Choosing whether to rent or buy a property such as a home or condo can be a difficult decision. The decision is tied up in a variety of factors from your credit score to the amount of time you plan on staying in the property. We’ll help you sort out the aspects of the choice so you can make the right decision for your situation.
Reasons to Rent a Home or Condo
Sometimes, renting a property isn’t always the most appealing option. However, it can be a good decision if your circumstances demand more flexibility or leniency. Here are some reasons that you might consider renting a home or townhome instead of buying one:
• You plan to move in the near future
• Your credit score isn’t high
• Your income is too low to afford a mortgage payment
• Your job is temporary
The problem with renting a townhome is that the rent you pay monthly is not an investment. Its money that is, essentially, wasted once you give it to your landlord. In many cases, if you can afford it, have a high enough credit score, and plan to stay in the area for at least a few years, buying a home will be a more cost-effective decision.
Reasons to Purchase a Home
Buying a home is always exciting. Once you move into your own home, you will be afforded more privacy and will be able to invest the money you use to pay the mortgage. Additionally, houses typically feel more like homes and give you more freedom to personalize the area in which you live. However, buying a home can be a long process and selling your home later can be, in some ways, risky.
For first-time home buyers, there are often discounts, promotions, or other offers that can make buying a home much easier.
Whether you want to rent a property or are looking at buying a home, you can use Keyrenter Salt Lake as your resource! Call us today at (801) 783-1300!