This is one of the toughest decisions for any prospective home buyer in California. The answer to this question is going to depend on a lot of different factors. From the local market to your own income, you’ll need to take multiple considerations into account before you decide.
Renting has many advantages:
As a tenant, you aren’t responsible for paying taxes or for the general upkeep of the property.
Water heater explodes? Call the landlord.
Roof Leaks? Call the landlord. Great right!
You have a sense of freedom renting that you cannot match when you own a home. Want to move to the other side of town? Sure, just give a month notice and you’re out of there.
But at the same time, what about all that rent you pay? Essentially, you are giving up any future profit from capital growth in exchange for convenience.
So let’s look at owning a home because it’s one of the safest and most lucrative investments you can make. Where the tenant gives up their rent each month, you will be building equity, month after month, year after year.
And when you sell your home, all that growth becomes cold hard cash.
If you have any questions about buying or selling your home, contact me today.