Renting versus Buying a Home in Tooele County
Just because you can buy a home in Tooele, Stansbury Park or Grantsville UT does not always mean that you should. It’s important for you to consider if it is better for you to own or rent a home.
Here are five reasons you might want to rent:
- You may be moving within five years. It usually takes five years to break even on your home purchase or investment.
- You don’t want the responsibilities associated with being a homeowner. It can be expensive and time consuming to maintain a home.
- You have a bad credit report. If your score is below 620, you will not get a good interest rate.
- You have a high debt ratio. A high debt ratio means you may not qualify for a loan.
- You have job instability. If your job is not secure, it’s not a good idea to buy.
Here are four reasons you might want to buy:
- You want to build equity. The longer you own your home the more equity it will build. When you pay rent, that money goes down the drain.
- You get a tax break when you deduct mortgage interest.
- You want the emotional satisfaction of owning your own home in Tooele County.
- It’s an investment. With low interest rates and home prices, buying investment property is a wise decision.
My friends at Keeping current Matters weighed in on this subject and I want to share it with you.
They opine that lack of down payment or at least the idea that the down payment required to get a mortgage was beyond their reach.
See what they had to say about that!
The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses. In combination with higher rents, survey after survey has shown that non-homeowners (renters … Read More
In addition to what KCM had to say, I would encourage you to buzz me up if that is of concern to you.
I know of a lending program sponsored by the USDA that requires NO MONEY DOWN for qualified buyers in Tooele County.
If you are ready to buy a home in Tooele or purchase a Condominium, but don't think you funds will stretch, call me.
Berna at 435-840-5029 or check out our Tooele website for more information.