When you are trying to decide whether or not you should buy or rent a home, you need to consider many different factors like what’s going on in the economy, your commitment level, and your finances.
A recent study from www.calculatedriskblog.com said that 26% of renters spend more than half of their incomes on housing. This same study stated that this was the highest spend level recorded in half a century.
Another news article, form Inman News, stated that costs to rent home increased by 7.4% in the last year, but homes for sale decreased in price by 8.8%. Other articles online are stating that rental properties are becoming more and more difficult to find. Fort Collins has the same situation going on with estimations around only 1% occupancy. When the occupancy rates are so low, rental prices increase.
It’s clear that the economy is currently in your favor for owning a home. However, it’s still important to look at your commitment level in the process. When you decide to take mortgage, it can take up to 20-30 years to pay that mortgage off. You need to be completely solid on where you are living in order to stay with that long term commitment.
Your finances are one of the biggest factors for deciding whether you can own a home or rent a home. Although you may be able to own a home, your previous financial experience may be stopping you from being able to do so. Lenders look at your financial history to determine if you are eligible for a mortgage.
If based on the statistics, your commitment level, and your finances, you believe that a home that work out for you, then great. If not, then that is okay too. It is 100% up to you if you believe that you should be a home owner or not. If you do decide that home ownership may be something that is of interest to you, it is highly recommended that you contact a Fort Collins real estate agent to gather more information and to answer any questions that you may have.