4 Reasons to Dive Into Home-Ownership

Here in Denver,Colorado, the American dream of home-ownership is making a comeback in a big way. Another reality of the residential real estate industry here in Denver, is the rapid rise in rents across the city. If you’re still thinking about whether you should buy or continue to rent, consider these four reasons to take the plunge on purchasing a home.

Customize Your Space

One of the biggest benefits to owning your own home is being free to do whatever you like with it! If you want to knock down a wall to expand your master bedroom, go for it. Can’t stand that shag carpeting in the living room? Tear it up and replace it with timeless hardwood floors. Maybe you’ve always dreamed of having a vegetable garden or incorporating a water-feature to the existing landscape, now you can.

When you own a home, you have complete control over all the decisions. You can add your own personal touches to make your house feel like a home, without the fear of eviction. While renting a home or apartment, some of the simplest things like mounting a TV, installing shelves, or hanging pictures may not be allowed causing you to lose your security deposit.

Tax Benefits

Another thing to love about owning your own home is the tax benefits that come along with it! Although you may have a few more forms to fill out come tax season, this bit of extra effort will certainly pay off. The chief tax benefits are the ability to write off your homeowner’s insurance, mortgage, and property taxes that you make payments on all year. As a homeowner, you can also deduct eligible expenses, like some energy-efficient home improvements.

Investment & Savings

There is no doubt about it, owning a home is one of the best ways to increase your personal wealth. Little by little, as you pay off the principal on your loan you will begin to build equity. Equity is the difference between the market value of your home and what value your house builds over time. As a renter, all those monthly payments are essentially going out the window, you will never see that money again. Purchasing a home is not only an investment in yourself, it’s also an investment in your future.

When comparing the cost of a mortgage versus the cost of paying rent, you can see that over time a mortgage is more cost efficient, especially if you opted for a fixed mortgage. Whereas over time, rent will go up with the cost of living. Even when you account for the cost of the loan, insurance, taxes, and regular maintenance, you’ll find that you will be better off with a mortgage as long as you plan on living in that house for a few years. And if you ever choose to sell your home, you will have the potential to make a profit off of it.


Owning a home will provide you with a sense of stability in quite a few different ways. One of the most important ways home-ownership provides stability is through fixed costs. If you opted for a fixed mortgage, you don’t need to worry about being hit with payment increases. Even when the cost of living, gas prices, and food are on the rise, you won’t have to worry about your mortgage rates.

Buying a home can also help you establish roots and a sense of belonging within a community. You can start getting to know your neighbors, join community activities, and might build long term friendships doing so! Unlike home-ownership, renting comes with a factor of uncertainty. Is my landlord going to allow me to renew my lease or will he rent it to someone else? If I do renew my lease, will the rent increase?