For a long time it’s been the conventional wisdom that if you can buy a home in St George, always buy. This wisdom though has changed somewhat recently when the crash hit, and it became apparent that real estate doesn’t always appreciate, and in fact can depreciate. So there are many things to consider when asking the question do I buy, or do I rent?
You would think the first question asked would be, “can you afford to buy?”. But in truth that’s not it, it should be “can you afford to buy, where you would want to live?”. You see you can nearly always afford to buy, but it may not be in the location that you really want. It may be too far from you work, or in a different school than you want your kids to be in. So the real question is, can you afford to buy where you want to? And if that’s a yes then lets proceed with the other considerations.
Do You Need Flexibility With Your St George Real Estate?
How long do you plan on staying in St George? If you are looking for flexibility in the future as far as your housing goes, then the question is answered, lean towards renting. But don’t let that fact stop you either, because if the rental market is going well then you can be confident that even if you have to leave sooner than you had planned, you could rent out your home rather easily. Just make certain you look into the rental market to make certain you could get out of your property what you would need to so as to cover the mortgage, or at very least get you close.
Are You Okay With Maintenance Issues?
When you rent a home in St George, the landlord will take care of the taxes, insurance, most maintenance, and sometimes the utilities. Whereas if you buy, then you’re on your own, that pesky water heater going out is your own responsibility. Here is the kicker though, when you buy, those maintenance things while annoying, are still something that maintains (or adds) value to your property. So it’s an investment that you’re making. Especially when you upgrade things within it, like adding tile in the kitchen, or adding a new bathroom. Yes you pay for these things, but it’s money you should get back out and possibly increase upon when it’s your property.
These are just some of the things that you need to consider when trying to decide whether to rent or buy real estate in St George.
Photo Credit: Ben Freedman on flickr