Home Buying in 93311>Question Details

bibbsrd, Home Buyer in 93311

Is it effective to buy a home vs renting in River Oaks /Seven Oaks area at Bakersfield 93311. I may live only for a year or at max 3 years

Asked by bibbsrd, 93311 Tue Sep 17, 2013

Is it effective to buy a home vs renting in River Oaks /Seven Oaks area at Bakersfield 93311

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8
It is effective when you consider the tax deductions and purchase below market value. There are homes priced below market value available to purchase. If you are interested in working with an agent please feel free to conact me. I currently have gotten all my buyers in escrow so I would love to concentrate on finding you the best deal possible. Every buyer I have worked with I have been able to find a home and get them in the home of their choice. I would love the opportunity to help you.
Lori Greene, Realtor (661) 219-4599 lorigreenerealtor17@gmail.com
1 vote Thank Flag Link Tue Sep 17, 2013
I am an investor and realtor in Bakersfield.... I also live in River Oaks. The other folks that have answered here bring up some great points. I would definitely purchase even though it may be for only a year or two. Our prices are at 2004 levels with all indications that our prices will continue to rise. Over the last 12 to 18 months we have had over 30-40%+ increase in home values. If you rent it is like throwing money away, purchase and you can still gain appreciation and later on cash flow it as a rental.
0 votes Thank Flag Link Tue Oct 22, 2013
Hi there,

We are in Bakersfield and would be happy to answer your questions. There are a lot of variables that could point you in either direction. I could help you with a buy vs. rent analysis but a tax preparer would be the next best person to contact.

All the best,
Chasity Goodson
MLO 317122
http://www.clarityhomeloans.com
(661) 322-LOAN (5626) office
(661) 206-4029 fax
0 votes Thank Flag Link Tue Sep 24, 2013
It is always been more effective to buy vs rent given enough time. In fact it usually is more effective to buy vs live free at your Mom's house, over enough time.
0 votes Thank Flag Link Wed Sep 18, 2013
It's only effective if you are buying at a price that pencils out vs rent when you consider tax deductions, and buying at a price that is likely to leave you in a position when you are not upside down on value. Since 3 years is short term you could be negatively affected by short term market fluctuations, so if you will be in a position to sell then I'd want to make sure you're not buying at an historically high level.
0 votes Thank Flag Link Tue Sep 17, 2013
Looks like you got a really good answer below.

Let me know if you need a purchase loan for the property or want to get pre-approved (this will increase the chances of your loan being accepted) because I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Tue Sep 17, 2013
I am not familiar with that market. However, due to the cost of selling, I never suggest anyone purchase if they don't think they will want to own the property at least 5 years. If you'd like to rent it when you move, but still retain ownership, that's fine. But it costs (national average) 10% of the sales price to sell including taxes, brokerage fees and other settlement costs.
0 votes Thank Flag Link Tue Sep 17, 2013
The difference in the monthly payments should be easy to calculate. The challenge is understanding rather or not the property will appreciate enough to cover your costs to sell in the short time (1-3 yrs) that you will have the property. You should figure the cost to sell will be in the 7-8% range.
Good luck,
0 votes Thank Flag Link Tue Sep 17, 2013
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