The Real Estate Climate in Utah Favors Buying, Not Renting

Posted on Oct 23 2017 - 4:43am by Admin

Happy Young Family in Front of Sold Real Estate Sign.It’s harder to save money if you rent. This is especially true if you’re in Salt Lake City, where vacancy rates are under three percent, and rent prices are more expensive than what you’d expect. It seems that the better choice indeed is to buy a house–a not entirely inexpensive alternative, but one that offers benefits in the future.

Ending the Debate

For too long, there has been a debate of whether it’s better to buy or rent. Of course, depending on your lifestyle and location, you may prefer one over the other. Price is not the best judge these days, however. Rent prices easily go beyond the thousands if you’re looking for a property with ample space.

A house bought on affordable mortgage rates from American Loans can be paid using a comparable amount, and this property will be yours at the end of the mortgage. Now, the choice is easy, isn’t it?

Knowing Your Options

Even with the number of apartments being built, the vacancy rates are low. This is because of the influx of residents in Utah thanks to better job opportunities, among others. It’s a state that’s favorable to those who want a good future and a great career. The number of renters, however, means you have a lot of competition if you look for a rented apartment.

The low vacancy rates mean most of them are occupied. Meanwhile, there are perfectly good homes in the market just waiting for you to grab. Even better, you could finish a mortgage on a house, buy another one, and put it up for rent. If more people are renting, maybe you can make some money out of it, too.

READ  Keeping Up With Finances: When the Plan Runs Off Course

Real estate prices change depending on the law of supply and demand. It’s up to you as a prospective homeowner to make a wise choice.