Is it better to buy or rent a property in San Diego? Like most things in life, it depends on your perspective. Most Realtors will say it’s better to buy because it will get them your business, while most property managers or complex owners would say it’s better to rent. I happen to have my foot in both worlds, so I’d like to think I can give you some clear, unbiased thoughts on the dilemma. Before going any further, there are three questions you need to consider when deciding whether to buy or rent.
1. Do you like the home’s location?
2. Do you think you will live in that house for seven years or longer?
3. Do you have the funds? This includes 20% for a down payment, along with cash reserves to handle maintenance and property taxes.
If you can answer yes to all three of these questions, you should definitely buy a home. Over the long term, Trulia says buying is 32% less expensive than renting in San Diego. Here are five more reasons why buying over renting makes sense:
1. It’s a leveraged investment.
2. You’re paying a mortgage one way or another. Do you want to pay your own or your landlord’s?
3. Making your mortgage payment will give you substantial equity.
4. Substantial tax savings include write-offs for property taxes and mortgage interest payments.
5. Owning real estate is a great hedge against inflation.
Buying a home is a leveraged investment.“
There you have it—my take on the buying vs. renting debate. As you can see, it’s better to buy in most cases, but there are situations where renting is the right choice. It all depends on your individual situation. If you have any questions for me, don’t hesitate to reach out and give me a call or send me an email. I would love to hear from you soon.