I get asked by a lot of young professionals about the benefits of home buying. They want to know if they should continue renting or just suck it up and buy a home.
My initial response to them is that it depends. We’ve got to take a look at your goals, your income, and your debt, and everything else that goes along with buying a home.
Generally, the average rental rate for a 2-bedroom, 2-bathroom apartment is over $2,100 in San Diego. That’s a lot to be shelling out in rent.
Right now, with that same $2,100 going toward a mortgage payment, you could get a 2-bedroom, 2-bathroom condo here in the city in the mid $400,000 price range and still keep the same monthly cost.
Another benefit of buying a home is that you can capture back your interest rate deduction when you file your taxes each year.You can’t do that with rent.
Buying isn’t for everybody, but we can walk you through the options to make sure you make a decision that best fits your lifestyle and your needs here in San Diego.
If you have any questions for me or you’re looking to buy or sell a home, give me a call or send me an email. I’d be happy to help out.