Owning a Home in Tooele UT is Much Better Than Renting
Owning a home in Tooele UT is much better than renting. With an interest rate that is still super low, housing prices that have yet to match most of those in cities along the Wasatch Front, and the possibility of 100% financing using a USDA loan you really should consider the many advantages of owning your own home.
Here are a few to consider.
Owning vs Renting: Why High Rents Are Worse Than a Mortgage over the Long Term
If you’re at the stage in life where home ownership is nearly within your reach, you’re probably wondering whether you should start looking for a home or whether you should just keep renting. Renting is easier, people say, and it gives you more mobility. But over the long term, all that rent money can really add up – and it eventually reaches a point where buying a home is a better deal.
So why is paying a high rent a worse option than buying a house in Tooele Utah and getting a mortgage? Here’s what you need to know.
Renting Doesn’t Generate Equity
One of the single biggest sources of wealth in the United States is home equity – as you pay down your mortgage, you invest more and more of your money into your property, and it appreciates in value. When you eventually sell that home, you make a profit. The monthly payment is something you’d have to make anyway, whether you rent or own – but when you rent, your monthly rent money lines someone else’s pockets, while when you own, paying down your mortgage actually creates wealth for you.
Renting Doesn’t Give You Access To Homeowner Tax Credits And Deductions
There are all sorts of tax benefits available to homeowners that renters simply can’t access. As a Tooele County homeowner, you can deduct your mortgage interest from your taxes owing, reducing your taxable income – but there’s no such deduction for renters. You can also deduct property taxes and some closing costs when you buy a home – there are no corresponding tax benefits for renters.
There are also several tax credits available to homeowners that aren’t available to renters. Things like renovations or simply buying a home for the first time can give you tax benefits that renters can’t access.
If You Can Muster Up A Down Payment, Owning Is Cheaper In The Long Run
One of the biggest hurdles keeping young people out of the real estate market is the down payment. It’s not easy, but if you can save up enough money for a down payment, you’re actually better off buying a home than continuing to rent.
According to Trulia, the median home price in metro Houston in Texas is just under $163,000, while the median monthly rent for an apartment is $1,550. That means renting would cost $18,600 per year, while buying a home (assuming a 20% down payment and 30-year term) would cost $9,384 per year in mortgage payments. In other words, owning is about half as expensive as renting in the long run.
To examine available rentals and rate schedules in Tooele County visit the affordable housing page.
What Other Real Estate Professionals Say About Rent vs Buy
With interest rates near forty year lows, the decision to rent versus buy becomes difficult. Use this calculator to help determine which makes sense for you at this …
In conclusion I think we can agree, renting may be a good short-term solution, but over the long haul, owning is almost always better. Call a local mortgage professional to learn more.If you don’t know a local lender, give me a call, I can recommend a few that I know will do a good job.
Berna Sloan 435-840-5029.
After you get pre qualified, & want to begin looking for a house to buy, I’d love to get together with you and help in that part of the deal, “finding your dream home”. I have a lot of local experience, (check me out) and all of the latest tools and knowledge to help that dream come true.
Plus, I know that owning a home in Tooele UT is much better than renting.
Originally published @ www.tooelehomesforsale.com