Realtors Tips for The Average Joe
The Benefits of Buying a Rent to Own Home
Purchasing a rent to own home Salt Lake City is a right way of taking advantage of the current real estate market and getting ready for the future property values. Below is an overview of Salt Lake City housing market and how you can maximize rent to own homes.
Salt Lake City Housing Overview
The entire Utah state is currently benefiting from strong economic growth which has been the trend over the past few years, and this is anticipated to remain steady throughout 2018. The 2017 Housing Forecast prepared by Realtor estimates that nationwide the real estate market will slow down slightly in comparison to the past couple of years with residential real estate price increases of an average of 3.9%.
The forecast has placed Salt Lake City in the top 25 housing markets and has ranked it 16th nationally. It is expected that the price will increase by 6.7 percent–nearly 3 percent more that the national average.
The national property value increase of 3.9 percent may seem quite small, but the consumer price index is estimated to increase with 2.5 percent. This means that the home values will increase more than rental rates which are good news for buyers looking to buy homes on a rent to own basis.
Benefits of Rent to Own Agreements
One advantage of the rent to own home option is that it beats the non-private, traditional apartment setting. When most people think of renting, the first thing that comes in mind is an apartment. 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. This type of transaction is generally on town homes, houses and 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.
Truth be told, the lending market today is tough right now and this might even get tougher. With the rent to own choice, you get a better way of qualifying than the traditional mortgage.
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. You don’t have to wait any longer to move into your dream home due to credit and money.
You will encounter homes in the rent to own market that is in a spectacular shape. Some of them are homes that could be sold traditionally leaving you with a huge inventory of nice looking house to choose from.