Renting or Buying

Getting a house in Salt Lake City Utah is probably everyone’s ultimate goal in life. But getting one is almost impossible without a mortgage. Applying for mortgage is a serious deal. It’s a financial responsibility that you have to carry on for more than 15 or even 30 years. That’s why most people would rather rent rather than get their own house. But which is actually much better?

Renting a house doesn’t have any responsibilities attached to it. You’re free to move out as soon as you end your contract. You can also enjoy its amenities without spending a lot for construction. Renting is a great option for people whose job requires them to move from state to state. Having a place to temporarily live in is great. However, these things aren’t an option when you have a house. You can’t move from state to state and not pay your mortgage. You still have to take care of it every month even if you rarely stay in it. You also have to worry about its maintenance and its renovations. Maintenance usually costs $100 to $500 depending on the damages and the materials that have to be used. This is rather quite a hefty amount, especially for those people who are just starting out. However, having a house is not all that bad.

Although having your own house in Utah comes with a lot of responsibilities, it does come with its own perks as well. Having your own house means not having to deal with a nosy landlord. Although it would take years before you can have your own pool or gym, these things would teach you how to value money more than ever. You have to work hard to get those things and learn how to control yourself from spending what you just saved. Having your own house builds your own wealth and not your landlady. This means that the more you pay your monthly mortgage, the more that you build your equity. It’s a great thing, especially if you’re trying to build your asset. More than anything else, having your own house gives you a reason to stay and be a part of a community. You can start dreaming of building a family and probably even having kids. It may be hard at times, but having a house is worth it.

Some people might prefer renting a place instead of getting one while some feel otherwise. However, if you don’t feel that you’re ready for those financial responsibilities, then it would probably much better if you stick with renting for the mean time until you feel confident enough with your financial capability. What’s important is that you save money and start building your wealth until you’ve decided to get a house of your own.