Buying a house in Utah should be one of the most exciting times of your life, and it can be if you plan properly. Multiple factors are involved in making the right decision for you and your family. Your financial situation, the local economy, and even the global economy will play a role in your property investment.
The more you know about navigating the Utah property market, the more chance will have of finding the home of your dreams at a price you can afford. Beating the competition and getting a price that suits your needs will be a little tricky, but if you’re armed with this mini guide below, you’ll do just fine.
Your down payment will dictate your financing options. Forming the first part of your new home’s purchase price that gets paid on closing the deal, your mortgage lender will judge you for this amount.
The more you can save towards the down payment the better, but most lenders in Utah require a minimum of 20% of the house’s price. There are options to lower your down payment, including government-backed financing – these allow for around a 3% deposit.
Save as much as possible in the months leading up to your purchase, the more initial capital you have for the investment, the easy it will be to finance the rest.
House prices have soared in the Utah market in recent years, and what used to be considered outrageous is now the norm in this housing market. To buy the house of your dreams, always be aware of the current market trends for homes. Sometimes you’ll need to put down a non-refundable deposit or offer a little more than the asking price to secure the home you love – but it’ll be worth it after a few years when your investment has grown in value.
Utah real estate is the bees’ knees, which means finding the best agent for the job needs to be your top priority. Look for someone who has experience with this specific market, they will be in the best position to guide you through your property journey and cushion you from some of the blows that you might not know about as an outsider.
When house hunting in Utah, be aware of your competition – that will give you the upper hand in a bidding war. Generally, the market here can be somewhat tough – with most buyers in their 20s and 30s, and working in high-paying jobs like healthcare and technology.
Don’t be afraid to ask for help from your parents or get your partner to co-sign your mortgage – that will help to ensure that it gets approved in time to out-bid your competition.
As with most things in life, the better prepared you are the more likely you will be to succeed. Take the time to explore the Utah market and study its nuances – even the most seemingly insignificant thing can help you to seal the deal faster than someone else.
Buying a house here is one of the fastest ways to accumulate wealth – do your research so you don’t get left behind.