Denver Home Ownership Myths You Need to Know
When it comes to buying or owning a Denver home it’s easy to get caught up in the Denver home ownership myths and horror stories that are out there, but don’t let these scare you out of buying a home. Your job is to educate yourself about the myths and find the home of your dreams. Here are a few of the most common Denver home ownership myths that can trap both Denver homeowners and buyers, leaving them fearful of the process.
Denver Home Ownership Myth: If You Rent you’re Throwing Money Away
Owning a Denver home is a huge step to take, but you should only take it because you’re ready and able to. Many get caught up in the myth that if you rent you are throwing good money away, when in actuality there are a lot of factors that go into buying a home that you may not be quite ready for. You should look at average housing and rental prices in the area, how long you’ll stay, your tax bracket, your income, HOA dues and regulations, mortgage rates and various other fees that would be associated with owning a home; this will help you to evaluate whether you are ready to stop renting or not. The most important thing to take away from this myth is to do your research and figure what is going to be best for you in the long run based on finances and needs.
Denver Home Ownership Myth: Your Needs will Never Change
Suppose you buy a small Denver home, with a tiny yard, and no real info on the school district in the area; is that going to be the home you need 3 or 5 years down the road? Look at properties from a critical perspective, look at maintenance costs, HOA fees, proximity to current and potential jobs, school districts, yard size, safety and walkability. Just because you don’t have a dog or children now doesn’t mean you won’t in the future. If you’re buying a Denver home then take these possibilities for your future into account before you sign the paperwork.
Denver Home Ownership Myth: The Market will Always Rise
Simply because the market has been on a consistent rise for the past few years doesn’t mean it will continue to rise. The Denver market will continually rise and fall based on many different factors. Which means you should not feel pressured to buy simply because you think you’ll be priced out of the market. Pay attention to area fluctuations and patters before you make your decision, since housing markets are local; what is relevant in your area may not be relevant in other. You should always base your purchase on your needs and budget not what you think the market might do.
Denver Home Ownership Myth: Renovations Always Mean Money when You Sell
Once you buy a Denver home and decide to renovate a room in the home, you should keep in mind that all renovations will not mean you will make more when you sell later on. Keep this in mind when deciding about what counters or floors to use in the renovations; you will not always recoup your costs.
You shouldn’t be scared away from buying or owning a Denver home just because there are a number of myths and misconceptions floating around. Simply be diligent in your research and educate yourself about each myth and try to avoid them while searching for your perfect Denver home. Remember: your job is to find the home that best suits you, your family, and your needs.