Relocating to Utah

5 Things You Need to Know When Moving to Utah!

 

Ranked #1 Economy in the US

Salt Lake City has been recently ranked the #1 Economy in the country by 24/7 Wall Street. Salt Lake had the lowest unemployment in July during the recent pandemic and a current unemployment rate of 4.5%. In the past 5 years, Utah's first quarter economic growth was at 3.4% compared to the national GDP growth rate of 1.9%. Utah also boasts as one of only 7 states with less than 10% poverty rate and is among the top 5 for infrastructure and fiscal stability. Sources Fox 13 Now and USNews.com.

 

Neighborhoods

Utah's beautiful and diverse terrain has something for everyone. Whether you're the city dweller who enjoys the hustle and bustle of city life or whether you prefer more the more quiet setting of country life, Utah has it all and everything in between. From scenic mountains and rock formations to picturesque lakes and rivers, Utah has something to offer everyone!

Some of our popular neighborhoods include:

Daybreak - A master-planned community offering lakes, parks, shopping, dining and more! Residents have access to the community center as well as 5 pools, free paddle board rentals and more!

Sugarhouse - A trendy area that features nightlife, eateries, sports bars, cocktail lounges and nightclubs. The shopping scene includes unique boutiques, thrift stores as well as brand name chains.

Downtown - Beautiful downtown features beautiful architecture of both the Salt Lake Tabernacle and Mormon Tabernacle. There is plenty of shopping and dining at the City Creek Center mall, nearby stores and restaurants.

Park City - Few people have not heard of beautiful Park City, home of the 2002 Winter Olympics, epic powder skiing at the Deer Valley Resort and Park City Mountain Resort as well as unique eateries and pubs.

 

Fun Outdoor Activities

Utah is well known for it's world class skiing and beautiful mountainous landscapes. This beautiful state has something for everyone!

National Parks and Monuments - Home to 5 national parks, 7 national monuments and 2 national recreation areas, Utah is a haven for people who crave the beautiful scenery that our great country has to offer (source utah.com).

Skiing & Snowboarding - Utah boasts 10 world class ski resorts with epic powder snow just a short drive from nearby towns/cities. From resorts like the world renowned Snowbird and Park City Ski Resorts, to back country skiing and snowboard, there is snow sports available for every age and skill level.  

Hiking & Biking Trails - Scenic hiking and biking trails are usually a short walk or drive from home. The landscape ranges from sand dunes to scenic waterfalls to canyons and everything in between. 

Lakes & Rivers - Whether you're wanting to go white water rafting down the Green River or soak some rays at Lake Powell, or take photos at the Flats at the Great Salt Lake, Utah has over 2000 lakes and 89,000 miles of streams (source extension.usu.edu)

 

Strong Housing Market

When moving to a new state, a strong housing market can be a deciding factor for a lot of families. Utah has not only strong economic growth and job security but also has one of the strongest real estate markets in the country. Utah boasts #1 in home growth in the country (source novationtitle.com) and #1 in new home builts in the country (source sltrib.com). 

 

Renting vs. Buying

When considering a move to any state, one of the most important considerations is whether or purchase or lease a home. Purchasing a home can pose many challenges, such as timing the purchase of a new home after the sale of an old home, finding the best location that meets yours or your family's needs or finding the right lender that will get your the best rates or help you with your challenging lending situation. Team Zen Utah is a one stop shop that will work hard to meet all of your real estate needs, whether they be:

Short-term lease option or seller financing - If you are needing to move but still need to sell your current home, we can help you prevent a double move! A short term lease option or seller financing purchase is a perfect solution for those who, for one reason or another, cannot take our bank financing.

Credit restoration and building - If you help you restore and build your credit and help you formulate a plan to purchase a home. 

Local heroes program - If you are a hero (law enforcement, military, school teacher, medical professional, government worker, non-profit or hospitality), we will give back to you when you purchase a home through us. We will also greatly discount your listing fee when selling a home as well. 

Creative lending programs - We work with lenders that find creative programs to fit your specific needs. 

Owner Financing Utah Homes

 https://rent2ownutahhomes.com/companyinfo.html

Meet Our Team

Mike Manczuk

Born in Kansas and having emigrated to Utah at the young age of 15, Mike has spent over 40 years of his life in the Wasatch Front. An avid skiier, biker, beach volleyball player and Chief's fan, Mike enjoys numerous outdoor activities and spending time with his family and two children, Kaden and Jade. He enjoys eating healthy plant-based foods and finding ways to give back to the community. Mike has been buying and selling his own real estate for over 30 years and has been a licensed agent since 2005. He has been specializing in lease option and seller financing starting in 2010.

Lisa Baird

A Taiwan native, Lisa immigrated to the United States when she was just four years old. Her family settled in a small suburb outside of Philadelphia where she finished her grade school studies and graduated from high school. She enrolled and graduated from the presitigious school Lehigh University in Bethlehem, Pennsylvania with a bachelor of science in Molecular Biology. She spent a couple of years in the biotech field before making a career change and moving to Las Vegas to pursue modeling and bartending. Lisa currently lives in Utah and has a daughter, two cats and multiple fish. Her favorite activies include cooking plant-based meals, outdoor activies, fish keeping/aquascaping and traveling. She is also an animal and human rights activist. She is a licensed real estate agent in both Utah and Nevada.

---

Opening Doors Is What We Do...

Our Mission: 

To serve you, our customer, with integrity and respect, by delivering a unique and valuable service that is committed to helping you accomplish your Real Estate dreams. We promise to be fair, honest and provide a professional service that meets your needs.

Team Zen Utah:

Serving buyers, sellers and investors for over 17 years. Over 47 million dollars in closed transactions. Through our unique Rent to Own / Lease Option and Seller Financing Programs, we are able to help buyers and sellers create a win win transaction.

Brokerage service provided by Integra Realty.

---

Members of

• Salt Lake Board of Realtors 

• National Association of Realtors

                

Lease Option Salt Lake City Utah

 https://rent2ownutahhomes.com/pages/3554/Frequently-Asked-Questions

Frequently Asked Questions

Rent To Own Frequently Asked Questions video  

 

The process of Rent to Own in Utah is the same as buying a house with traditional financing. You first have to establish a “credit package” and determine any issues keeping you from getting traditional financing. 
If your credit is not ready for underwriting then you simply enter the 24 Month Success Program where you will have time to resolve any remaining issues keeping you from getting financing. Either way you must start an application to get into a home.

What are the minimum Down Payment requirements to buy a Rent to Own Utah Home?

We do not set “minimum” down payment requirements to buy a Rent to Own Utah home, the lenders do! If your goal is to actually OWN your home you will need to have the minimum down payment to qualify for traditional financing. Here are some examples of down payment requirements:

FHA – 3.5% of the Home’s Purchase Price ($10,500 on a $300,000 home)
Conventional – 10% of the Home’s Purchase Price ($40,000 on a $400,000 home) 

Owner Financing – 20% or more of the Home’s Purchase Price ($100,000 on a $500,000 home) and can be more depending on the situation

Putting more money down ultimately increases YOUR financing options. 

How Long is the Rent to Own or Lease Option Agreement?

Your Credit Package will determine how long the Rent to Own or Lease Option Agreement will extend. The better your credit the shorter the term.

Why do you want a shorter term? Because of the HUGE tax benefits that come when you can get traditional financing and own your own home!

To find out exactly how long your term will need to be Apply Today!

I have bad credit – Can I still qualify to buy a Rent to Own Utah Home?

Even if you have bad credit you can still qualify to buy a Rent to Own Utah Home! The status of your credit will determine the term (length) of the lease option period.

Does the monthly payment go toward the purchase price when buying a Rent to Own Utah Home?

Sometimes a portion of the monthly may go to the purchase price when buying a Rent to Own Utah Home. Every home and the available terms are different. However, as a good rule of thumb, any amounts you pay in excess of the lease rate on a monthly basis will go toward the purchase price of the home.

Does the monthly payment go to the homeowner when I Rent to Own in Utah?

Your monthly payment does NOT go the homeowner when you Rent to Own in Utah. Rent to Own Utah Homes ALWAYS structures the monthly payment to be safely and securely handled by a third party escrow company. This protects both parties from a bad rent to own or lease option scenario.

How do I qualify to buy a Rent to Own Utah Home?

Qualifying to buy a Rent to Own Utah Home is easy. You start by completing a basic mortgage application.

From there we will start your credit package to determine the requirements needed for you to successfully buy your home. After you’ve signed a Buyer Broker agreement to have us represent you, you may start shopping for your new Rent to Own Utah Home from all of the properties in the available inventory.

Contact Mike & Lisa today to get started 801-708-3513

Lease to Own Utah

 https://rent2ownutahhomes.com/preferred-buyer-plan

Preferred Buyer Plan

 

 

"If you fail to plan, you plan to fail"

 

 

The Rent to Own Utah Homes 3 Step Success Plan

If you’re tired of thinking about some far-off day when you can own your own home and are ready to experience ALL the benefits of owning a new home NOW. Then we invite you to learn the simple strategies we’ve developed that have turned countless renters into successful home buyers within 24 months or less!

 Step 1
Get Clear on Your Financial Situation

• Have your financial situation reviewed by one of our experienced mortgage professionals, to find out exactly how much house you can comfortably afford.
• Discover any obstacles currently keeping you from getting traditional financing and develop a plan to handle any credit issues you may have.
• We encourage our clients that need it to enroll in an aggressive credit restoration and credit building program. We have partnered with UCES (United Credit Education Services). We are so confident this service can help you that we will rebate you for the cost of 6 months of credit building service, at the closing of your new home.* 

Step 2 Become a Preferred Buyer

• Complete your Exclusive Buyer Broker Agreement. You are now a Preferred Buyer and are ready to present offers and be taken seriously by Sellers.
• Receive updated listings of properties that meet your specific criteria and in your desired neighborhood.
• Beat out any competition for your new home by having first access to our inventory of motivated sellers offering terms. 

Step 3 Start Shopping for Your Dream Home

 As your Agent, we now represent your best interests and can give you exclusive access to:

• Homes we acquire through our marketing efforts
• Homes listed on the Multiple Listing Service
• Homes “For Sale by Owner”
• Homes “For Rent”
• Pre-foreclosure & distressed sales

---

Enroll in our Preferred Buyer Program now!!

Brokerage services provided by Integra Realty

Seller Financing Sandy Utah

 https://rent2ownutahhomes.com/pages/3553/Rent-to-Own-Requirements

Rent to Own Requirements

Minimum Down Payment Requirements

Minimally, in todays market you will need a 10% down payment ($40,000 on a $400,000 home) to qualify for a mortgage during the lease option term. 

Putting more money down ultimately increases your financing options such as seller or owner financing. If you are able to put 20% of the home’s purchase price down ... in most cases you can own your home from Day 1 and enjoy all of the tax benefits of home ownership.

Credit Requirements and Maximum Option Term

Most buyers can qualify for traditional financing within 12 – 24 months when established under a legitimate rent to own program. However, no two buyers are alike which is why we go to great care to evaluate your current credit and financing situation before finding the perfect home for you.

By carefully evaluating your situation in advance you can be sure that you’ll have ample time to work on your credit or other financing issues keeping you from owning your own home.

If you are in a situation where you want or need an option term longer than 24 months then putting more money down will “buy” the term you need. As an example, it is not uncommon for owner financing contracts to be for periods of 3-5 years before being required to refinance.

Find Out Answers To Other Common Rent To Own Questions

Lease Purchase Option Utah

 https://rent2ownutahhomes.com/pages/3552/How-Rent-to-Own-Works

How Rent To Own Utah Homes Works

Rent to Own (also called a Lease Option) or Seller Finance is perfect for people who want to stop throwing their money away on rent, month after month, and instead want to start building equity in their new home immediately.

You first pay a nonrefundable Downpayment Option Fee that will be applied to the final purchase price of the home. Your option fee entitles you to be able to purchase the home at any time throughout the option period (usually 24 months) at the lowest market price we can negotiate on your behalf.

Throughout the option period, you’ll be leasing at a negotiated rate. This rate is typically determined by the balance of the purchase price after deducting the down payment and are typically higher than traditional purchase mortgage rates. Since you’re going to be purchasing the home, most sellers have few concerns over pets or how you want to spruce up the home. Unlike a regular rental though, you become responsible for any house maintenance.

Why Our Buyers Succeed

We set you up for success by taking extra steps to protect you and ensure you are able to finance at the end of your term.

• We qualify you for a lease option or seller finance home just like we would qualify you for a traditional purchase by having you speak to a lender to determine your purchase price. At the end of the day, you will need to be able to qualify for a loan and it only benefits you to purchase a home you can afford.
• All rent payments are processed through a third party escrow company, which ensures any mortgage is paid before the seller receives any money
• You will be able to lock down the purchase price of the home. In an appreciating housing market such as ours, this can mean your home may be worth 5-7% (depending on current market appreciation) more than at the beginning of your lease term. YOU will get to keep all of the appreciation, not the seller.
• You will gain equity through monthly rent credit. A portion of the rent will be applied to the purchase price for all on-time payments throughout the term of the lease.
• You will be enrolled in a credit restoration/credit building program. We will be able to monitor your progress and offer assistance throughout the process

Find Out The Requirements To SUCCESSFULLY Purchase A Rent To Own Home In Utah

Why Choose Seller Finance, Lease Option or Rent to Own UTAH Homes

 

Why Choose Seller Finance, Lease Option or Rent to Own?

 https://rent2ownutahhomes.com/pages/3558/Why-Choose-Seller-FinanceLease-Option

How Rent To Own Utah Homes Works

Rent to Own (also called a Lease Option) or Seller Finance is perfect for people who want to stop throwing their money away on rent, month after month, and instead want to start building equity in their new home immediately.

You first pay a nonrefundable Downpayment Option Fee that will be applied to the final purchase price of the home. Your option fee entitles you to be able to purchase the home at any time throughout the option period (usually 24 months) at the lowest market price we can negotiate on your behalf.

Throughout the option period, you’ll be leasing at a negotiated rate. This rate is typically determined by the balance of the purchase price after deducting the down payment and are typically higher than traditional purchase mortgage rates. Since you’re going to be purchasing the home, most sellers have few concerns over pets or how you want to spruce up the home. Unlike a regular rental though, you become responsible for any house maintenance.

Why Our Buyers Succeed

We set you up for success by taking extra steps to protect you and ensure you are able to finance at the end of your term.

• We qualify you for a lease option or seller finance home just like we would qualify you for a traditional purchase by having you speak to a lender to determine your purchase price. At the end of the day, you will need to be able to qualify for a loan and it only benefits you to purchase a home you can afford.
• All rent payments are processed through a third party escrow company, which ensures any mortgage is paid before the seller receives any money
• You will be able to lock down the purchase price of the home. In an appreciating housing market such as ours, this can mean your home may be worth 5-7% (depending on current market appreciation) more than at the beginning of your lease term. YOU will get to keep all of the appreciation, not the seller.
• You will gain equity through monthly rent credit. A portion of the rent will be applied to the purchase price for all on-time payments throughout the term of the lease.
• You will be enrolled in a credit restoration/credit building program. We will be able to monitor your progress and offer assistance throughout the process

Find Out The Requirements To SUCCESSFULLY Purchase A Rent To Own Home In Utah