25 May 2013

Tooele Real Estate - Renting Versus Buying a House

One of the geat questions I am asked about Tooele Real Estate is about renting versus buying a house. We don't do a lot of rentals here, but occasionally when the selling market was so bad, we would try to put together a rent to own or a lease option program that would match up a buyer that had scratched up credit, with a seller that was trying to avoid foreclosure.

Those days seem to be gone now so we are going to talk here about the traditional question of buying vs renting a house in Tooele UT.

There are several factors when deciding on renting versus buying, and it can differ depending on the real estate market and your personal finances. The A Comparison Of Renting Versus Buying Tooele Properties in this blog can help you make an informed decision on which alternative is beneficial to you.

Renting Versus Buying

Renting Tooele Properties

Renting is a better alternative if you do not plan to live in the region for an extended period of time, are unsure about job stability, have poor credit standing, or merely do not wish to maintain a residence. Unless the real estate economy is good and/or on a steep incline, it normally takes five plus years to build equity in a home. If the market is declining or you are undecided on how long you would like to hold onto a property, renting may be the smarter option.Job security is another factor. Renting allows you to adjust to the losing of a job by transitioning to a less expensive option and reducing monthly costs. A mortgage payment is not as easily modified. If you have bad credit, that can lead to higher mortgage rates, making purchasing real estate a less affordable alternative to begin with. Lastly, caring for a home takes significant time, energy, and money. There are general expenses related to property maintenance. You may decide that taking on those tasks are not what you want or not possible for your family.

Purchasing Tooele  Properties

When looking at Tooele Real Estate - renting versus buying a house you can see that buying has many advantages such as potential tax deductions for mortgage interest and property taxes, building of equity over time, and control over your home features. In most cases, buying home ownership costs similar to or less than renting. If you plan to remain in the region for a lengthy period of time, real estate also historically generates equity for a good return on investment. A down market is a great time to purchase since sale prices are lower and the potential for improving values is better. Lastly, buying real estate allows you to alter the space. You can switch appliances, flooring, fixtures, and other features to design a personalized space. These elements make home ownership very desirable both personally and financially.

A Comparison Of Renting Versus Buying Tooele UT Properties

Calculate the expense of renting versus buying (based on current real estate prices and mortgage rates). When home prices drop, rental costs do not always follow, so a down real estate economy may be the perfect time to purchase. The above a comparison of renting versus buying Tooele UT properties is only a general introduction. Before deciding what to do, contact a real estate agent for current details on the real estate prices and a mortgage loan officer on interest rates and estimated payment amounts. Only with accurate information will you make an informed decision.

We hope that this info about Tooele Real Estate - renting versus buying a house has been helpful. For more info call 801-567-0946.

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