You’ve been hearing for several years now that the Colorado housing market is hotter than ever. Sure, it would be nice to have a home of your own and start building equity. That said, does home ownership make sense for you at the moment?
The last thing you want to do is pour every resource into a residence and then wind up being house-poor. Believe it or not, choosing to renew that apartment lease for several years might save you from experiencing a financial disaster.
Here are just a few reasons to rent an apartment in Northern Colorado today:
You have bad credit
You might not think much about those late payments on student loans and credit cards. Unfortunately, your mortgage lender will. Lenders take their time scouring creditors to see if you are responsible when it comes to paying off debt.
Put yourself in the shoes of a lender for a moment. Would you want to approve someone who constantly misses or delays payments? Probably not.
So take some time to catch up on things and improve your credit.
You have too much debt
Nasdaq recently put out some alarming numbers surrounding debt in the U.S. The median student loan debt for a person who attended college is approaching $50,000. On top of that, the average household credit card debt is about $5,000 with the median debt at more than $16,000.
Not exactly the most encouraging information, right? Far too many Americans are using the majority of their paycheck on car payments, student loans, and credit card bills. Can you imagine adding a mortgage into that mix?
There’s no reason to be ashamed of staying in an apartment in order to pay down those debts and have some disposable income left over. You’ll quickly find that saving becomes much easier when you aren’t constantly weighed down from debt.
You don’t have much of a savings account
Speaking of a savings account, you will definitely need one to help cover the down payment and closing costs of a house. But these aren’t the only major expenses as a homeowner. Once you purchase a house, it’s your responsibility to maintain it.
From plumbing issues to landscaping work and everything in between, you are on the hook for upkeep. Don’t have much of a rainy day fund? Then you may want to put home ownership on hold until you can build one up.
You only have enough money for a down payment
Perhaps a frugal lifestyle has allowed you to save a few thousand dollars in savings. Now that your current lease is almost up, it might be tempting to explore the Northern Colorado housing market. But are you willing to gamble on a down payment and possibly be left with nothing if you lose a job?
As aforementioned, it makes no sense to buy a house if it’s only going to cause financial distress. We recommend taking a few more years to grow your savings until a down payment doesn’t totally wipe out your bank account.
Your job situation is unstable
Don’t be fooled by the state’s incredibly low unemployment rate. While you may feel comfortable at your current company, things change in the blink of an eye. Try to remember that no job is guaranteed for the duration of your career.
Whether you’re a freelancer taking on multiple projects at once or you have a full-time gig, you should feel confident with your career and income before looking for a home. Ask yourself what would happen if your current income disappeared. Would you have enough in savings to cover the mortgage until you landed something else?
It’s much easier to break an apartment lease as opposed to selling a house.
You’re constantly on the move
People move for a variety of reasons, whether it’s a job change or wanting to be closer to family. In any case, if you find yourself moving every few years, owning a home might not be the best move. It would be both costly and inconvenient to sell a house every time you move.
So what should your living situation be if you can’t seem to stay put? Frankly, the best option is probably renting an apartment until you know for sure that you’ll be living in a certain area for a while. From there, you can begin searching for that dream home.
Places For Rent in Greeley, CO
We’d like to welcome you home to Gateway Place Apartments. This isn’t just another apartment complex in Northern Colorado. Not only does Gateway Place provide easy access to Highway 34, but it’s also close to some of Greeley’s top shopping centers and restaurants.
Residents can enjoy outdoor tennis, basketball, and volleyball courts. For your convenience, we also have a 24-hour fitness center, pool, and hot tub. Our private, extra large dog park will certainly be a favorite of Fido.
At Gateway Place, we have one and two bedroom apartments available for rent. Units feature a fireplace, extra storage, a washer/dryer, and skylights on the third floor. There’s no better place to call home in Greeley!
Whether you’re a student at UNC or a retiree looking to downsize, Gateway Place has affordable apartments to fit your budget. Wanting to meet and talk in person? Our staff is more than happy to schedule a complex tour.
Get in touch with us today.