It’s perfectly fine to keep renting, especially when you’re young and single. At least you have a landlord to take care of most of the maintenance, you can move easily to a new apartment if you have to, and you can choose an apartment that’s just the right size (and number of rooms) for you.
With mortgages in Utah and many other American states being this competitive, however, you should consider buying a home at some point, perhaps in the near future.
Here are some benefits of owning a house:
It’s yours
No weird landlord rules to follow, you don’t have to put up with a slob for a roommate, no curfews that will get you locked out of your own home, and you can invite anyone you want to visit. Change the locks or the paint anytime you want. You can install just about anything — from a high security perimeter fence (if allowed in your area) to amenities for a smart home — and not worry about leaving what you paid for if you have to move.
It has market value
When you move out of your apartment, you’ll get your deposit back. That’s it. If you broke anything while living there, the landlord will take it out of your deposit and you might even have a balance. When you move out of your property, however, you can sell it and possibly make a profit if you are moving to a more affordable house in a less expensive area. Even if you spend money on a kitchen remodel, you’re probably just pushing the value of your house even higher.
Even if you don’t sell…
You can give it to your grownup child when you retire and decide to live in the Bahamas. The point is, it will always be yours. You can even rent it to tenants if you can’t or won’t sell it but you have to move to a new house for any reason. You just have to adjust the insurance to make sure you are covered as a landlord.
There are many benefits to owning a house when you compare to renting an apartment. Besides, just the feeling of knowing you own some American real estate is already worth the investment.