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Is it better to rent or to own? What information is influencing your decision?

Posted by The Team at iHOMES COLORADO on Monday, June 12th, 2017 at 11:51am.

Is it better to rent or to own? What information is influencing your decision? In today’s Real Estate, Real Life in 3 Minutes or Less, Anna shares her experience of being a long-time renter and first-time home owner.

For more trends and the full National Homeownership month report click here.

Are you a first time home-buyer? Click here to learn more.

Music: "Something Elated" by Broke for Free. Click HERE to listen to it

 

Today's guest speaker:

Anna Bruce is the Director of Innovation at iHOMES COLORADO and oversees all social media, marketing, design and creative projects.

 

Video Caption Information:

Justen: Real Estate, Real Life

3 Minutes or less

Exciting topic today

When we start thinking about decisions that people have

One: In real estate, but more importantly: in real life

We start thinking about how those decisions really come down to our thoughts and our feelings

And so when it comes to thoughts and feelings around making decisions in real life

Which flow directly into real estate

I have a very exciting guest with me today, Anna Bruce

And Anna, when it comes to just decisions, how you make those based on thoughts and feelings

Share with us how you’re feeling and what your thoughts are

 

Anna: Awesome!

Thank you so much Justen for having me

Thanks everybody for tuning in!

As a social media manager, I see a lot of Facebook comments out there

And a lot of thoughts and a lot of opinions about

Renting vs. owning

And there was this one individual who shared a comment with us

Who inspired me to actually talk today

This individual said that they would prefer to pay high rent for 1-5 years

Vs a high mortgage for a lifetime

And this really struck a cord with me because

I am one of those long-time renters

My husband and I rented for 8 years before we chose to buy

And similarly, we had some similar feelings

And, the biggest thing that stopped us from purchasing a home at the time

Was the downpayment

We thought that we needed to have 20% down, which we didn’t have

The other thing that stopped us from buying was location

We weren’t necessarily certain where we were going to be working

And so, we didn’t really want to be locked down if we were thinking that we were going to be commuting for about 2 hours on public transit

And the third thing is, quite honestly

We didn’t think that we could afford to buy

I come from Northern Virginia, housing is very expensive out there and we just didn’t think that that was possible

So, these are the reasons why we chose to rent for about 8 years

And once we moved here

We realized that we could buy because now we had different information

We didn’t need 20% down to purchase a home

Which really, that opened up a huge doorway for us

And location, well, we thought better about where to live

If we had a job here in northern Denver, or Littleton, or Golden, or whatnot

We wanted to pick a location where our commute might not be so terrible whereas before

We were solely thinking short-term

Well, we don’t want to be too far away

And the third thing is, looking back and even though we made the right choice for ourselves, I really think we could have purchased a home

We just would’ve had to make some sacrifices based on space, maybe the condition of the home and we would have been homeowners for probably about 5 years with some equity to go into what we bought here in Colorado

 

Justen: Right. And you know what excites me the most?

Is just the feelings that that gentleman had

And more importantly the thoughts that it really created within you

And I think for many of you out there

You have thoughts, you have feelings when it comes to real estate

But again it has everything to do with your real life

And so, again, the purpose of any of this content, our thoughts and feelings

Are to help you make decisions

More than half of America still believes that you need more than 20% down

A lot of people don’t know that the average net worth of a home owner is 45 times greater than a renter

But then the other part is, that for all of us

Renting is a part of our life

And it’s a period of our life that brings back memories and things that we needed to do but I really think it comes down to validating your decisions

Not based on just your thoughts and feelings but really that knowledge is power

And so Anna, thank you for giving us some power today, dropping some knowledge

And so again

iHOMES COLORADO

In It For You

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