Corken & Company specializes in leasing, selling, and buying property in Denver Metro and surrounding cities. We have pursued specialization in all three because oftentimes they are not mutually exclusive. In fact, many of our clients have chosen Corken & Company to do all three at one point or another on their real estate journey.
And while no two journeys are alike, we do always encourage pursuing an eventual path to homeownership. It may not be for everyone, but here are ten compelling reasons from Home Advisor to convince you that if you are financially able and emotionally ready to own a home, you probably should!
Real estate is one of the smartest and safest investments you can make. Homes across the country have risen in value by anywhere between 3%-6% per year for the last 20 years. That percentage in Denver and Colorado specifically is even higher. Buy a home now and take advantage of the home’s appreciation when you sell!
2. Tax Deductions
The interest you pay on your mortgage can be deducted from your taxable income. While benefits of this tax break can vary based on several factors, it almost always offers some form of tax relief. Because interest is paid first on most mortgages, this deduction is especially impactful for buyers with younger loans, meaning you will see the largest payoff almost immediately.
3. No More Rent
The money you put towards rent is money you will never see again while the money you put towards a mortgage is money you should recoup either in resale or appreciation. More often than not, your monthly mortgage payment will also be less than the rental rate for the same property. So, not only is less of your monthly income put towards your housing but the money that is put there (if not more) will eventually come back to you.
Keep in mind however these are general rules. Your current financial position (size of down payment, income, credit score, etc.) heavily dictates the financial soundness of you specifically purchasing a home at any given time. Corken + Company would be happy to set up a consultation, gauge where you’re at, and form a plan to financially get you where you need to be in order to own a home.
4. Low Interest Rates
Interest rates on home loans have recently reached historic lows. This means, based on the monthly payment you are able to afford, you can likely purchase a home of higher value than the one you could’ve purchased even a couple years ago.
5. Home Equity Loans
Any equity you build in your home can be cashed out and used to help back some of your other financial goals such as starting a business, buying a car, etc. The interest paid on these loans is usually tax deductible as well.
6. Stability & Security
Once you own your own home, you don’t have to worry about a landlord not renewing your lease, choosing to forego fixing that leaky faucet, or increasing your rent unexpectedly. With a fixed mortgage payment, you are in control.
7. Renovate & Redecorate
You can make your home your very own. Not to mention, smart design and renovation choices will likely result in accelerated equity and much higher resale value when it comes time to sell.
8. Outdoor Space
While plenty of rentals have yards, many don’t. And those that do are oftentimes not well kept because they are used so intermittently by various tenants. Put your green thumb to work in home ownership and have the garden and landscaping of your dreams!
9. Put Down Roots
Renters tend to lead more insular lives while homeowners tend to know their neighbors. Within their surrounding neighborhood blocks they might make friends, get a babysitter recommendation, or be included in yard sales. Homeownership often comes with an invaluable sense of community.
10. Community Clout
Owners in a given community are often given more of a political voice in how their community grows and develops. They might have a say in school districting, reconfiguring association rules, approving construction and development plans, or changing traffic control in the area.
Bonus Reason To Buy: You have a trusted partner in Corken + Company to help get your home sold!
Many home shoppers on the market have to sell first in order to buy and while this active market gives an advantage to sellers, selling your home comes with challenges no matter what. Having a trusted ally like Corken + Company by your side to help you navigate its nuances makes for a seamless process. As an experienced team of resourceful and adept negotiators, we can ensure you get the most value from your current home. We can also help find an incredible new start in your next home. Let us juggle all of the moving parts in this complicated transition while you focus on the excitement.
If homeownership is on your horizon, even in the distant future, let Corken + Company help. We can guide you through one of the most important and empowering transactions of your life. If leasing still makes the most sense for now, let’s find you a place to live in the meantime. Our team can help strategize to save up and position yourself for homeownership in the future. If you’re convinced and ready to buy, let’s make a plan and begin your home search. If you already own and are ready to buy a second or third property, we have expertise in investment real estate and property management as well. Our real estate solutions know no limits and neither should your real estate goals! Let’s dream big together!