Moving to Colorado can be a very exciting time. It is an increasingly popular state because of the access to the outdoors, the climate, the job market, and so much more. When you are thinking of moving, there is a lot on your plate. You need to find the favorite neighborhood that you want to live in, think about your commute, and get to know the city a little.

But one of the biggest decisions you need to make is to choose whether to rent or buy. Colorado offers plenty of wonderful options for both, but which should you opt for? Without any further ado, this guide is going to compare renting and buying in Colorado and help you decide which is right for you.

Pros of Renting in Colorado

Because the number of renter-occupied homes is rising, it should come as no surprise that there are many benefits of renting, in Colorado or otherwise. One of the pros of renting is that you get better flexibility. It is much easier to move from a rented space than an owned one, and there is nothing tying you down in many cases.

When you rent, there is also no responsibility for maintenance. Simply reach out to the landlord, and they will handle the repairs, and you won’t generally be required to pay for them. Renting is also often more affordable than buying, and there are fewer costs to pay both upfront and monthly.

Cons of Renting in Colorado

Of course, there are also some drawbacks when it comes to renting in Colorado. One of the major ones is that there is no ability to build equity. While your rent is paying for a roof over your head, it is not seen as an investment like your mortgage payments on a home generally can be seen as.

Another con is that your rent price can change depending on the landlord’s feelings, often by quite a bit. However, there are likely rules in your city or state about how much rental rates can change each year, so be sure to familiarize yourself with those.

Also, a con of renting is the fact that you will generally have less freedom when it comes to what you do in the space. There may be rules about the types of pets that you have, what you do on the walls, how much art you can hang, and various other things.

Pros of Purchasing in Colorado

One of the main pros of purchasing a home in Colorado is that it can be a solid long-term investment. Every mortgage payment you make is going towards an asset, and soon you will own that outright. With any luck, you can even build some equity into the home.

The existence of more freedom as a homeowner is another benefit. You have complete control over how the space looks and can make any changes and additions that you see fit.

Owning a home also generally provides more stability. You don’t need to worry about a landlord increasing rent, kicking you out, or selling the property to someone else. You are in full control of a home when you own it, and don’t need to worry about what someone else is doing.

Cons of Purchasing in Colorado

Perhaps the biggest drawback of buying a home in Colorado is simply how expensive it can be. Home prices in the state have risen dramatically in recent years and many people have simply been priced out of the state.

While many are hopeful that prices will drop and home ownership will once again become affordable, this isn’t guaranteed to be the case. In addition to the home itself, you also need to pay for things like insurance, property taxes, utilities, and much more.

Another con of purchasing is that there is a lot more work involved. You will be responsible solely for all repairs and maintenance, which can be frustrating (and possibly expensive) to deal with.

Also, if you buy a home, you are essentially tied down somewhere for the foreseeable future. It is not as easy as ending your lease and moving, you will need to spend a lot more time, effort, and money in order to move when you own a home vs. when you rent one.

We hope that this guide has helped you decide whether you should be renting or purchasing in Colorado.