(303) 222-0027
Buying Your First Home…
We Can Make It Fun And Easy!

beautiful white home interior

No More Landlord

For as little as $1,000, you might be able to buy your first home. Please call (303) 222-0027 or e-mail contact@firsttimehomebuyersdenverco.com for info and a free list of first time home buyers loans.

One of the best reasons to buy your first home is to get rid of your landlord!

Let’s look at all of the benefits you’ll receive when you no longer have a landlord.

If Your Home Goes Up In Value, You Get The Money
The primary benefit to owning rather than renting is that if your home goes up in value, that money belongs to you, not your landlord. Let’s look at a scenario…

If you have been paying rent of $1,000 for the past three years, you have nothing to show for it. But, if you had applied that same $1,000 monthly payment to a condo in the Denver area, you would have been able to buy a condo that cost approximately $150,000. This is assuming a 30-year loan, at 4% interest, with homeowners insurance, property taxes, and an HOA fee. Given that condo prices in the Denver market have been rising an average of 10% per year, your condo would now be worth $199,650. You would now have $49,650 in equity, but instead, your landlord has benefited from that home appreciation, while you made the monthly payments.

You Pay Down The Loan With Each Monthly Payment
In addition to the potential to earn equity if your first home goes up in value, you’re also paying down the loan with each monthly payment that you make. Even though the amount of principal repayment is only a small amount each month, it can add up over the course of a year or more. In the example above, after making three years worth of payments on a $150,000 loan, you would owe $141,500, so you’d have an additional $8,500 in equity.

You Won’t Get A Rent Increase
The price of rental units in the Denver metro area has been skyrocketing in recent years, in all parts of the city and suburbs. And interestingly, even if the rental market were to soften a little, rarely, if ever, does a landlord lower the cost of rent for an existing tenant. Landlords might reduce the rental rate for a new tenant and/or add incentives, but it’s highly unlikely that they’d come back to you at your 6-month or 1-year renewal date and offer a lower monthly rent.

You Have Control
By owning your own home, you’re in control of the property, not someone else. In a single-family house, you make virtually all of the decisions, only restricted by the zoning laws of the city you live in and/or the association you might belong to.

In a condo, townhome, or loft, you’ll make most of the decisions on your unit, and can participate in your homeowners association (HOA) meetings to influence what happens with the common areas (such as the lobby, exterior of the building, landscaping, etc). In a duplex or triplex, you’ll control decisions on your unit, and you’ll make decisions with the other owner(s) on exterior issues.

You Can Have Pets
Many rental properties in Denver won’t allow pets, and if they do, they charge an extra deposit and/or monthly fee. If you buy a single-family house or duplex in Denver, you’ll be able to have both cats and dogs. If you buy a condo, townhome, or loft, you’ll need to check with the homeowners association (HOA) to see if they allow pets. And if they allow dogs, be sure to check if there are any weight restrictions (e.g. only dogs under 50 pounds).

If you’ve been waiting to look for your first home until you save up enough money for the down payment and closing costs, give us a call. We can put you in touch with mortgage brokers in Denver that offer great programs for first time home buyers, including down payment grants.

For more information on renting vs buying, or to start the process of looking for your first home, please call (303) 222-0027, or e-mail contact@firsttimehomebuyersdenverco.com.

Note: We offer a free consultation (either by phone or in person)! Let’s discuss which kind of properties you like and set you up with free weekly e-mail alerts.  As your buyers agents, you don’t have to pay our commission – the seller does that part!