To Buy or Not to Buy: Questions to Ask Before Buying Your Colorado Home

Filed Under (Real Estate) on 07-12-2012

Buying a new home, steps to buying a home, home buying tips

By Vicki S. Porter

It’s often been said that home ownership is the American Dream.  And as most Colorado residents will tell you, owning a home in the Centennial state is a privilege. With our 300 days of sunshine and almost 200 inches of snow in the mountain resorts, Colorado is perfect for outdoor enthusiasts, nature lovers, or simply the affluent, educated professionals who find work here and fall in love with Colorado.

But just because you love Colorado and it seems like a great time to buy, buying might not be right for you.  Before spending nights surfing the web and weekends trudging through open houses, ask yourself these questions:

1.    How long do you plan to live in the property?  Do you anticipate changes to your family size or life, and how will those changes affect your home ownership needs?  Will you have to relocate to care for an elderly relative?  If you do not expect to live in the property for more than three years, then you might be better off renting.

2.    How secure is your employment and income?  How certain are you of your current income?  Before buying property, it is a good idea to save at least six months of living expenses, which can be used to pay the mortgage while you look for a job.  Without that safety net, you might be better off renting.

While the grass may seem greener for homeowners, the truth is, both renting and owning have distinct pluses.  Don’t “jump the fence” just because your friends and family think it’s a good idea; do it because home ownership is right for you.

For more information about the legal, financial and practical issues related to buying a home, see the Colorado Home Buyer’s Guide , by Vicki S. Porter .