Renting vs. Owning – Why now is a good time to own instead of rent.
If you are looking to move and contemplating renting or owning your next home, The Lawhead Team would like to share some helpful information to help you decide.
A few years ago, it was less expensive to rent in Southern California than to own. However, the tables have turned and owning is now less expensive than renting. Not only can you spend less money a month owning your house than renting, but it has become and investors market as new property owners can finally break even and sometimes even have a positive cash flow from a Southern California property.
The North County Times reported that San Diego has now become cheaper to own than rent and this scenario is being repeated among other major metropolitan areas across the nation. While the falling home prices are bad news for already underwater homes, new home buyers have a once in a lifetime opportunity to grab great deals on foreclosures. The only snafu is that lending conditions are extremely tightened but if you can make it happen, interest rates are at an all time low.
With interest rates lingering around 4.0 percent and other factors combined, an opportunity has been created to get a better deal than renters after the down payment is paid. For investors, since rental prices are up it is a great time to buy and investment property. Not only will you most likely at least break even, with home prices at an all time low your investment will most likely continue to go up in price. Read our article “Home Prices On The Rise”.
Take advantage of low housing prices and once in a lifetime low interest rates and own your home. The Lawhead Team is on your side and have the knowledge you need on your side when looking at buying a home.