Benefits of Buying vs Renting

Determining if it is better to buy or rent depends on your circumstances and plans.

Determining if it is better to buy or rent depends on your circumstances and plans.

The decision to buy or rent can be a difficult one!

Low interest rates have kept owning a home more affordable. With rising home prices, you can’t go wrong because equity is building quickly.

With the tax benefit for homeowners, the savings can be significant. Because there is a tax deduction for the interest you pay as part of your mortgage, you can actually write off where you live!

The benefits of renting is freedom to move as wanted or needed, not being responsible for maintenance and repairs. But the downside is the lack of freedom to decorate walls or change the homes to personalize it to your taste.

The benefits of buying instead of renting includes building equity, paying your own mortgage (and not someone else’s), a sense of community, ability to change any and all colors and decorations, and you are not depentant on someone else for maintenance and repairs.

As of March 2014, it is 36 percent less expensive to buy than to rent in Utah.

If you have any questions about buying or renting, please call me! 801-589-1697

 

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