I and my husband recently moved to Utah and are looking to buy a new home in and around Salt lake county. We have seen into Daybreak, Millcreek, Murray, South Jordan. Can someone post me which place would be best to buy a home for about 450K
I do not know the area or your family situation so can not give advice on location. As for the property I would advise purchasing a duplex or multi plex to insure lowest risk and greatest possibility of success. Single family homes are not a good investment if you are looking to achieve positive cash flow. In the price range you are looking at you would never get positive cash flow as a rental. You will need deep pockets to supplement your tenants rent. You need to be looking to buy a multi unit and live in one of the units initially.
Salt Lake City, UT · Member since 2018 · 219 posts · 182 votes
7y
@Dee Deeksha it all depends on what you are looking for. West of state street you get more for your money. West Jordan, south Jordan, riverton, herriman, bluffdale. All of those areas have newer homes as well. Sandy, Draper, millcreek, Murray are great places as well. If you intend to make it a rental someday it might be a good idea to keep your eye open for a mother in law apartment basement or a home that could be easily converted. I think any of those areas would be great. I get mixed feedback on daybreak. Some people love it and wouldn't ever want to be anywhere else and others don't want anything to do with an HOA. If you intend to have it as a potential rental in future I would avoid an HOA if possible.
Residential Real Estate Agent · Salt Lake City, UT · Member since 2014 · 156 posts · 50 votes
7y
It really depends on your investing criteria and goals. Those are all great areas that you mentioned, and you can find newer bigger homes in South Jordan, Riverton, Daybreak, Herriman, etc. but you will be more central, and likely in an older, and slightly smaller home overall if you go to Murray/Millcreek.
How long do you plan to stay in the home? @Dee Deeksha
Real Estate Agent · Salt Lake City , UT · Member since 2017 · 155 posts · 92 votes
7y
I posted this on the other thread you started also but the same logic hold here also.
Hi @Dee Deeksha If you are hoping to live there and then eventually move out and rent it then you will want to look at rental rates and demand for rentals in that area. I personally would not do anything in Daybreak and that is in large part due to the HOAs that exist there.
I bought my first house that also had a mother in law apartment in Sugarhouse. We bought there because it was close to my job and it is a very happening place. Rents are sky high. We bought that place 7 years ago. Since then I have moved out and rent our both units and make a great amount of cashflow.
Things to consider when you shop for a home.
1. Location and the commute for you.
2. Location and the possible rents you will be able to charge in the future. 3. what will be your cashflow once you do start renting it out. Do the rents in that area justify investing there.
4. Is the house in the condition or age you prefer or feel good about owning. Some homes close to downtown are very very very old. Be ready for that.
If I had $450K. I would buy a duplex in Sugarhouse, Millcreek, or near Foothill drive with an FHA loan. Then I would rent out half and live in half.
@Cody Steck Planning to stay long. But i would like to make rental on the home if I move to a different place. So looking for some decent places and preferably new homes
Residential Real Estate Agent · Salt Lake City, UT · Member since 2014 · 156 posts · 50 votes
7y
@Dee Deeksha I would try shooting for a duplex, or something with a potential mother in law. You can find a lot of these in the midvale/millcreek/murray area, or also south jordan or west jordan.