Rented house (Photo credit: lyman erskine)
Building a Home vs. Renting In Utah
A home is one of the most expensive purchases most of us will ever make during our lifetime. Whether you decide to rent or buy, either choice comes with its own rewards and risks. Homeownership offers many advantages over renting including:
Advantages of Buying versus Renting
| Buying | Renting |
|
Tax write-off |
No tax write-off |
|
You can upgrade your home as you see fit |
Need permission to make any changes |
|
Build equity in your home as value appreciates |
Your money goes toward the landlords equity |
|
Control of loan payment options |
Rent can increase periodically |
|
Pride of homeownership |
You have no ownership |
While owning your own home has many benefits, there are still risks to consider:
Disadvantages of Buying versus Renting
| Buying | Renting |
|
You’re responsible for property maintenance |
Your landlord or manager handles general repairs |
|
Need to sell, rent or lease property in order to re-locate. May have to wait until market conditions are right |
Freedom to move once your lease expires |
|
You pay for all your own utilities, property taxes and insurance |
May include utilities, property taxes, and property insurance |
|
Home improvement upgrades can run into thousands of dollars |
You’re not financially responsible for improvements |
When does it make sense to buy?
People, who have generally rented their whole lives, purchase a home for various reasons. Owning something of value with a chance of watching their investment appreciate is one reason. Purchasing a home to save money over the long-term is another.
However, all things considered, homeownership is by far one of the best single investments you can make given the potential long-term benefits.[1]
Priority Homes has been in the building business for over 10 years. We specialize in residential and commercial projects. Priority Homes is known for quality housing at a competitive price and always customizes to meet the clients needs. Call Today at (435) 623-2382.
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