If you’re currently renting and you’re wondering whether it’s a good time to buy, here’s what you need to know before you make a decision.
Rent or Buy a House in Aspen: What’s Right for You?
Rent keeps going up, so if you’re like many people, you’re wondering whether it’s still the right path for you. You might be thinking about buying a home in Aspen because you’d like to build equity, have a space to call your own, and eventually own a home outright so you can later sell it for a profit. No matter why you’re thinking about buying, though, here’s what you need to know to make the best decision:
- Rent will most likely continue to rise.
- When you own a home, you can make your own customizations.
- You may have more privacy in a house you own.
- You’ll almost certainly begin building equity when you own a home.
- You could qualify for tax benefits as a homeowner.
Here’s a closer look at each.
Rent Will Most Likely Keep Rising
Rent goes up every year – it’s just the way it is. Median rent has been climbing exponentially over the past several years, so for some people, it makes sense to buy a home. That way, the payment stays the same until the house or condo is paid off.
Owners Can Customize Their Homes
When you own a house, you can paint it, remodel it – whatever you’d like (as long as your homeowners’ association permits it, of course). When you rent, you don’t get to make those decisions. However, the trade-off is that you’re not responsible for maintenance, while the owner is.
Related: How much are HOA fees in Aspen?
Homeownership Can Offer More Privacy Than Renting Does
When you rent a home, whether it’s an apartment, condo or house, the owner of that unit can enter your property with the appropriate notice or during an emergency. However, when you own – particularly when you own a stand-alone house – you have a lot more privacy than that.
Equity is a Big Deal
When you’re paying rent, you’re building equity for the homeowner or apartment complex company. However, when you own a home, the equity you build goes directly into your own net worth. It’s a form of savings, in a way, that you can later access if you need to. It can also spell a hefty profit if you later decide to sell your home.
Homeowners May Qualify for Tax Breaks
Some tax advantages are designed specifically for homeowners, and they’re not available to renters. Although you should talk to a tax professional if you have questions, most homeowners can deduct things like property taxes and mortgage interest payments. When you’re renting, the person who owns the home you live in is the one who gets those benefits.
Could You Be Ready to Buy a Home?
If you’re saving up for a down payment on a home, and if you know you could buy a house or condo with monthly payments similar to what you’re currently paying in rent, now may be a great time for you to buy a home.
Are You Selling or Buying a Home in Aspen?
If you’re looking for a home for sale in Aspen or a nearby community, check out our listings by price:
- $200k to $300k
- $300k to $400k
- $400k to $500k
- $500k to $600k
- $600k to $700k
- $700k to $800k
- $800k to $900k
- $900k to $1 million
- Over $1 million
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.