Your current and future lifestyle should also be considered when deciding to purchase a house and, if now is the right time your purchase a home. Being a homeowner requires more responsibility then renting and it’s not the best option for everyone. If you do not have a stable job or just like to take the winter off to play in Colorado’s mountains, buying a home is probably not a wise choice. Renting is also probably a better fit if you don’t have the time or resources to maintain a home.
A mortgage does report to your Credit Report and a late mortgage payment or foreclosure will have a major impact on your credit for many years. It’s better to wait until you know the time is right, don’t purchase a home if it doesn’t fit your current lifestyle.
Your lifestyle can also help you decide what type of home you should consider and where in Colorado you should buy your next home. If you spend a lot of time away from home, playing Colorado’s great outdoors or traveling for work, you will most likely prefer a condo or townhome that requires less maintenance than a home.
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