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Stop Paying Rent

It's Time to Stop Paying Rent on a Utah County Home

Buy a Home in Utah County and stop paying renting. Home ownership is so much better than renting. If you're currently renting and have dreamed of owning a home, now may be the perfect time. I will discuss some reasons why you should buy a home in Utah County.

Prices in Utah County from 2007-2011 have fallen year after year. In 2012, prices started to increase once again. Guess what else has been falling? Interest rates. Interest rates have been at an all time low. This means you may finally qualify for a home. In 2012 we closed several buyer's that got a 3.5% interest rate on a 30 year loan. This made their payment significantly less than renting.

What's tipping the scale to make buying cheaper than renting? Of course, it's the declining home prices and historically low interest rates are also helping to encourage buyers to buy a home in Utah County.

In the first quarter of 2012, interest rates for 30-year and 15-year fixed have been hovering near 4%. Also, the increased demand for rental units is pushing rents up in Utah County. The rental market is hot. This is because of all the people losing their homes in Utah County. It is like musical chairs.

Purchasing a home and getting a mortgage is the way to go. Stop paying rent and buy a home. Your mortgage should be cheaper than the cost of renting a home in Utah County. This has not always been the case in Utah County. It was cheaper to rent than buy a home for many years. Times have changed. They will change again in the future when the banks are finished dumping all their inventory into the real estate market.

Lower interest rates are making purchasing a home enticing for those who are planning to stay for several years and have the ability to put down a down payment of about 3 percent. If the seller will pay for your closing costs you can get into a home for 3%. This means that if you are buying a $200,000 home in Utah County you will need to save around $6,000. Team Teasdale Realty will negotiate an excellent deal on a home for you. We will get the seller to include closing costs. Adding closing costs will help you with a lower down payment.

The sector of the Utah County real estate market that has been hit the hardest are Homes in Eagle Mountain Utah, Homes in Saratoga Springs Utah, Homes in Santaquin Utah, Homes in Payson Utah. These cities boomed as our market expanded from 2000-2007. High end Homes in Springville Utah, Homes in Provo Utah and Homes in Mapleton Utah have also seen a sharp decline in values.

If you're renting now and wondering is this the right time, it really depends on your particular circumstances. You really need to stop paying rent because you lose money. Timing the real estate market is never a perfect science. However, the indicators are strong that if you can afford to buy, today's market certainly offers many good opportunities.

stop paying rent

Why Buy a Home in Utah County ?

The first is the length of time you'll stay in the home. Moves are costly and buying a home in Utah County requires extra cash for a down payment. So, if you're not sure you can stay for a while, postponing buying might be the right choice. However, if you've been in your rental for a long time and have roots in your city, there are great deals on homes. It might be the right time for you to start paying your own mortgage instead of paying your landlord's mortgage. Besides, don't you want to own your own home in Utah County in the future. Okay, so let's shop for a home so you can stop paying rent on a home.

How much down payment do you need?  This is a critical concern. With stricter lending requirements, having cash to put down is a make-or-break factor in purchasing a home in Utah County. Buyers often have to come up with 3% and that can be a big chunk. Also, note that the money usually has to be "seasoned". In other words, the down payment money can't just suddenly appear in your savings account only days before you decide to buy a home. It is best if you have a history of building up the money you have saved in your bank account.

When considering whether to buy or rent, one of the things many first-time buyers in Utah County neglect to think about is the cost of maintenance. When appliances break; you, the homeowner, will pay to fix them. No more landlord or apartment manager to the rescue. You become the repair man or woman. Repairs take time and cost money.

If you think things through and weigh the cost of rent versus the cost of buying, you may find the cost and the increased responsibility are well worth it because along with homeownership comes the pride of making your home yours exactly as you like it.

Search Homes for Sale: Buy a Home in Utah County

Go ahead click the "Map Search" below and see if there are any homes you would like to see this weekend. Contact Paul Teasdale with Team Teasdale Realty and he will help you get pre-qualified and show you some great bargains on homes right here in Utah County.

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