Buying Vs. Renting Homes In Temecula, CA

Hi, My name is Noah Thomason. I am a Realtor for Exit Alliance Realty and I work in the Temecula/ So-Cal area. People ask everyday what is better Buying or Renting. Since this is a big topic I decided to make a Blog about it so you can decide for yourself. There are many arguments for which is better for you and your family. In my opinion we can sum it all up in one example. In thirty years would you rather have a large pile of rent receipts or own a home outright? That is what it really boils down to. Let's dig a little deeper and make some bullet points of the pros and cons of buying or renting so you can make up your own mind.

Buying: Pros:

• Having the American dream; the pride of being a homeowner.
• The ability to alter YOUR home to YOUR liking.
• The family stability, security, and sense of community pride.
• Your per month payments will be close to if not the same as if you were renting.
• Your mortgage payments are converted into equity.
• You are able to write-off all interest payments towards your loan.
• You can borrow against your home if you are in need of money. 
• You can sell your home at any time and upgrade or downgrade.
• Good investment in your future.
• You are the BOSS!

Buying: Cons:

• All home repairs, maintenance is now on you.
• More responsibilty IE (due dates for property taxes, HOAS, ECT.)
• You are now financially responsible and can lose money due to its investment nature.

Renting: Pros:

• Less responsibility.
• If anything breaks landlord pays for it. 
• You get a new home every year.
• No financial investment in home.

Renting: Cons:

• No Tax benefit
• No equity (your rent goes towards paying someone elses home off)
• Rent payment can increase up to 10% per month at owners discretion
• You can get evicted.
• No controll over the home; must get permission to alter home or land in any way.
• Every year your lease is up you must go search for another home. Every home you like you must pay $35-$50 per person per application. 
• No stability

Whatever route you choose I am here to help! If you need anything please  CLICK HERE and send me your contact information. I will respond within one business day and help you find a new home.