If your commute has you considering a move to a location that's closer to your job, you may be wondering "Should I continue to rent or buy?" There are some advantages to both. Newton Daily News reports that as a renter, you get to see if you like the area before you settle down. It also allows you to see how much of a home you can actually afford once your paycheck changes. Building a history of on-time rent payments will build your credit rating, which will make buying a house easier. And of course, if something breaks, it's the landlord's responsibility.
But if you own your home, you get to build equity. All of those payments you're making each month are being invested in your future. The interest you pay on your mortgage is tax deductible, as are your property taxes. And if you work from home, you may be able to take a tax deduction for your home office, as well as a percentage of your utilities. You can also paint, remodel, add a patio, or knock down a wall since the space belongs to you.
Here's another incentive to consider buying a home- after a couple months of declining rental prices, rates are on the rise again in Denver. The website apartmentlist.com says prices jumped .5% from December to January, and are now 1% higher than the same time last year. The most expensive neighborhood is the Highlands, where two bedroom apartments will run you $2400, and a one bedroom, just under $1700.AlertMe