Utah Rental Guide: Renting vs. Buying
Whether you’re moving out on your own for the first time or you’re looking for a bigger home for your growing family, deciding whether to rent or buy a home can be a challenging decision and often overwhelming. Our Renting vs. Buying guide can help get you started!
What Should I Consider When Deciding Between Renting vs. Buying?
This is going to vary depending on each individuals and/or families situation. Which doesn’t mean there are things we don’t all have to consider. Take some time to really understand what you want and what you need. We recommend getting started by considering the following:
What is your budget? What can you afford right now? Typically you should not exceed more than 25% of you monthly income.
How much will rent cost vs. a mortgage? Get started with these resources: Salt Lake County Median Home Prices, Utah County Median Home Prices, and Utah Apartment Search.
Home Maintenance: Are you a handy man? Do you have time to take care of the normal wear and tear? If you own the home or condo, it all comes down to you, while if you are renting you can call up your landlord or the property management company.
How long do you plan on living in the area? The cost of living varies up and down the Wasatch Front and many residents commute between Salt Lake and Utah Counties. If you are in this bout, you may want to consider renting at first to really understand your needs.
Benefits to Renting an Apartment
Renting has many perks that get overlooked by people excited to own a home. For many people, renting is the financially smart option. It doesn’t require high upfront costs and down payments. Renting often provides freedom and flexibility, to not be tied down to one location. Not to mention you won’t have to worry about property taxes and home maintenance (see above).
Of course financial aspects aren’t everything. For many Utahan’s lifestyle is of growing importance. Are you looking for a place to meet new people, or a place near restaurants and shopping? Regardless of your lifestyle, renting provides more flexibility and options when addressing these needs.
Benefits to Owning your Home
While purchasing a property is a huge commitment, owning your home can provide a slew of perks as well. First, it’s yours, you can paint it whatever color you want, upgrade anything you want, and settle in to make it a true home for you and your family.
Owning can be a major investment. Homeowners can see financial benefits ranging from building equity to tax deductions. Read more about these and more here!
Renting or Buying: So Which one is Right for You?
Renting may be the right move for you if you’re not ready to make an investment into a property, or if you’re looking at more of a lifestyle move to get situated someplace new. As mentioned renting allows for more flexibility and you are less responsible for the upkeep and maintenance of the property.
Buying property comes with a significant initial investment. Between various taxes and fees, there is a good chance that you’ll have a high upfront cost when buying your property. On the flipside, buying a property often is a better financial move long-term. This doesn’t mean there aren’t risks involved with buying property. The real estate market can be volatile and there is risk that can lower the value of your home.
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