Not a Bad Way to Start!
If you are moving here, you might be wondering about rental homes in Colorado Springs. Generally, it is better to buy a home than to rent. However, if there are several reasons to consider renting instead of buying a home.
(Looking for neighborhoods and rental costs? Look at the bottom of the page. This page is chock full of good information, so keep reading.)
Good Reasons to Rent.
There are several good reasons to find rental homes in Colorado Springs.
- You are moving here from out of town and you want to explore the area before you buy
- You have low credit scores and want time to raise them
- You want to spend less on a place to live
- You are in the military and don’t want to be tied down to a house
- You are looking for a home quickly and don’t have time to find a home to buy
- You want to stay mobile
- You simply don’t want the responsibility of owning a house
These are all good reasons to find rental homes in Colorado Springs. I read an article a few years ago that was written by a very successful business person who chose to rent so that he didn’t have to worry about the upkeep of a house. His kids were gone and he and his wife loved the freedom of renting.
What if I’m not sure if I want to Rent or Buy?
Maybe you just don’t know if you want to find rental homes in Colorado Springs or buy a home here. Dan Lewis, a mortgage broker in San Diego, offers this advice:
Figuring Out Whether You Can Afford That Home
House hunting can be a brutal affair, particularly if you don’t know what you can afford before hand. No your price range in advance and you can avoid looking at really nice homes you’ll never get.
Mortgage – Monthly Payments
The biggest costs associated with owning a home is the mortgage. Unless you are filthy rich, you are committing to apportioning a significant amount of your monthly income to that dream home. In evaluating whether you can afford the mortgage, you need to consider the difference between the mortgage payment and what you are currently paying. If it is a significant step up, will you be able to pay it now and in a few years? Under no condition should you assume you will be making more money in the future. Base everything on what you are making now. When considering monthly mortgage payments, you also need to factor in the type of mortgage. Interest rates have been at historical lows for some time, but are starting to creep up. If you are taking the plunge on an adjustable mortgage, will you be able to make the payments if the interest rates increase over the next few years? In coming to a conclusion on this, you should assume the rates going up to the caps indicated in the mortgage for the relevant period of time. Again, you don’t want to get stuck in a financial bind because you let your eyes overrule you brains when selecting a home.
The pride of home ownership comes with a few extra costs. In gauging affordability, many home-buyers fail to take into account the twin evils of property taxes and homeowner’s insurance. The expenses associated with each of these necessary items can be surprisingly high. In some states, property taxes can be an ugly surprise the first year of home ownership. Much like taxes, they are collected in a lump sum and can be thousands of dollars. If you fail to plan for them, your finances can become unbelievably strained. Buying a home is absolutely the best move you can make if you’re renting. Just make sure you can meet those payments without losing sleep. About the Author: Dan Lewis is with http://www.gwhomeloans.com – San Diego mortgage brokers providing San Diego home loans. Visit http://www.gwhomeloans.com/services.html to learn more about options on San Diego mortgages from a San Diego mortgage broker company. Source: www.isnare.com
Rent vs. Buy Calculator
To sum up, you don’t want to put yourself in a position where you can’t afford your mortgage payments. Don’t let anyone convince you that it is better to buy unless it is really better to buy for you. Rental homes in Colorado Springs are something you should consider doing before buying.
After you do the worksheet, talk to a mortgage broker. Remember, that it doesn’t hurt to talk to someone, and a trustworthy broker will be able to guide you through the financial process to determine if the renting or buying a home is truly best for you and your family.
Where to find rental homes in Colorado Springs and how much will it cost?
This probably what you really want to know. You can find rental homes in any Colorado Springs neighborhood.
Average home rental costs look something like this. Obviously averages don’t give you the full range of options, but they might help you know what you may be looking for.
North West Area – $1500 for a 2300 sq. ft. home
Briargate – $1500 for a 2100 sq. ft. home (district 20 schools)
North East Area – $1400 for a 2200 sq. ft. home
Black Forest – $1600 for a 2100 sq. ft. home (you tend to get some land)
Powers – $1200 for a 1800 sq. ft. home (homes tend to be newer)
East – $1100 for a 1800 sq. ft. home
Central – $850 for 1500 sq. ft. home (you can also find 600 sq. ft. cottages for $600. These can be really nice for single people)
West – $1000 for 1300 sq. ft.
Old Colorado City – $900 for 1100 sq. ft.
Manitou Springs – Not many rental homes listed
South West Area – $1300 for 2000 sq. ft.
South East Area – $900 for 1500 sq. ft.
Fountain Valley, Security, and Widefield – $1000 for 1700 sq. ft. (With a wide degree of variability. The range is from $600 to $1495)
Search for a Rental
Whether you are renting or buying you should talk to a Colorado Springs realtor to help you through the process. A trustworthy agent can help you work through the process of renting or buying and can help you find what you are looking for.