Salt Lake City Homes & Condos: Buy or Rent?

Should I buy or should I rent. That depends on your personal situation. There are many reasons to rent an apartment and many reasons to buy a Salt Lake City home. Some of each are listed below:

Reasons to Buy Salt Lake City Home

1. Tax Savings: You can write off the interest paid on the home loan and your property taxes if the home is your primary residence.
2. Fixed payment: Rent keeps going up. If you buy, with a fixed rate mortgage, your monthly payment only increases as property taxes and home owner's insurance increase.
3. Why make your landlord rich? When you rent, you write a check and the money's gone forever.
4. Do it your way with your style. Plant a Garden, tile the floor, help your kid build a tree house, paint your kitchen yellow. When it's yours, you can do it your way and increase the value of your Salt Lake City home.
5. Be part of a neighborhood!
6. Create stability: Moving sucks and costs you time and money.
7. Build Equity in your home as the Salt Lake City real estate market increases and as you pay off your mortgage.
8. Your equity adds up over time and can be used to purchase a bigger home, an investment property or cover other big expenses if you need it.
9. Forced Savings.
10. Retirement is a long way off for most people, but owning your Salt Lake City home free and clear is a major step toward retiring.

Reasons to Rent in Salt Lake City, Utah

1. Freedom to move quickly!
2. Plans to move out of state within the next two years.
3. If you're new to Salt Lake City and want to get a feel for it first.
4. Need to save some money first or can't afford it the monthly payment.
5. Future of your Job is immediately uncertain.
6. Future of your relationship is immediately uncertain.
7. Your credit is in bad shape.
8. Emotional hard times.

Even if it makes sense to rent right now, you should make a goal to buy a home in Salt Lake City in the future.

If your plan is to move from one home to another, just putting your home on the market isn’t enough. Your home will need to be ready to show and you’ll need a strategy to accomplish the sale and purchase of another home in a reasonable time frame.

With 10 years selling homes in metro Salt Lake and 20 years in the real estate business, I have many strategies and an in depth understanding of what it takes to help you sell and buy another home. Call or email me if you’d like to take advantage of this opportunity!

Contact SLCHomeBuyer and Kevin Coyle