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Rent or Buy Pros and Cons

by The Colorado Springs Group™

In a stable market, this is pretty simple to bread down: Do you want flexibility or equity?

If you're renting you're spending money that you're not going to get back. But if you have a mortgage it could be a lot harder to change plans in the future and/or make a move.

If you can find a great deal on a home that you like, it's hard to pass up on regardless of where you are in life. If you're not sure what your plans are at least a few years down the road buying a home could be a bigger risk because there is a possibility of getting trapped like a lot of people were when the housing bubble popped.

During the first few years of having a mortgage it's hard to accept how much money is going to principal (if any depending on your loan), and how much is going to the bank. Ultimately, if you only plan on owning a home for a few years, and prices haven't risen it might cost you a lot of money to sell the home when the time comes. At what point is it more beneficial?

Perhaps the benefit is in that the home is yours to do what you want without asking for permission (unless there is an HOA and/or covenants). Maybe that gives you a level of joy that is worth more than any amount you would save renting.

This all depends on you personally, and never let anyone push you in making a decision. You've got to be comfortable with what you choose to do, but your choice should be an educated one. 

2013 April Sales Activity

by The Colorado Springs Group™

Broken down by area to give a better prospective on the results for April. Single Family & Patio Homes

Black Forest: 22 Sales for a total dollar volume of $7,927,573

Briargate: 56 Sales for a total dollar volume of $17,150,946

Central: 63 Sales for a total dollar volume of $11,143,625

East: 52 Sales for a total dollar volume of $9,040,180

Fountain Valley: 150 Sales for a total dollar volume of $28,039,554

Falcon - Peyton: 64 Sales for a total dollar volume of $16,526,272

Marksheffel: 16 Sales for a total dollar volume of $3,303,295

Northeast: 87 Sales for a total dollar volume of $19,938,475

Northwest: 31 Sales for a total dollar volume of $9,814,810

Northgate: 28 Sales for a total dollar volume of $11,923,281

Old Colorado City: 20 Sales for a total dollar volume of $4,389,495

Powers: 89 Sales for a total dollar volume of $18,093,044

Southeast: 47 Sales for a total dollar volume of $6,310,255

Southwest: 41 Sales for a total dollar volume of $14,368,948

Tri-Lakes: 38 Sales for a total dollar volume of $14,711,025

West: 17 Sales for a total dollar volume of $3,497,412

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 4/1/2013 through 4/30/2013.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

 

HOAs (Home Owner Associations)

by The Colorado Springs Group™

Home Owners Associations... some people love them, others refuse to live where there is one. In Colorado there has been a big problem with HOAs, but there are rules and regulations being put into place to make things better.

The problems tend to come in when people are elected to the board when they really shouldn't be on the board. Some people just aren't meant to lead, but we've seen it where the reason someone is elected is just because no one else wanted to do the job.

We've seen a board spend nearly the entire savings/reserves built over 20 years on things that really benefited the board members a lot more than non-board members. One of our clients had a board member help her with her sprinkler system when it wasn't working and then mailed her a fine for the sprinkler system not working. True story.

There are HOAs where problems are minimal but normally you don't hear about the good ones, just the ones causing problems. When considering an area with an HOA, just ask a few residents how the HOA is. People are very honest on how their HOA is. If you'd like, you can contact us for help.

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The Colorado Springs Group™
6665 Wild Indigo Drive
Colorado Springs CO 80923
(719) 799-3686

Kevin & Jessica
The Colorado Springs Group
6665 Wild Indigo Drive
Colorado Springs, CO 80923
(719) 799-3686