When trying to decide whether you will be buying or renting look at the numbers very carefully and get professional advice regarding whether there are tax advantages. Other considerations are also important. When buying a home you have to consider how long you think you will live there and what are the costs of selling it in the near term (commission, title insurance, etc). When examining the cost of selling a house in Northern Colorado, and the fact that homes may not appreciate over the short term, it gets a little scary to think about having to bring money to the table just to get out. The thing to remember, however, is that under most circumstances buying a house in Northern Colorado is better than renting if you plan to stay there.
Assume your payment is $1000/month, of that payment approximately $750/month will be tax deductible over the first 10 years of the loan. $750 x 12 months = $9000 tax deduction. At a 25% tax bracket, $2250 comes right off the top on your taxes (or almost $200/month off their payment). You can also run your own numbers on buying or renting a home in Northern Colorado by using this GREAT CALCULATOR - I think you will find the results very interesting.
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