Pros of Buying a Home
Begin building equity.
When you buy a home, almost everyone starts with a mortgage. Each month as you pay towards your mortgage, you earn equity which is like your "share" of the home. Equity is essentially your financial stake in the house.
In Colorado, the value of your home will likely continue to increase, and you can use that equity as a source of income by taking out a home equity loan or refinancing down the road. Home equity is one of the best ways to build your wealth, as the options are endless when you are the owner!
You will not have to worry about rent increases or lease agreements.
Especially in Denver, you will likely save money in the long run by owning your home. With rent increasing significantly all over the Denver Metro, paying rent means paying someone else's mortgage. Another huge benefit to not renting is that you can customize your home to your preferences, which is not always possible when renting.
Interest rates are still historically low... for now.
Interest rates are predicted to increase in late 2022. While this is no surprise to anyone, there is no better time to buy and lock in an interest rate than now. Rates are still historically low compared to even just five years ago.
Madison & Company Properties partnered with Move Up Mortgage to analyze how much waiting to buy could cost buyers. In the end, it could cost you up to $70,609 just because of increasing interest rates! Want more information on this? Reach out to me today, and I'm happy to talk more about rates, the market, and how you can put yourself in the best financial position when buying your home!