Here are five reasons you should buy a house instead of rent.
So, my last video was on how ridiculous and high home prices have risen over the last few years. This begs the question – is it better to rent than buy here in the San Diego area?? The answer is a resounding NO. The only reason to rent in my opinion is if you are here just for a few years – 2 years or less. Any other timeframe, I’m a buyer.
Let me tell you why you should buy….
1. Pride of ownership – I’ve lived in my home for 20 years now and I still love my house, take care of it and am proud to be a home owner and I love where I live.
2. Homes are actually more affordable now than ever before. How is this possible? Interest rates and a rise in income.
3. Renters typically pay a higher percentage of their income towards rent (about 30% if you rent and 18% if you own).
4. Your mortgage payment remains the same over 30 yrs. Rental payments not only can increase every year, but you have absolutely no say so in the house. You can’t really make it your own. And the owner at any point can decide to sell or not renew your lease and you’re moving again.
5. Waiting to buy especially if you have the down payment (3.5%) can cost you thousands of dollars every year as the market goes up.
6. Ownership is one of the best investments you will ever make. It’s absolutely the best way to create wealth. The wealthiest people I know own a lot of property. It is the power of leverage.
Thank you so much and if you have any questions, please don’t hesitate to reach out.