St George Rent

3 Things to Consider When Deciding To Rent or Buy a Home

It’s an age-old argument: is it better to buy a home or rent a home? Everyone seems to have a different opinion on the matter so asking people seems to get you nowhere, even in St. George, UT. Obviously, there are factors that would make one choice more logical than the other, but then again there are many people, articles, books, and television shows that will adamantly tell you that owning a home is ALWAYS the better option and that renting is just silly. Yes, it’s true that there are many, many factors that come into play when deciding to continue renting or finally buy a home, but one thing that certainly is not true is the statement that buying a home is always better than renting no matter what. There are many circumstances where buying a home would not make sense. All of that being said, if you are in a situation where you are trying to make the buy vs rent decision, there are three things that you must consider before taking the plunge either way. The St George rent payment can be daunting.

1. Personal Finances

If you have a good financial track record – meaning you always pay your bills on time -then it’s very likely that you have a high credit score. A better credit score will likely make you eligible for lower mortgage rates. Your tax bracket and the amount of debt plays into your eventual mortgage rate as well, but credit score tends to hold the most weight as far as the banks in St. George, UT are concerned. Also, if you have a nice nest egg of money you’ve saved, you may want to start at least considering home ownership. If you are living paycheck to paycheck and have no savings to speak of, continuing to rent is most likely going to be your best bet. Owning a home involves a lot more money than simply coming up with a down payment and then paying a mortgage payment each month. There’s home owner’s insurance, property taxes, maintenance and repair costs, and a whole lot more. You most definitely don’t want to jump into something that is too deep for you to stay afloat.

2. Location

Depending on where you live and where you are looking to buy a home has an enormous effect on whether or not buying is the right choice. Expensive cities are just that; expensive. You might dream of owning a home in New York City or San Francisco, for example, but you’ll really need to check into the situation further before making a decision. Consider your finances, your intentions, and your reasons why owning a home is important to you because,  in some places, it just isn’t worth it unless you absolutely know that you can afford it. If you are struggling to pay your rent each month as it is, it is probably not the best time to switch to home-ownership. Consider that the same amount of money could get you something much bigger and much nicer if you considered simply buying in a different area. Prices vary considerably even within the same state. Even neighborhoods in the St. George, UT area can be significantly less expensive than others. Don’t let a high market be the sole factor to deter you from your dream location simply because there are less expensive areas out there. Just be smart about it. If you can afford it and it is absolutely the area you want, then great!

3. Lifestyle

Are you single? Married without kids? Married with kids? Are you looking for a place long-term or a temporary place to pay your St George rent? All of these considerations fall into the lifestyle category. When thinking about purchasing a home it’s important to remember to account for your future goals and plans for a family, career, etc. If you are pretty sure that if you bought a home right now that you’d only live there for 2 to 5 years, it may be best to continue renting. Unless of course, your plans are to flip the house or rent it out yourself eventually. Whatever your intentions are, make sure that they are clear so that you know exactly what you’re getting yourself into. Owning a home has immense long-term financial benefits and can be enormously beneficial if done in the right way at the right time. But don’t throw yourself into home ownership out of peer pressure or emotional excitement. Be smart about it. There’s nothing wrong with renting. For many people in St. George, UT, it’s the financially responsible thing to do, even if they could afford to purchase a home.

st george rent

St George Rent

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