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Sunday, October 15, 2017
THE PLATINUM GROUP REALTORS EXPERTS CORNER:
5 reasons why buying is better than renting in this market COURTESY OF THE PLATINUM GROUP, REALTORS
Due to strong demand and supply that remains lacking, rental costs have been skyrocketing in most U.S. housing markets. In fact, the Colorado Springs Gazette recently reported that rents in Colorado have set record highs for eight consecutive quarters and have increased for 29 straight quarters on a year-over-year basis. As rents continue to rise, many are wondering if they’re better off buying a home. According to ATTOM Data Solutions’ “2017 Rental Affordability Report,” in 66 percent of American housing markets, buying is more affordable than renting.
Even with such widespread affordability, however, only 35.2 percent of folks under the age of 35 are homeowners. Business Insider magazine reports that most millennials indicate the down payment as the primary obstacle to homeownership, while others said debt and qualifying for a mortgage were barriers. With housing costs rising faster than income, a 20-percent down payment on a typical U.S. home costs more than two-thirds of the national median annual household income. There are several reasons why buying a home makes sense, including:
1.
With a fixed-rate mortgage, monthly payments stay the same for the life of your loan. 2. Home equity can be used to finance educational expenses, home-improvement projects, small-business startup costs or other needs 3. Mortgage interest may be taxdeductible. 4. You can make changes or improvements at will. 5. A landlord can’t decide to sell your house and force you to move. Keep in mind, as a homeowner it’s
necessary to budget for additional costs that come with homeownership, such as property taxes, insurance, and regular maintenance as well as possible unexpected expenses like replacing the heating system or needing a new roof. On the other hand, as a renter home maintenance and upkeep are not typically your responsibility, moving is less trouble, and renting can be a good way to learn about a new city before settling on a particular neighborhood. If you’re not confident in your job security, or don’t have enough savings to accommodate a down payment, renting
is more sensible. The decision to buy a home, or not, isn’t an easy choice. Seeking guidance from a reliable, experienced professional who can help you navigate your options and determine the best path for you is key. The experts at The Platinum Group, Realtors have years of experience and unlimited resources to help you evaluate your best options based on your financial situation and the local market conditions. For a no-obligation consultation, call today: 719-536-4444 or visit PlatinumHomesSales.com. ■
SVN | Denver Commercial announces sale of Lincoln Center NEWSWIRE
SVN | Denver Commercial, one of Colorado’s top producing real estate investment brokerage firms, is proud to announce the sale of 2727 N. Cascade Ave. by Managing Directors Kevin Matthews and Troy Meyer this past September. The property, known as Lincoln Center,
is comprised of 37,867 square feet and 100 percent occupied at the time of sale. As the listing agent for the seller, SVN received multiple full price offers on the property and sold at over the full asking price. The property sold for $5,300,000, which is just under $140 per square foot. The seller was Tamarac Investments, LLC
who had purchased the property in 2015. The successful purchaser was Ventus CO, LLC, a Denver-based company that bought the property as part of a 1031 exchange. The buyer was represented by Nik MacCarter and Mark Lippitt with Unique Properties. “We received a huge amount of interest
in the Lincoln Center offering from our initial marketing efforts. The purchaser was selected due to their excitement about the opportunity and ability to obtain financing and close on the project quickly,” said Kevin Matthews. “Formerly Lincoln Elementary, this project is one of the more exciting opportunities we have
successfully closed due to the extremely creative adaptive re-use of the building. We believe this is a sign of things to come for properties that have completed their life cycle at a current use, only to get better by instilling a new more up to date concept.” The Meyer/Matthews team specializes CONTINUED ON PAGE 3
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