fitness center, etc: having the ability to use these amenities is better than not, but you’re likely to share with everyone else in your community
  • No HOA fees (if applicable, usually included in rent cost)
  • Lower cost renters insurance (when compared to homeowners insurance) and no interest on monthly rent
  • Flexibility: if you have noncommittal tendencies, renting might be your best option.  It is far easier to break your lease than it is to sell a home.

As of December 2017, the average rent of a 2 bedroom apartment in Denver will cost you $1,567 a month. The median home value in Denver, CO is $392,500.  The national median home value is $185,800.  Approximately 46.4% of Denver homes are owned, while 46.87% are rented and 6.73% are vacant.

Increase Your Home Value Now

Christmas time has come and gone.  Over the next few days, you will likely be taking down your holiday decorations and making room for the new presents and toys. Many of us will take this time to notice things around the house that could use some improving.  Whether it is your goal to sell your home in 2018, or maybe a few years down the road, this list of home improvements will help increase your home’s value and help you love the home you live in.

  • Paint: whether you paint the inside or the outside of your home, keep in mind that neutral colors appeal to the masses.  If you’re up for doing the job yourself, you will save even more on your return on investment.

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  • Updating the kitchen: analyze your current situation.  Do you need new appliances, flooring, countertops, sink and cabinets?  What can you fit into your budget?  Painting the cabinets and installing new granite countertops are sure to get you that “new kitchen look.”  For a much easier and less-expensive fix, install new hardware on your cabinets or add a backsplash.

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  • Declutter: remove items that aren’t used on a regularly basis.  Clean and organize your closets and pantry.  Being able to find things quickly will eliminate unwanted stress from your life.  Keep things simple and neat and buyers will be able to picture their own things in your space.

 

  • Update your landscaping: keeping bushes and shrubs maintained and trimmed down, not only looks better, but can also let more sunlight into your home.  Your front yard is the first impression potential buyers have of your home, so make it a priority to maintain (or update) your landscaping come springtime.

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  • Replace doors:  garage door, front door, screen doors.  Updating the exterior doors of the home will give you major curb appeal points.  Another less-expensive option is a nice coat of paint and new hardware.

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You don’t need to have a massive budget to make big changes to your home.  Start by setting small goals with projects that you can take on yourself.  Give yourself time to complete them and then sit back and enjoy the fruits of your labor.  Whether you choose to sell in the spring, or settle in for the long run, your time and efforts will payoff.