Looking for tips on navigating the housing market and finding a place to call home within your price range? At Daybreak, we understand that offering a variety of affordable housing options is important. About one out of every six new homes sold in the Salt Lake Valley is in Daybreak. In fact, over the past several years more people have moved to Daybreak in South Jordan than to any other new-home community in Utah.
Why? We think it’s because Daybreak is so much more than homes. Here you find businesses, parks, shops, restaurants, schools and beautiful energy-efficient homes … all built around a big lake. You also find a smarter, healthier way of thinking about community.
If you are trying to decide between owning a home vs. renting in Daybreak, keep in mind the following:
Reasons to Own a Home
Low Interest rates. Interest rates are still at an all-time low. However, they will not stay this low forever. The fluctuation of home raters can negatively impact affordability, a home that you can afford right now at today’s interest rates may be out of reach if interest rates rise. Another thing to consider is buying your home with a FHA loan, regardless of how interest rates fluctuate when the time comes to sell your home the new buyer can assume your loan and keep the low interest rate that you obtained by purchasing when interest rates were low. This gives you bargaining power on the re-sale value of your home especially if interest rates have climbed.
Down payment assistance.There are more than 2,000 down payment assistance programs available across the country. These programs help prospective buyers reduce the upfront cost of homeownership and offer flexibility to those who do not have a large down payment saved. Learn more about down payment assistance.
Customization. Your Pinterest ideas can finally be put to good use. When you own your own home you have the ability to make changes that are customized to you.
Tax deductions.Tax codes allow homeowners to deduct interest paid on their mortgage from their tax obligation. Also, some closing cost are deductible on your taxes the first year you buy a home. Don’t forget you can deduct property tax.
- Every house payment you make a portion is going towards the principal purchase amount of the home. You are slowly chipping away at the amount you own on your home. When you decide to sell your home that money will be made back. Every month you pay rent the money is lost. Think of owning a home like putting money in a piggy bank, eventually you will get it back.
Reason to Rent
Credit Problems.Being able to show a history of on-time payments is beneficial when qualifying for a mortgage. If you’ve had problems with your credit, it may be a good idea to rent and build-up a good payment history. Improving your credit score before purchasing a home may qualify you for lower interest rates, which will impact your monthly mortgage payment.
- Unless you are certain that you want to live in a particular neighborhood, you may want to rent before you purchase. Allow yourself a few months to test out the neighborhood before making a longer-term commitment.
Career & Income uncertainty.If you are just beginning your career or think that a job change is in your near future, renting may be the best option. Renting is a more flexible option if there is uncertainty in your career or income level.
Regardless of what options is best for you, Daybreak offers a variety of housing options. Homes start in the high $100’s to $1 million dollars, find a home. Not quite ready to purchase a home, but you still want to live in Daybreak? The Crossing at Daybreak offers 1, 2, & 3 bedroom apartments for lease.