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Top 7 Reasons to Buy Instead of Rent a Home

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If you’re currently renting a home, you may want to know if it makes sense to buy a home instead. This post will look at the top reasons to buy a home in Greeley and Northern Colorado right now.

Are home prices high in Greeley and Northern Colorado Now?

One of the big questions comes from price. Is now a good time to buy a home?

Indeed, prices have been on the rise over the last few years. But we, and most experts, predict prices will continue up into the foreseeable future. Will home prices continue up in Greeley?

This means that if you buy now, your home value should continue to go up. And regardless of short terms ups and downs, housing has done tremendously well in the long term.

And even though house prices are up, there are many factors in play right now that make housing affordable–even more affordable than years back.

Are house prices affordable?

There are a couple of major factors keeping housing very affordable. These are unique to this time period and are great to capitalize on if you’re considering transitioning from renting to buying.

7 affordable cities in Northern Colorado

1. Interest rates are at rock bottom.

This significantly reduces both your monthly payment and the total amount of your loan. We are at a great point in history to lock in exceptional loans.

2. There are many incentives for buyers.

These are grants and other tools that oftentimes do not need to be repaid. Both the government and private parties are making money available to help people buy homes. Many of these are special programs that are not typically available. These can help with down payments, closing costs, and more.

What services do real estate agents provide for free?

Alright, with that out of the way, here are the top 7 reasons to stop renting and start buying!

Top 7 Reasons to Buy Instead of Rent a Home

1. You can probably buy a house for less cash than you need when renting.

When you rent, you usually have a security deposit, first month’s rent, and maybe even last month’s rent. That’s a lot of cash!

With buying a home, you can get in for as little as $1,000 cash out of pocket. Of course you can put more money down too, but that is fully optional.

2. There are many new incentives for home buyers that don’t need to be paid back.

In order to keep housing affordable, the government, private parties, and certain organizations are providing funds to home buyers that do not need to be repaid. This is truly no-obligation money waiting for many home buyers.

3. By owning a home, you can be building your wealth, not someone else’s.

People rent homes to you because they can charge more in rent than it costs to own the home. You are paying their mortgage, their expenses, and a profit on top.

This money needs to be working for you instead!

That “profit” could instead be used to pay down your mortgage fast. Regardless of whether you pay more each month or not, you will be paying your loan down each and every month.

4. House values go up, which means big money for you.

Over the last couple of years, most homes in Colorado have gone up in value at least 20%.

That means if you bought a $250,000 house, you will have gained $50,000. Those gains can provide piece of mind, or you can refinance and pull that money out to use however you want.

Housing prices may go up and down, but historically, they have an incredible uptrend. You build money simply by owning your home.

5. Receive big tax incentives for owning a home

If you are renting, you’re leaving big tax incentives on the table. Talk to your tax accountant, but most people can write off interest, mortgage insurance, and more. Owning a home typically provides the biggest tax incentives people receive all year.

6. Flexibility – pets, decoration, renovation as you want

You now own the home and can do with it as you please. You can redecorate, renovate, and make the changes that fit your lifestyle.

And pets? Not a problem!

7. Interest rates are rock bottom – saving you more money

Even though home prices are going up, low interest rates keep them very affordable. And with less interest, more of your monthly payment goes to paying down your loan.

How do house payments compare to rent payments?

A lot of factors impact your payments, but here are some good ballparks for many new home buyers. A few notes:

  • If you put more money down, you can reduce your monthly payment very significantly
  • If your home appreciates, you can typically drop your mortgage insurance 2 years into the loan
  • It is always best to talk to us to get numbers for your exact situation
Monthly Payment Price of Home
$1213.86* $200,000
$1457.72* $240,000
$1701.57* $280,000 (that’s a nice house!)

* Figures estimated with 30 year conv. loan, 3% down, 4.061% APR, PMI .075% of loan amount, insurance $4/$1000 of price, taxes 74.136 mill levy in Weld County, 360 monthly payments, total finance charges of $141,156.21 for $200,000 purchase, $169,533.73 for $240,000 purchase, $197,911.25 for $280,000 purchase

What should I do if I want more information on buying a home?

Give us a call or email. We’d be happy to talk to you. Our phone is 970-573-6441. You can also see more about Buying vs Renting here.

We can discuss qualifications, such as credit score. Many people assume they are not qualified, when in fact they easily qualify.

Additionally, if you do not qualify, we also have a very exciting Rent to Own program. This let’s you pick a house that’s for sale. Our partner buys it for you. You can rent while you build your credit and have the option to buy when (and if) you’re ready.

Let’s discuss your options and secure your future!

Ready to talk to a Greeley Real Estate Agent?

We love to hear from you.

Call us at 970-573-6441 or


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