Buying vs Renting in Colorado Springs 🏡✨

Are you relocating to Colorado Springs for a change of scenery? 🏔️

Already living here and wondering if now might be the time to buy? 🏡

Or maybe you’re PCSing to one of the many military bases in the area - Fort Carson, Peterson Space Force Base, Schriever Space Force Base, or Cheyenne Mountain Space Force Station - and trying to decide if buying a home makes sense? 🇺🇸

Whether you’re new to the city, planning a PCS move, or just exploring your options, one of the biggest questions people face is:

Should I rent or should I buy in Colorado Springs?

There’s no universal answer, but this breakdown of the pros and cons of renting vs. buying in Colorado Springs can help you make a decision that fits your situation, goals, and timeline.

Renting in Colorado Springs

Pros of Renting:

• Flexibility: Renting gives you the ability to move easily, which can be ideal if you’re PCSing, on a short-term assignment, or still exploring different parts of the city.
• Lower Upfront Costs: Typically, renting requires a security deposit and first month’s rent, much less than a down payment or closing costs.
• Low Maintenance: The landlord or property manager usually handles repairs and upkeep, saving you both time and money.

Cons of Renting:

• No Equity: Monthly rent payments don’t go toward ownership, they build wealth for someone else.
• Rent Increases: In a growing market like Colorado Springs, rent can increase each year, impacting long-term affordability.
• Limited Control: You may face restrictions on upgrades, personalization, and even pets, depending on the lease terms.

Buying in Colorado Springs

Pros of Buying:

• Build Equity Over Time: As property values in Colorado Springs continue to grow, owning gives you the opportunity to invest in your future instead of paying rent.
• Predictable Payments: A fixed-rate mortgage provides monthly stability, especially when compared to rising rent prices.
• VA Loan Access (for Military Buyers):
  Eligible service members may be able to take advantage of a VA loan, which often includes benefits like $0 down and no private mortgage insurance (PMI).
  While I’m not a lender, I work closely with several trusted lenders here in Colorado Springs who would be more than happy to go over VA loan options with you and help determine your eligibility.
• Freedom to Customize: When you own your home, you can truly make it your own: renovations, paint, landscaping, and beyond.

Cons of Buying:

• Higher Upfront Costs: Buying a home typically comes with expenses like a down payment, closing costs, and moving costs.
• Maintenance is On You: Homeownership comes with responsibility. Repairs, updates, and general upkeep are your job.
• Less Flexibility: If you need to move quickly, selling a home takes more time and planning than ending a lease.

Don’t Miss This Part:

While upfront costs are a consideration, it’s worth noting that many new construction builders in Colorado Springs are currently offering incentives - such as assistance with closing costs or interest rate buy-downs.

Plus, because the market is shifting toward a more balanced (and in some cases, buyer-friendly) environment, many buyers now have the ability to negotiate seller concessions. That could mean cash toward closing, repairs, or even money back at closing, reducing the overall financial burden of buying a home.

Special Considerations for PCS Moves to Colorado Springs

If you’re PCSing to one of the local bases - Fort Carson, Peterson Space Force Base, Schriever Space Force Base, or Cheyenne Mountain Space Force Station - your decision might come down to:

• How long your orders are for
• Whether you plan to stay in Colorado Springs long-term
• If you’re open to turning your home into a rental property down the road

Many military buyers in the Springs opt to purchase with a VA loan, live in the home during their assignment, and then rent it out once they’re reassigned - creating a long-term investment opportunity.

So… Should You Rent or Buy in Colorado Springs?

Both renting and buying have their place, it depends on your current needs, how long you plan to stay, and what you’re comfortable with financially. Renting might make sense for short-term flexibility or if you’re still learning the city. Buying may be the right fit if you’re looking for stability, equity, and the chance to put down roots, even if those roots are temporary.

As a local REALTOR® who relocated to Colorado Springs myself, I’ve been in your shoes. Whether you’re just starting to explore your options, are ready to begin house hunting, or want to talk through local neighborhoods, I’d love to help.

Let’s Make Your Move to Colorado Springs a Confident One

If you’re weighing the decision to rent or buy, or just want to know what options are out there, reach out anytime. I’m happy to send over my free Colorado Springs Relocation Guide, a list of preferred local lenders, and help you feel confident about your next move.

Whether you’re moving across the country or just across the city, I’m here to make sure you don’t have to navigate it alone.

Madison Lopez

(719)413-1773

Madisonsellscos@gmail.com

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