Home Buying in Arcadia>Question Details

Nv, Home Buyer in Arcadia, CA

Buy vs rent in my area now

Asked by Nv, Arcadia, CA Thu Aug 2, 2012

I dont have a house to sell. Renting for $1500 in Sierra Madre . Can I get 3 beds , say 1500 sq ft living area close by, with no increase in overall cost to me [ down of 10% max] . I hv great credit

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For $1,500 you will not be able to purchase a house in Arcadia at the size you're looking for. You either need to pay more per month, or go after smaller house. Having great credit isn't a factor in Arcadia since almost half of the home buyers are straight cash buyers.

In terms of "buy vs rent", it depends on your goals and whether or not you plan on staying in the area for a while.

Pros & Cons of Renting:

Renting gives you the freedom to move anytime you want to and you won't be locked down in a mortgage. There's also no homeowner's insurance, no home maintenance, or any other fees / payments associated with owning a large structure. Rent is not tax deductible.

However, renting means that you're "losing" equity (money) every month. With a mortgage, your monthly payment goes towards your home. The interest on your mortgage is also TAX DEDUCTIBLE! Comparing 30 years of renting vs 30 years of paying off a mortgage means that you would have a home you can sell after 30 years if you had decided to buy a house to begin with.

If you're looking for a place to lease short-term or a house to buy long-term, feel free to contact me and I'll help you out more.

Golden Land Investments & Financial, Inc.
0 votes Thank Flag Link Sun Sep 9, 2012
A $300,000 house with $10% down is a $270,000 mortgage.
$270,000 mortgage at 3.75% payment including principal, interest, taxes and insurance will equate to about $1,700 per month.
Assuming you not only have great credit but a monthly income that can support this mortgage and any other debts you may have, then there are homes "close by"
I suggest you meet with a Loan Officer and get a pre-approval letter to find out exactly what you can buy. Then call an Agent in your area. I strongly recommend Shannon Chang 626-319-8545. She is extremely knowledgeable, helpful and reliable.
0 votes Thank Flag Link Thu Aug 2, 2012
Thank you for taking the time to hel me understand this better
Flag Thu Aug 2, 2012
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