Benefits of Homeownership in San Diego
When it comes to renting or buying a home, there’s definitely benefits (and downfalls) to both sides. But when it makes financial sense for the buyer to purchase a home in San Diego, I’m definitely for home ownership!
For those that love renting in San Diego, I get it. Not having to fix things when they stop working can be a big sigh of relief. However, renting isn’t as “hands off” as many people think. You’ve actually been paying for repairs without even knowing it. Plus, in most areas, renting actually costs more per month than a mortgage for the same space in San Diego!
As such, I’m going to cover 5 reasons it’s better to own than rent…
1. Owning a home yields a return on your investment. When you own a home in San Diego, you not only get tax deductions, but your mortgage also can’t go up due to inflation or deflation. And you’re building up tons of equity, which means you’ll end up with more cash for retirement or a downpayment on your next home when you sell.
2. Renting makes your landlord rich — not you. Homeowners are essentially paying into a stable investment every month when they pay their mortgages. Renters are paying a mortgage, too, but they’re not getting any long term benefits from it – the landlord is. Even worse is that many landlords increase rent every year. When you consider that their mortgages aren’t likely increasing every year, that means the money is going into their own pockets.
3. Rent costs are up in San Diego. Generally speaking, rent in sought after areas can be massive. Currently, many rent costs are up at least 10% nationwide. Some major cities are up more than twice that amount!
4. Owning a home in San Diego offers stability. The tenant-landlord relationship is notoriously tricky. Landlords write the contract, name their price, and control pretty much everything about the place you call home. They can enter your home, hire their own repairmen (however sketchy and late they may be), or even sell the home… and there’s not a lot you can do about it. When you own, you have greater control over all of these things.
5. You typically can’t make a rental your own. One of the worst things about renting is that you often can’t do much to make the space yours — because it’s not. Painting, new flooring, even fixing drafty windows or getting new energy efficient appliances can be hard to get from a landlord. Depending on the rental agreement, you’re most likely stuck with what’s there when you move in.
With rentals you compromise on many things like financial freedom, space, how many pets you can have, and even the number of cars you can have in your driveway. These can all be deal breakers for many families – which is why, for most, it’s better to own than rent.
If you’re thinking about buying a home in San Diego (or know someone who is), I can help! Just reply back to this email or send me a text. No pressure, no sales tactics, just helpful advice and the guidance you need!
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39995 Carmel Valley Road Carmel Valley, California
1 Beds 1 Baths 544 SqFt 58 Acres