Buy or rent in St. George, Utah: What's Best for your Situation?

Adulting is hard work and it comes with some tough decisions. Among them is determining when to buy a house rather than rent one in St. George, Utah. You may have rented for several years because it just made sense. However, now you may be wondering if it’s the right time to buy.

The decision to buy is usually dependent on one or more factors:

You will need cash for a down payment. Even if you qualify for FHA, you will need at least 3.5 percent of the cost of the house. Be sure you have this money saved up before you get too far into the process of finding a house to buy.

Planning to stay in the area where you are is one of the biggest considerations. Most people will remain in a house for five years before selling, so if you believe you’ll be in the area for five years or more, you should consider buying a home.

When you rent, you are essentially just giving someone money. However, when you buy a home, you’re investing your money into a Greater Zion property. Even if it takes you 30 years to pay off your home, it will someday be paid off — and that is going to be a great investment for you.

The current interest rate is another consideration. This will factor into your monthly mortgage payment. Talk to your mortgage lender about interest rates. This will give you a better idea of your price range for a new home in Washington City, Santa Clara, Ivins, or other towns.

Your credit score has a lot to do with whether or not you’ll be able to buy a house. If you have a good credit score, it will be easier to get a mortgage. However, if you don’t have a good credit score, you may not be able to get a loan. If you do, it may have a high-interest rate attached, meaning you’ll have to pay more per month. There are steps you can take to raise your credit score.

Take your time to think about the above factors. If you feel you’re in a good position to buy, then go ahead and get to work to make that investment. We’re a ready resource. We’ve been helping customers afford the home of their dreams for many years and we love what we do. YOU could be next!