Are you currently renting a house or apartment? Do you know how much you can save when making the switch to buy? While making the choice to stop renting and to own a home can be intimidating, it can be such a great investment. From the costs of rending and benefits of buying to ways you can begin to prepare to buy, learn more from your Denver real estate agent.
Costs of Renting
One of the pros to renting an apartment is being able to count on the landlord to pay for fixes. However, all those costs are built into your rent. Plus, prior to moving into the apartment there are various fees you have to pay for. While there is a cost too when choosing to buy, that is all money that you could potentially make back in a sale. Plus, over time rent typically increases each year. So between all of those factors, you will never be able to make money off your investment the way you can with buying. Plus, if you have animals, you are most likely going to have to add costs for your furry friendsas well. It’s best to be informed about all of the commonly overlooked costs of renting an apartment.
Benefits of Buying
One of the largest benefits of purchasing a home is that you are making an investment that you can eventually make money on down the road. Plus, if you purchase a home with a fixed-rate mortgage, you can trust that the price of where you live will not go up the way it can each year with renting. You can also take advantage of certain tax deductions too when owning a home. From mortgage interest to real estate taxes, you can learn more about the various tax benefits to take advantage of in Investopedia’s Top Tax Advantages of Buying a Home
. Last, there is the feeling and gratification you will get when you know that you solely own your space.
Preparing to Buy
Once you make the decision that you will be purchasing a home, you will want to stop making any changes that would show up on a credit report. The bank you go through will want to see stability throughout the buying process. So if you are looking to buy a new car or get a new credit card you will want to hold off until after you purchase the home. Next, you will want to talk to a lender to see how much money you will need to save for your ideal future home. Once you know, you will want to save the funds to prepare for a down payment. You will also want to build up a savings for any issues that may arise in the new home.
As you make the decision to switch from renting an apartment to buying a home, Giving Back Group can help. We are your premier real estate agent that takes 20 percent of our commission from a sale and donates it to the charity of your choice. Contact us
today to get started!