Although not as existential as Hamlet’s query, this is a life changing decision facing many Californians today. Ultimately, the answer depends on several real-life factors: your finances, your long-term plans and the real estate market in your area. Some of the questions you might want to ask include:
Of course, the other choice you have is to continue renting. A wise next step in your decision-making will include a Pros & Cons List of renting vs. buying. It can look something like this:
To summarize: Homes typically increase in value (approximately 7.2% in California in 2017) thereby increasing your retirement fund, whereas, every penny spent on rent is gone forever. Your homeowner costs are more predictable and stable than renters’ expenses, since a landlord can raise your rent in accordance with the rent control laws in your city every year. If you own a portion of your mortgage, interest and property tax is deductible. There may be a small renters’ deduction if you rent.
(To help evaluate your choices regarding buying/renting there is a helpful calculator available on Zillow: https://www.zillow.com/rent-vs-buy-calculator/ )
When you reach the decision to buy but find you do not qualify for a conventional loan, you need a fast loan or stronger offer over others, Sun Pacific Mortgage will be here to help you achieve your dream! We have unique alternative financing options through our Hard Money lending programs.
Call us at 707-523-2099!
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Best, Forest – The Guy in the White Hat
Hard Money Broker and Co-Owner of family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988! 707-523-2099 www.sunpacificmortgage.com.
CA DRE license #010005559 and NMLS #289456
Note: Get our financing despite bad credit, difficult to prove income, property a fixer, etc.! We finance Jumbo loans, Bridge and short-term loans, Owner Occupied purchases and refinances, investment purchases, commercial and land.