The residents of this resort city enjoy various attractions and amenities. The most popular attractions in Colorado Springs include the Garden of the Gods, North Cheyenne Cañon Park, and Pioneer Museum.

1245 Listing Found in Colorado Springs, CO

Living in Colorado Springs, CO

Colorado Springs is a perfect place for sports fans. It boasts the Air Force Academy and the Air Force Falcons consisting of the honored athletic teams. The US Olympic and Paralympic Complex is a well-known training center and home to an array of sports facilities.

Aside from watching local sports events, a lot of residents enjoy hiking, fishing, camping, and skiing. Rocky Mountain is home to many ski resorts that offer abundant slopes for skiing and snowboarding. This awe-inspiring mountain also offers plenty of areas to go horseback riding and ride a bike.

Pikes Peak attracts families excited to experience whitewater rafting trips and journeys through the palatial caves. People also come here to visit museums and see the performing arts.

The Colorado Springs downtown area offers access to numerous restaurants, shopping centers, art galleries, and city parks. There are also restful spas where people come to unwind and relax after a hard day. In the fall, Oktoberfest takes place here every year.

Popular Neighborhoods and Communities

• Broadmoor – Ideal for those looking for luxury homes.
• Old North End – Here, you can find both modest and gracious homes.
• Rustic Hills – Great for young families and singles seeking luxury condos that overlook picturesque landscapes.
• Old Colorado City – Suitable for those wanting to live in the vicinity of restaurants, as well as cultural and work activities.

Colorado Springs Real Estate Market and Homes for Sale

It’s important to keep up to date with the emerging real estate trends. Hence, get to know the latest local trends when searching for homes for sale in Colorado Springs.

If you are looking to buy a house in this city, be ready to face an expensive housing market. Home prices are constantly rising. The housing is around 14 percent higher than the national average. Those who can’t afford to purchase their dream home outright are advised to choose rent-to-own (RTO) options.

Let’s cast some light on the traditional and RTO paths to homeownership.

Renting to Own vs. Buying a Home

Typically, the home buying process involves applying for a mortgage, saving up cash, and putting an offer on a home. It does not work for everyone, though. Those who can’t qualify for a mortgage and save enough for a down payment should look for rent-to-own homes.

But before taking this alternative ‘route’ to homeownership, keep in mind that not all rent-to-own options are equal. Try to find out whether the current homeowner is an individual or institutional seller. The former will very likely set up a rent to own contract for 3 years.

Institutional homeowners usually offer 2-year contracts. After the initial rent term, it is often possible to extend the contract up to 4 more years. That option is more flexible for potential buyers and tenants. Moreover, institutional companies are subject to greater regulatory scrutiny, so you will get a higher level of consumer protection.

Whatever the case, make sure your rent-to-own contract is clear about:

• How disputes will be resolved
• Who will hold the funds for the down payments
• What rules of engagement are involved

While rent-to-own (RTO) has tremendous benefits, it is not a perfect option for everyone. Just like the traditional home-buying process, it comes with a set of disadvantages and advantages.

PROS

• Get a clearer understanding of the homeownership costs in practice.
• Have a few years to save for a down payment and improve your credit score before applying for a mortgage.
• One part of your rent will go toward the closing costs and/or purchase price.
• Increase your chances of getting a favorable loan.
• Take up residence in a neighborhood or city you’d otherwise not be able to afford.

CONS

• At the end of the lease period, the tenants are required to secure financing.
• The rent-to-own option includes a variety of costs, such as maintenance expenses, insurance costs, and property taxes.
• It also involves a non-refundable, upfront option fee as well as an additional “credit.”

Rent-to-Own Realtors

Let’s face it, it’s not easy to find a good rent-to-own deal that meets both the specific taste and budget. Even after signing a rent-t-to-own contract, the large part of the commission is not guaranteed.

What’s more, lease options do not enable realtors to immediately make a bundle before ending a lease. That’s why many realtors are not willing to cooperate with clients looking for lease-option deals.

The contracts often have many loopholes, so beware. Homebuyers should be wary of logical people, in particular. Before making a deal with a realtor, talk to an attorney to make sure the lease-purchase contract is really beneficial to you. Besides, reach out to experienced agents and professionals in the legal and mortgage industries.

It is not easy to find a good realtor these days. So it’s no surprise that many house hunters opt to rent to own themselves rather than hiring a realtor. Still, it is a good idea to have a real estate professional by your side.

Colorado Springs Cost of Living

The cost of living is high compared to the national average because of expensive housing in the first place. It’s about 5% higher than the national average. Nevertheless, it is 4 percent below the Colorado average. An average 4-person family cost is $3,380 per month without rent.

Some living expenses, such as groceries, transportation, and utilities, are almost the same or even more affordable than in most other cities. Housing and healthcare are more expensive than average, though.

Conclusion

Colorado Springs offers a wide variety of bountiful amenities and attractions. The gorgeous Pikes Peak towers above the city, providing unparalleled views. This beautiful city is one of the most popular places to live in Colorado.

A growing number of people move to the Springs due to its economic boom. The supply of housing tends to remain the same despite the increase in demand. As a result, homebuyers have fewer housing options while the home prices are constantly on the rise. While the housing is above the national average, the general sales tax is very affordable.