The Benefits of Buying a Rent to Own Home
When buying a rent to own home in Salt Lake City is an excellent way to take advantage of the current real estate market and prepare for the future property values. Read on to find out more about the housing overview of Salt Lake City and how you can take advantage of the rent to own homes.
Salt Lake City Housing Overview
The state Utah is currently benefiting from strong economic growth and this has been the trend for the last couple years, and this is anticipated to remain steady throughout this year. Acoording to the 2017 Housing Forecast by the Realtors, it estimated that nationwide, the real estate market will slow down slightly as compared to the last years with residential real estate price increasing with an average of 39 percent.
According to the forecast, Salt Lake City, has been placed in the top 25 housing markets with a national ranking if 16th. It is expected that the price will increase by 6.7 percent–nearly 3 percent more that the national average.
While the national property value increase of 3.9 percent may seem small, the buyer price index is estimated to increase only by 2.5 percent. This translates to more value for homes than the rental prices which are good news for buyers wishing to buy homes on a rent to own basis.
The Advantages of Rent to Own Homes
One advantage of the rent to own home option is that it beats the non-private, traditional apartment setting. The majority of people will usually consider an apartment any time they think of renting. When you are looking for a rent to own home, you get to enjoy more freedom as you will not be stuck in an apartment that lacks a yard. The rent to own homes transactions are typically done on townhome, houses, or condos. Some of these homes have pools , and well manicured lawns, and often times give you complete access to all the amenities if the home is located in a sub-division or a community.
As of now, the lending market is tough and will probably get tougher. Finding a rent to own home allows you a much better way to qualify than the traditional mortgages.
Since the banks and mortgage companies are increasing restrictions on lending, and few people have the twenty to thirty percent down, renting to own home allows you to work on both your credit and down payment. It is no longer necessary for you to wait to move into your dream home due to credit and money.
The Property is Often in Much Better Shape than Traditional Rentals: Most of the homes in the rent to own market are in spectacular shape. Some of the homes could potentially be sold traditionally and this gives you a list if nice looking houses to choose from.
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