Building a Home vs. Renting In Utah

Rented house

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.

 


[1] http://realestate.yahoo.com/info/guides/buying-vs-renting

 

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