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Should You Buy or Rent a Home in Sandy, Utah?



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By : Garn G Christensen Jr GRI    99 or more times read
If you are trying to decide between buying a home and renting in the Salt Lake area you will need to do some legwork. One place you might want to start looking is at your financial situation and see what is right for your bottom line. There are several things that you will need to keep in mind. If you are trying to determine if now is the time to buy a home, keep your options open and consider these key factors:

The Costs of Renting



Before considering buying a home in Salt Lake City, take a look at the true costs of renting the property.

  • You will need to put down a security deposit. Typically this will be one or two months’ rent.


  • You will need to pay your monthly rent.


  • You will need to consider if you want renter’s insurance.


  • Fourth there are the utility costs. This will be different depending on which if any of the utilities are included in your rent.


  • Are there any access charges for the amenities, including laundry facilities?


  • You might not be able to make any major changes to your rental unit (i.e. no painting or changing the color of your walls, improve the flooring or the appliances).


Understand that you will be paying your landlord thousands of dollars every year rather than paying towards building equity for your own home.

The Costs of Buying a Home



  • If you are considering purchasing a home in Salt Lake City, you, too, will have costs that you will need to pay. The benefit here, though, is that you are paying into your own home.


  • You will need to come up with a down payment, the minimum amount you will need to pay for your down payment will depend on your loan type (FHA, Conventional, or Seller Financing) the lower your credit score, the more you may be required to pay for your down payment.


  • You will need to pay closing costs, which can often amount to 5 percent of the purchase price. You can negotiate with the seller to pay for up to 6% of these costs.


  • You will need to pay for real estate property taxes and HOA fees if they apply.


  • There is homeowners insurance.


  • You will need to pay your utilities.

The big difference between buying a home and renting one is that when you buy your home every month you are paying toward owning your home at the end of the mortgage period. When you rent you just keep paying rent every month as long as you live there.
Contact Garn (garn@garnchristensen.com) or visit his website SaltLakeaRearealEstate.com if you have any questions about buying a home in the Sandy/Draper area, or any of the lovely homes available. He is here to help you find your dream home.

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