Buying a house is a big deal and a major life decision especially for first time home buyers who may be wondering if it’s really worth it. While some of it comes down to your personal situation, there are pros and cons to both. As the population continues to increase and the cost of living rises, many Utah residents are feeling the pressure to make a decision.
If you are trying to decide if it’s better to rent or buy in Utah, read on to find out what you need to consider.
Reasons to buy a home in Utah
One of the biggest reasons people often choose to buy a home is to build home equity and reap the tax benefits of home ownership. Since homes increase in value over time, many look at it as an investment for their future. Another benefit of owning a home is being able to customize and decorate your living space any way you choose. Many homeowners also value the feeling of stability that comes with owning their home.
The downside for many first time home buyers is the downpayment. It can be costly and for many is prohibitive to purchase. Others see home maintenance as the worst part of owning a home. There is also much less flexibility if you are someone who enjoys moving around quite a bit.
Reasons to rent a home in Utah
If dealing with home maintenance isn’t something you want to tackle, renting may be perfect for you. Landlords take care of various maintenance around the home often including broken appliances, issues with heating and air conditioning, broken garage doors, and many other things. Renting also gives you plenty of flexibility to move more often if you find that appealing.
However, many renters don’t like the constantly increasing rent or the lack of ability to build up equity. You also have no control over whether or not the landlord decides to sell, potentially leaving you with a last minute move you weren’t expecting. Many landlords don’t allow pet ownership or customizing your space.
Before you take the plunge on renting or buying, ask yourself these questions:
- How long do you want to live in the same place?
- What is your financial situation?
- Do you like staying put or do you prefer a change of scenery from time to time?
- What is the cost of renting vs. buying?
It’s a big decision no matter what you end up deciding. If you are ready to look for a home or have questions about real estate in Utah, reach out to our team. We’d love to help!