Estimated duration: 5-6 minutes
Ever higher home prices are deterring many potential first-time buyers and deciding to stay on rent instead. Unfortunately, renters face the same problems as buyers. increase. Rent prices are also at all-time highs. Rents are rising in Utah, where about a third of the population is a renter. 10-15% of last yearA KSL article shows a 17.7% increase in the Salt Lake metropolitan area.
The housing market is affecting rental prices in the same way as buying prices, so it’s a great time to buy a home. A home-seeker has two options: build a building or buy second-hand. The former may be more suitable in this market as it allows buyers to avoid a lot of stress and competition.
There are several reasons why you should stop renting and start building.
Reason 1 for not renting: No fairness
Rental has advantages such as convenience and no initial cost. However, these benefits come at a (literal) exorbitant cost. That means you can’t build assets. As a renter, the money you give your landlord each month is a sunk cost.
A two-bedroom apartment in Salt Lake City currently costs about $1,800 per month. rent.comWe spend about $28,000 a year that we cannot recover. Needless to say, these rents will increase over the years, so it’s a great reason to climb the real estate ladder as soon as it becomes feasible.
Reason for not renting 2: Uncertainty
On paper, renting is practical. This is because if there is a problem in the house, such as a broken water heater or a broken toilet, the landlord is supposed to take care of it. But this doesn’t always happen.
There are many stories from renters about unresponsive landlords and major home issues that go unresolved for a long time (sometimes indefinitely).
Another uncertainty that comes with renting is that the terms of the rental agreement are determined by the landlord. Once the lease term expires, they can choose to raise the rent, change certain terms, or not renew the lease at all.
This ambiguity is cleared as a homeowner. You are responsible for all repairs/improvements of the home and the mortgage is always under the terms originally agreed upon.
Reason #3 to stop renting and #1 to build: Make it your own
Twofers is great and there are reasons to stop renting and choose the building over buying second hand. It’s an opportunity for personalization.
As a renter, the modifications you can make to your home are limited, with varying degrees of leniency depending on the landlord and the terms of the lease. Is not … And even less, you can’t complete a modding project.
Even if you buy a used home, there are some things you don’t like. Some, like old countertops, can be easily upgraded. But if it’s too small for a home office, like a den, you’ll need to make concessions or do a major remodel to suit your needs.
When building a brand new home, you work with various personnel, including the architect, to ensure your new home is your dream home. Whether you need a covered patio for entertaining or an oversized garage to store all your tools and toys, Woodside Homes We work with you to bring your vision to life.
Reason to Build #4: Price is Price
In today’s market, highly competitive bidding wars are the norm, not the exception. When bidding on a home, you are expected to compete with other bidders. Many of the bidders are bidding significantly higher than the list price.
Although rare, some Salt Lake realtors have reported overbids of up to $100,000. That’s why many prospective homebuyers submit 10 or more offers before he closes. deseret news report.
By building a house, you don’t have to compete against other bidders. You get price transparency throughout the process, and once the purchase contract is signed, the price is locked in regardless of changing market dynamics during home construction.
Reason to build 5: Peace of mind
You know what’s better than a new car smell? The smell of a new home. The first steps you take in your new home will be the first steps someone takes in it (except the builder, you get the point). No scratches on hardwood, no peeling paint, no dust on ceiling fans.
It’s incredibly reassuring to be the first occupant of your home, but what’s even more reassuring about a home being built is that the materials used and appliances installed are all new, efficient and safe. There is no need to worry about wiring problems or air conditioners that can’t survive the summer.
But of course, this peace of mind only comes with a trusted builder who doesn’t take shortcuts. Woodside Homes has been in business for over 40 years and we’re not just focused on building your home, we’re focused on building the perfect home for you.
inquiry If you want more information regardless of where you are in your home buying journey.