Should Baby Boomers in Colorado Springs Buy or Rent After Selling Their Homes?

Should Baby Boomers in Colorado Springs Buy or Rent After Selling Their Homes?

If you're a baby boomer living in the beautiful Colorado Springs area and contemplating a significant lifestyle change, the question of selling your home likely comes with another crucial decision: Should you buy your next home or opt for renting? As real estate agents with the SRES® (Senior Real Estate Specialist) designation, we understand the unique challenges and opportunities that come with this phase of life. Let's explore two vital factors to guide your decision.

Expect Colorado Springs Rents to Keep Rising

Data from the Census illustrates a steady climb in rents since 1988. If you're considering renting, keep in mind that rents are often subject to annual increases, particularly in high-demand areas like Colorado Springs. Each time you renew your lease, you risk facing higher rental costs, which could eat into your retirement savings or fixed income.

On the flip side, purchasing a home with a fixed-rate mortgage can provide predictability. Your monthly payments stay constant for the life of the loan, giving you the stability many people seek in retirement. As Freddie Mac points out:

"Homeowners with fixed-rate loans will experience minimal changes in their monthly housing costs over the life of their loan. You can rest easy knowing your mortgage payments are secure, even as other life expenses fluctuate."

Homeownership in Colorado Springs Offers Unique Advantages

According to AARP, owning your next home can yield long-term benefits that outweigh renting:

"Each option comes with pros and cons, but buying generally offers a broader range of advantages."

Here are some compelling perks of homeownership:

Building Equity for the Future: Your home can be a valuable asset, growing in equity over time. This generational wealth can then be passed on to family members.
 
No Monthly Mortgage, Perhaps: If you have substantial equity from your previous home, you might buy your next home outright, eliminating monthly mortgage payments. You'd still cover property taxes or maintenance but would be relieved of a substantial monthly expenditure.

Freedom to Age in Place: Owning your home gives you the latitude to adapt your living space as your needs change. With the SRES® designation, we have the expertise to guide you through such renovations.

Bottom Line

If you're a baby boomer contemplating the next step in the Colorado Springs real estate market, let's connect. Armed with the SRES® designation and years of experience in the area, we can explore the pros and cons of buying vs. renting in the context of your unique needs. With rents on the rise and the manifold advantages of homeownership, buying your next home could be the smartest move for your golden years.

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