There are a lot of reasons to buy not rent a house in Tooele County. If you are a renter, you have probably heard them all. But in case you haven’t, here is another attempt to convince you to call me to see what we can do to make you a home owner before another year goes by.
To look at it the other way, say look at the reasons to rent and not to buy, I can only think of a couple.
- Credit Issues: You would like to buy a home but need to clean up some hiccups.
- Think you need more cash to get a loan than you do. ( Read this about 100% loans)
- Don’t understand the process and don’t have anyone to help.
I can help with all of those reasons and would like to discuss the first 2 reasons with you ASAP. Call me, Berna Sloan 435-840-5029.
For today I want to share some thoughts about the comparison, to help you better understand the process, and to let you know that now you do know someone that does understand the process and wants to help.
Buying Versus Renting Tooele County Real Estate
There are many considerations when thinking about buying versus renting, and it may differ depending on the real estate market and your personal finances. The Comparison Of Buying Versus Renting Tooele County Real Estate in this article can help you come to an educated decision on which alternative is best for you.
Buying Versus Renting
Here are some thoughts I have about the subject to start you thinking. And….. hopefully start you down the path to home ownership.
Renting Tooele County Real Estate
Renting can be a great option if you do not intend to live in the home for 5 to 7 years, are unsure about employment stability, have bad credit, or basically do not want to maintain a residence. Unless the real estate economy is good and/or on a quick incline. Typically it takes many years to gain equity. If you are not sure how long you plan to keep a property, renting could be the conservative option. Employment stability is another consideration. Renting allows you to react to the losing of a job by moving to a less expensive rental and reducing monthly expenses. A mortgage is not as easily changed. If you have lower than average credit, higher mortgage rates may make purchasing a property less attractive. Finally, managing a home takes significant time, energy, and financial resources. There are ongoing costs for real estate upkeep. You might believe that taking on those repairs do not fit your lifestyle.
Buying Tooele County Real Estate
Purchasing has several advantages such as potential tax deductions for mortgage interest and land taxes, building of equity over time, and ability to control your property features. Most of the time, purchasing a home costs as much as or less than renting. If you intend to live in the area for a long period of time, real estate also generally generates equity for a beneficial return on investment. A low market is a good time to purchase since prices are low and the possibility for gain better. Lastly, buying a property enables you to alter the space. You can upgrade appliances, flooring, fixtures, and other features to transform the home into a personalized space. These perks make home ownership extremely desirable both personally and financially.
A Comparison Of Buying Versus Renting Tooele County Real Estate
Estimate the cost of buying versus renting (based on current real estate prices and applicable rates). When home prices decrease, rental rates do not automatically change as well, so a declined real estate economy can be the opportune time to purchase. The above a comparison of buying versus renting Tooele County real estate is intended as a generic introduction. Before deciding what to do, consult with a real estate agent for accurate details on the real estate market and a mortgage loan officer on interest rates and estimated payment figures. Only with current data will you make an informed decision.
What Others Say About Renting Versus Buying In Tooele County
Some other professionals have written about this dilema
Here are some comments I found from Keeping Current Matters that I think will be of interest and maybe even helpful.
- Historically, the choice between renting or buying a home has been a tough decision.
- Looking at the percentage of income needed to rent a median-priced home today (28.9%) vs. the percentage needed to buy a median-priced home (15.7%), the choice becomes obvious.
- Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!
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