The decision to either rent or buy a home is one which involves many factors, but choosing to buy a home is often a better investment for your future. Each month you are putting some money directly towards your own principal, instead of helping a landlord pay his or her mortgage.
Rent in the Los Angeles area rose more than 13% from the beginning of 2013 to the beginning of 2014. This makes it a great time to invest in your future and buy a home. If you have a decent credit score, you can often qualify for a loan with little money down. Speak with a qualified mortgage lender to find out what you can afford to spend on a house.
Owning your own place has many pros. The ability to change paint colors, or make any updates you would like, is a great perk of owning your own place. You may be able to write off the mortgage interest on your taxes each year, which can save you some money. If you purchase a home with more than one bedroom, you can also potentially rent out the extra space to a roommate who can help you pay your mortgage.
If you plan to only live in an area for a short time, then renting is probably the better option for you. In addition, a downside to owning your own place is that any repairs are left to you to resolve. But, in the long run, it can still be a wonderful investment to own your own place.
When you are weighing you options, speak with a qualified real estate agent who can help you understand all the factors involved. I work with first-time home buyers to make the process smooth and enjoyable.