4 Reasons to buy instead of rent in Denver.
4 REASONS TO OWN A HOME IN DENVER INSTEAD OF RENTING
Denver was recently ranked U.S. News & World Report’s 2nd best place to live. And it’s easy to see why the Mile High City is a dream place to call home.
- Nearly 300 days of annual sunshine
- Eco-friendly community with many walkable neighborhoods
- Good area schools, scoring 7.8 out of 10 in U.S. News & World Report’s college readiness scale
- Lower crime rate than similarly sized metros
- 5,000+ acres of parks, trails, golf courses, and playgrounds
- Close to outdoor wonders for adventure enthusiasts
- Vibrant arts, music, and culture scene
More than 100 breweries in the area – “Napa Valley of B
- Core of young, highly educated workers in Denver
- Denver average annual salary is $6,130 more than the national average
- Galactic opportunities in aerospace and defense – Home to Lockheed Martin
- Prime vacation destination, making hospitality a booming business 365 days a year
- Low unemployment rate compared to national average
When you make the move to Denver, here’s why you should own instead of rent.
YOU CAN LOCK IN YOUR COST OF LIVING
Rents in the Denver metro have increased for four straight months this year. If you own a home instead of rent, you could save yourself from rising rent costs. With a fixed-rate mortgage, your monthly payments stay, well, fixed and won’t increase over the years even if interest rates go up. So you can know exactly what your bills will be each month.
YOUR MONEY GOES INTO AN INVESTMENT THAT YOU OWN
With renting, you spend a bunch of money each month, but you don’t own the roof over your head. When you own instead of rent, your mortgage payments build the equity in your home, not your landlord’s. Plus, Denver’s home appreciation keeps getting better and better: Over the next 12 months, it’s projected to go up by 10.3 percent, almost 3 times greater than the national average.
YOU CAN GET A TAX BREAK OR TWO (OR MORE)
There are tax benefits available only to homeowners. Like deducting property taxes and the interest paid on the mortgage, which could lower your taxable income. Plus, some energy-efficient improvements may qualify for tax credits. So homeowners who go green could also save some green.
YOU CAN GET REALLY, REALLY CREATIVE
With renting, you may have to settle for off-white walls or hand-me-down carpet. And you have to ask your landlord before making major changes to the home or apartment. If you own instead of rent, you can truly make the place your space. You’ll have the freedom to personalize your home however and whenever you want.
Wondering how to buy a home? It’s not as difficult as you think
We’re going to let you in on a little secret: Buying a home may look complicated, but it’s pretty straight forward. It’s also totally achievable for millennials, despite what you may have heard. In fact over 34 percent of millennials in Denver own a home, a rate higher than millennials in the rest of the country.
The home buying process can be broken down into five steps:
- FIND A LENDER TO GET PREQUALIFIED
Do this before you even start looking at homes. A good lender explains the process clearly and simply so you know what to expect and what your options are. During the prequalification process, your lender does a basic review of your finances. You’ll have a better idea of how much you can afford, plus you can get a prequalification letter to strengthen your offer. You can also narrow your search for homes within your prequalification amount.
- SHOP FOR YOUR DREAM HOME
It’s good idea to work with a local realtor. They have access to the most up-to-date listings, can give you the latest scoop on housing trends in the market, help you navigate real estate legalese, and help you negotiate and close on your home.
- PICK YOUR LOAN PRODUCT
Here’s where you and your loan officer will get to know each other a whole lot better. Together, you’ll fine-tune your loan program based on your prequalification, needs, and long-term goals. There are many mortgage options out there, and your lender can help you decide which one is right for you.
- GET FINAL LOAN APPROVAL
You’ve found your home, the seller’s accepted your offer, and the appraisal and inspection went off without a hitch. It’s time for the final approval process. Your lender will collect the rest of your paperwork, including title work, flood certification, and homeowners insurance, to give your loan the underwriting seal of approval.
- CLOSE ON YOUR NEW HOME
You’ll meet with the seller to transfer the property and close the transaction. To make it happen, you’ll need a certified or cashier’s check, made payable to yourself and ready to be endorsed to the title company. Take a moment to review the Closing Disclosure, sign the mortgage note, receive the deed from the seller, and pat yourself on the back. It’s a done deal—and you’re a homeowner!
READY TO MAKE THE MOVE?
Contact our team today.
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Englewood, Colorado 80112
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Denver, Colorado 80209
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390 Union Boulevard, Suite 320
Lakewood, Colorado 80228
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For educational and informational purposes only. Sources are deemed reliable but are not guaranteed.