Have you ever noticed that the Colorado housing market is amazingly similar to a theme park roller coaster? Just as the market goes up and seems appealing to both buyers and sellers, it drops suddenly and everyone panics. There are surprises around every twisted corner and can spiral uncontrollably at times and test every homeowner’s nerves. The housing market along the front range is, agreeably, very unpredictable, so much so, that Colorado residents are considering renting over becoming a proud homeowner. And there is absolutely nothing wrong with it! Just because you are renting a house or townhome or condo, it does not mean you shouldn’t be able to love it as your own. Today, we want to bring all of the rental advantages to light and prove that home ownership is not all that it is cracked up to be.
Sure, buying a home is a huge investment, and to some, it is a defining factor to a successful adulthood. But the process of purchasing a home makes many people question whether the investment is worth the time and money. The ability to come up with earnest money is one thing—then the down payment is enough for many people to realize that they aren’t ready to buy a home and ultimately back out of an offer completely. That sounds awfully discouraging.
Now, let’s take a look at the overall investment of renting. It’s safe to say that a security deposit is a rental property standard, along with signed lease—everyone knows that. However, most rental property management companies require first month’s rent in addition to the security deposit. We’ll admit, that’s tough to ask for upfront from a twenty-something-old, first-time-renter, but it has to be done. In comparison to what owning a home costs, a security deposit is a whole lot less expensive and much more doable to those that are anxious to live independent lives.
Here in Colorado, we are fortunate to see all four seasons. But if you are a true Colorado native, you will agree that winter seems to stick around for about 70-80% of the year. Snow storms and blizzards are a regular occurrence, but it always seems like we are never prepared to deal with it. People who are fortunate enough to rent an apartment or live in a complex of some kind, have the luxury of never waking up at the crack of dawn and spend their mornings scraping, shoveling and de-icing their driveways and walkways. Instead, a maintenance team is readily prepared and will handle all of that nonsense. Oh, but that’s not all! A rental property management company has their renters covered for all sorts of maintenance needs. For example, residents are provided with general upkeep and improvements of the rental, as well as in-house technicians on-call to repair that leaky faucet or faulty water heater. We like to consider renters as living a maintenance-free lifestyle, like living in a hotel.
Taxes, every responsible American citizen must pay them every year, and as a homeowner, you can expect to see a significant impact on your financial situation as property taxes can and will fluctuate. Now as a renter, property taxes are going to be the least of your worries. Easily said.
Earlier, we discussed the investment piece of renting and made it clear that the initial investment to renting is much less expensive than owning. As if that wasn’t an advantage enough, renters have the ability to direct the funds they would have spent on a down payment and earnest money and invest into a savings account more quickly than a first-time homeowner.
One of the biggest advantages to renting is the cost of insurance is dramatically lower than homeowners insurance. The reason being, a renter, is only responsible for insuring the contents of their rental property and not the building itself.
Mountains-n-Plains’ understands the need to rent versus owning a home, and as Northern Colorado’s leading rental property management team, we offer the best rental properties in the area. Potential renters can search our site for comfortable apartments, townhomes, and condos for rent and families will be able to find house rentals suited to their needs.