Renting Vs. Buyiing a Home in Farmington, Utah

Renting Vs. Buying a Home in Farmington, Utah

With the financial turmoil the country is in many of my clients are asking me is it still a good time to buy a home? With home values dropping the past three years and many critics projecting them to drop again this year many think investing in real estate is to risky.

However, we must look at the whole picture when considering renting vs. buying a home. With anything there are advantages and disadvantages. The advantages of renting an apartment are obvious, you have little to no maintenance and it is very easy to pick up and move. On the flip side there are several advantages to owning a home. Do you know that it can be less expensive, in the long run, to buy a home?

According to an article in the Wall Street Journal, it looks like Rent Hikes are on the Way. In fact, the report states that in some cities rents are already up 7-8%! Some advantages of buying a home are the feeling that it is yours and being able to paint the walls any color you want. There are also a few tax advantages of owning a home. Property taxes, mortgage interest and mortgage insurance can be tax deductible. Another advantage is the equity you are building in your new investment. Try this rent vs. buy calculator to see how buying a home can be beneficial to you.

Many studies show that the only time that it is good to rent over buying a home is when rents are very low and you are only staying for a short time. Let's face it with rents on the rise and mortgage interest rates being historically low NOW IS THE PERFECT TIME TO BUY A HOME!

Here is a free rent vs. buy analysis for you!