The real estate investment market in San Diego is active again. It is an indication that more individuals and families are deciding to buy and own their houses. But many experts are warning consumers: buying is not always advisable. In some cases, renting would be more recommended.
Before you approach any of the Realtors in San Diego, you should first make a decision. Will you buy a home or rent one? Let’s weigh the pros and cons.
Renting a house
In renting, the landlord gets to shoulder the property taxes, insurance costs, and maintenance. Thus, tenants would (mostly) not mind many factors, other than paying the monthly rates. This spares them from unplanned and unnecessary expenses like fixing broken fixtures and doing important renovations.
Monthly rents are significantly smaller compared to monthly amortizations in home loans. Thus, for families on the budget, renting would be more practical for the time being. This also means that adhering to a strict financial budget would be much easier because spending discipline could be more controlled and monitored.
Lastly, many Realtors in San Diego attest that renters like the idea of being able to move or relocate without any hassle. If an individual is assigned by work to another city or state, he could easily take relocation as an option because he is just renting out. This also protects tenants from unlikely discoveries in a house. For instance, if you realize that the house is not ideal for you because of the design and location, you could always opt to move to another location when the contract expires.
Buying a home
Many homebuyers invest in property because they find owning a home more advantageous than renting. Homeowners get to shoulder expenses like taxes, insurance, and maintenance but the upside is that they own full equity to the home. This gives them the right to decide what to do with the house. Do you want to redesign it or lease it out? You could do anything you like since it is your property.
Amortizations could be costly but after the maturity of a mortgage, the home ownership fully goes to the owner. After the house is fully paid, the owner would not have to incur any more expenses on amortizations. Thus, in the long run, it could save on greater costs. This thought makes owning real estate very attractive.
Finally, a homeowner could always approach Realtors in San Diego to rent out or sell the house. Rental income could be of great help to boost revenue, while selling out the property could translate to significant profits especially when the home is sold at greater price tag compared to the purchase price. The home could also be used as security or collateral to loans, if there is a need for significant financing with low interest rates.