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Should You Buy or Rent in Southern California?
Manage episode 168539018 series 1328334
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There are many great Orange County and Coachella Valley area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (949) 441-0701 for a FREE home buying or selling consultation to answer any of your real estate questions.
Recently, I got a great question from a client: "Is it better to buy or rent in this 2016 real estate market?" Today, I thought I'd answer this question for all of you out there. There are a few factors you should consider:
1. It's all about timing.
How long do you plan on staying in the area? Are you only going to be there for a couple years, or are you in it for the long haul? If you're planning on sticking around long-term, renting can be very problematic and very costly.
In Orange County, most rents exceed what it would cost to pay for a mortgage. Rather than paying a landlord, get a mortgage and pay yourself. Lock in a low interest rate and keep your payment fixed. In fact, your mortgage payment might get lower over time as you make more money and pay down your mortgage.
2. Know your options.
Find out what kind of mortgage you can qualify for. I've seen many situations where a tenant leases a property for one year and plans to lease it a second year. However, since the market's improving, the landlord decides to cash out and get their equity. Where does that leave you, the tenant? You have to move again! Renting every two years can be very troublesome, so find out what kind of mortgage you are qualified to get.
3. Rental prices are increasing.
I mentioned this earlier, but it's incredibly important. Rental costs are going up. It is more expensive to rent a home than it is to own one.
4. Tax consequences.
Owning a home gives you a major advantage in the mortgage deduction, which can significantly impact your finances over time. I recently had a client discover that it would only cost an additional $200 a month to own a home than to rent one, and owning came with more tax breaks. Why would you continue renting at this point in time?
If you have any questions about today's video or about real estate in general, give me a call or send me an email. I would be happy to help you!
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