When the time comes to choose Fort Collins CO real estate as your residence, you will be faced with the choice to rent or buy. There are pros and cons to each option, and each bring its own challenges and benefits. Some people will only ever rent, some will only buy, and many will experience a mix of both. No matter where you choose to live, your dwelling is what you make it.
Basics of Renting
· Cost: Each month, you pay a set amount to your landlord or apartment agency. This may or may not include utilities. At the same time, you are not responsible for repair or maintenance on the property, which means no unexpected housing expenses.
· Commitment: You will probably sign a contract as an agreement to rent for a specified amount of time. Typically, if the lease or agreement is broken early, there is a cost involved.
· Credit: After a season of paying rent on time, you can hopefully notice progress being made when it comes to building your credit, and this can prove to be a great advantage when you do decide to buy a home.
· Closure: When it comes time to move on, you will not have to concern yourself with the hassle of having to put a home on the market and hope it sells. You tidy things up and move onto the next adventure, while the landlord handles all of the details.
Basics of Owning
· Cost: Maintenance, property taxes, utilities, insurance, and mortgage payments are all part of the deal when it comes to home ownership. Unexpected expenses are your responsibility as the homeowner.
· Equity: The longer you are in your home and making regular payments, the more your wealth can increase as you gain equity.
· Market: As the country’s financial situation fluctuates, so too will the housing market. Ebbs and flows are part of the territory.
· Individuality: Purchasing a home allows you the freedom to decorate, change, and design your dwelling however you choose. Your home is your canvas!
Circumstances have much to do with the decision to rent or buy a residence. It is important to research all of your options and make the best choice based on what is best for you and your current situation. If you do not have the time, the good credit rating, or the desire to keep up with its demands, owning a home is probably not the best option right now. On the other hand, if you are in a good place financially and have the time to commit to owning a home, now may be the perfect time to start house hunting.
A home is an investment, but it is yours to own and love. A rental is temporary, but low-maintenance and someone else’s responsibility. There are benefits and downfalls to both choices; the key is to make a choice that works the best for you. Factor in all of the costs, pros, and cons, and be confident in the path you choose to take.