If you’re moving to a new area or are in the process of getting your first place, you might be wondering about whether or not you should buy or rent. Either way, you have a big decision on your hands that could affect your lifestyle and financial situation for the long term. You may have heard people say that buying a home is a good investment, or maybe you have friends who recently bought a home and you’re wondering if that’s the way to go. In today’s blog from Stonegate Living Broomfield apartments, we want to help you by discussing some of the things to consider before making this all-important decision. Keep reading to learn more.
What Do Your Finances Look Like?
The first, and most important thing to consider, is how much money you have and whether or not it’s enough to buy a home. Choosing to buy is a big investment and home prices continue to rise in the state of Colorado. Although this may sound more like an argument for buying as a sure and safe investment, you have to consider the cost of that investment and how it will affect your standard of living.
A down payment on a new home will likely cost you tens of thousands of dollars — even if you’re able to get a loan with a low down payment. If you think you have the down payment covered, you have to remember that you’ll be shelling out money for several other things before you can sign on the dotted line. For instance, the home inspection, appraisal fees, closing costs, and insurance will surely add up. And if you’re in a newer neighborhood, you can bet on hefty HOA dues as well.
If buying a home sounds like an endless money pit, it’s really not that bad. Investing in a home can be a great opportunity depending on your wants and needs and if you’re financially ready to make the commitment.
Do You Want Flexibility or Stability?
Many people jump into home-ownership because that’s what they’re supposed to do. Once you reach a certain age or have decided to settle down with that special person in your life, it’s only natural to want to invest in a home, right? The fact is, owning a home is a huge responsibility that requires careful consideration. Are you ready to give up being able to take off on an adventure at a moment’s notice? Are you happy with the area and want to remain there long term?
These are just some of the questions you should be asking yourself when you’re considering whether to rent or buy. Renting offers flexibility that you just don’t get with a house. It’s easier to pick up and move to chase after your dream job, and you don’t have to worry about arranging for someone to mow your lawn or perform other maintenance while you’re gone on vacation.
How Good Are You With a Hammer?
Even if you consider yourself quite handy, it’s important to know that owning a home is a lot of work! Even a modest-size home requires quite a bit of upkeep. Mowing the lawn, weeding the garden, shoveling the sidewalk — these are all things you’ll be responsible for when you’re in your own home. And what about when something breaks? Even if you purchase a brand new home, something will eventually break and you’ll either have to learn how to fix it or you’ll have to call in an expert — which may save you time and hassle, but it will take a chunk out of your pocketbook.
If you rent a place at our Broomfield apartments, for example, all of the inside and outside maintenance is taken care of for you. You don’t have to get up while it’s still dark in the freezing cold to shovel your driveway. You also don’t have to decline your friend’s party because you’re too busy fixing a broken pipe. Renting offers the freedom that many people are looking for (and many homeowners wish they had).
Make the Right Choice
When it comes down to it, deciding to rent or buy is a personal choice that is different for everyone. At Stonegate Living Broomfield apartments we may be a little biased about renting,
but that’s because we love our apartment community and do everything possible to provide our residents with a place they love to come home to.
If you’re considering a move in the near future we hope you’ve found this blog to be helpful. And, if you’ve decided that renting is the right choice for you, we hope you’ll consider Stonegate Living in Broomfield, Colorado. We’re located just a short drive from Denver and Boulder. Call today to schedule a tour or to inquire about availability.