The Cost of Not Buying a Home in Tooele UT
What it can cost NOT to buy a home in Tooele UT is a great article from the crew at KCM. I fudged a bit about the Tooele part because I work that real estate market, and because it makes a lot of sense to check out the homes for sale in Tooele City, Stansbury Park & Grantsville Utah if you are thinking of buying a home in the near future.
This article explains graphically what an interest rate increase can do to your house payment. Simply put, it shows you that if you have a budget, a small tick upward and your projected house payment is more than you can handle.
That's the obvious part.
What I don't think it touches enough on is that since most house purchases are driven by payment amount (as are car and boat & vacation selections), rising mortgage payments limit the size of house you buy, the neighborhood you qualify to live in as well as other considerations. In other words, not buying in Tooele UT now can limit what kind of house you can afford when you decide it's time to quit paying rent and own your own house.
Here is what rising mortgage rates can cost:
So, you can see there is more than just an increase in mortgage payments here. Rising interest rates can dictate where the home of your dreams is located.
If any of this made sense and you need to start looking for a home today, give me a call; Berna Sloan 435-840-5029, I can help. After all, I know what it can cost NOT to buy a home in Tooele UT.
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