Jeff Jensen, Renter in Pleasant Grove, UT

Rent or buy--I will be a Ph.D. student at Claremont and my wife and I have 3 boys. We will only be in California for 3-5 years.

Asked by Jeff Jensen, Pleasant Grove, UT Tue May 21, 2013

We currently live in a 3 bedroom townhome, 1800 sq. feet, and want something equal in size or slightly larger.

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Answers

15
Hi Jeff:

I have a house for sale near Claremont College, please call me if you need additional details, I can get you up to 3% Down Payment Assistance. Waldin Gonzalez 909-975-0217
0 votes Thank Flag Link Fri Jun 7, 2013
I think now is a great time for you to buy as home values rise. You should be in great shape in 3 to 5 years when you're completing your education and may be ready to move and sell again.
0 votes Thank Flag Link Wed May 29, 2013
Absolutely Buy!! An 1800 Sq. Ft home in Claremont near the college rents for $2000 - $2600 per month. Upland and Ontario have some very nice neighborhoods with 3 bedroom homes between $250k - $350k which would make your mortgage less than renting. Ontario also has one of the highest populations of renters and it would be a great way for you to start building your Real Estate portfolio if you needed to relocate. Now you have a college fund for one of your 3 boys!!
0 votes Thank Flag Link Wed May 29, 2013
BUY BUY BUY!!!
Hi Jeff,

Values are going up and I am not only a Realtor but a licensed certified Real Estate Appraiser as well. Investors are buying and so should you. In 3-5 years your investment could go up 50k to 150k. Most people don't save that much in their lifetime. Even if you have to buy a townhome or a condo (that's big enough) I would do it. Be prepared though, it can be frustrating and take time because of the tremendous competition in the market. Feel free to click on my photo to read my bios and get my contact info. Whether you allow me to help you or anyone else, make sure the person you choose has a good strategy for beating out the competition while making offers. Make sure the agent has experience with BUYERS. Get referrals, read their bios and references. You would never go to a ENT doctor for a heart condition. This will be one of the largest investments of your life! Make sure the agent is qualified to help you. Best of luck and happy house hunting! :)
0 votes Thank Flag Link Sun May 26, 2013
Hello Jeff,

I would suggest if you are looking to buy and are going to be moving in 3-5 years you will want to find something for a fairly reasonable price with the room to build a little equity so that you can make a little profit in the 3-5 years you plan to sell. I have live din Rancho Cucamonga for over 38 years I went to the schools here which your children will be attending and know the area very well. Just like everyone has stated interest rates are at record lows which is great for you. If you would like I can run a search on my MLS in the Rancho, Upland, and Claremont area and send you the listings so you have an idea of what you would be looking at as far as price and size. Please feel free to email or call me if you have any questions. Have a great weekend.


Kari Brandler
1 Advanced Realty & Appraisal
R.E. License 01751970
Cell: (909) 292-6142
Email: kari.brandler@yahoo.com
Website: http://www.karibrandler.com
0 votes Thank Flag Link Fri May 24, 2013
Good Evening Jeff,

As you may have heard, were experiencing unprecedented low interest rates which facilitate more buying power. Let's get together and discuss your options.

Regards,

Jose Ixmay
0 votes Thank Flag Link Tue May 21, 2013
Hi Jeff,

Interest rates are low at the moment. If you can get the pre-approval to purchase a home this is a great time to do it. If you have a property to sell again this is a great time to sell compared to just a couple months ago. Inventory is low and there are a lot of buyers in the market.

Please feel free to either email me at sales@daycreekrealty.com or call me direct at 909-200-9280. My phone is on 8:00 a.m. to 8:00 p.m. daily. We can talk more about your options if you like. Day Creek Realty is offering excellent incentives for sellers and cash back for buyers.

Regards,
Caroline Barooshian
Real Estate Broker/Realtor®
DRE #01067678
DAY CREEK REALTY
Cell 909-200-9280
0 votes Thank Flag Link Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Web Reference: http://www.JoryBlake.com
0 votes Thank Flag Link Tue May 21, 2013
Hi Jeff,
I realized after my first answer that perhaps you are renting in Rancho and the townhome is in another area. You clarified that the townhome is in another state. So, should you choose to purchase, you would need to qualify for both mortgages, unless it is currently rented out in which case a portion of the rent will be counted towards the mortgage on the Utah property. I hope that makes sense to you.
If you and your wife have a substantial income, you may be best to rent at least to start.
Feel free to call me at 909-560-5719 or e-mail to lucas.properties@yahoo.com and I can give you some options.
0 votes Thank Flag Link Tue May 21, 2013
Jeff, there is much to consider when making the decision to buy or to rent. You are most familiar with your budget and your lifestyle. You did not indicate where you are relocating from or what you are looking to spend on housing each month. Buying is always a good idea. Something to consider however is you will only be in California for a short period are you prepared to be a landlord if the market is not ready for you to sell and get out? Buying is a bigger commitment and will require a larger investment but can provide a better return on your money. Leasing will allow you to be more flexible. Call me we can discuss your options in more depth and look at your short and long term goals.

If you have questions please do not hesitate to call me!
Good Luck!

John L Johnson II
CA DRE Broker Lic# 01312900
REALTOR®
J-N-J Real Estate Services, Inc.
8560 Vineyard Ave. #404
Rancho Cucamonga, CA 91730
(909) 224-2091
Sales – Leasing – Property Management
0 votes Thank Flag Link Tue May 21, 2013
Thank you everyone for your advice. We currently live in Utah, where we own our townhome, which is currently valued at 200K and our loan is only a few thousand more than that. Ideally, we would like to keep our current property as an investment property. We are looking to spend around $2000 a month, perhaps up to $2400 depending on how much my fellowship award is set at and what employment I am able to find within the next two months. As for our credit scores, they are around 700.
0 votes Thank Flag Link Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
Assuming you kept the condo and repurchased in California using a conventional loan ( Possibly FHA on a relo issue), you would be in the 350K range and pay about 20K in purchase related fees. To sell that same property in 5 years with average 3.5% annual value increase, your fees to sell that home would be around 30K ( Sellers fees vs. Buyers fees).

The other benefit to buying now would be the incredibly low interest rates. We may not see the cost to borrow money be this low again in our lifetimes.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Flag Tue May 21, 2013
The question to buy or rent can be determined by how much are you looking to pay per month. By that I mean, you may find that buying in CA may be more cost effective than renting and thus making buying the smartest choice. Even if the prices don't keep increasing over the next 3-5 years, you may have the option to rent the home at for a positive cash flow at that time.

Our interest rates and prices have never been more affordable to purchase, the challenge is you will need to be aggressive when buying as the inventory is also at an all time low.

If you would like more information, please email me at Kelli@CallKelli.com or visit our website.
http://www.CallKelli.com for a free total market overview.
0 votes Thank Flag Link Tue May 21, 2013
Hi Jeff, in noticing that you purchased your existing residence in 2006 , I would tend to focus on your equity position at the moment. Most who purchased at the peak ( 2006 ) will have a negative equity situation.
Either way, I would recommend one of the following:

(1) If you are" financially fit" with your Town home, I recommend staying put until you need to leave the State. The reason is between the cost of sale and cost to purchase, there may be little financial gain in 3 years ,and a lot of expense. It costs about 56-8% to sell your home and about 2-3% to purchase.

(2) If by chance you are upside down on your mortgage over 125% , a short sale would be a great avenue. The FHA waiting time is 3 years which would give you the ability to repurchase once you relocate to another state. This would involve leasing a property while you are involved in your studies.

(3) If you have simply outgrown your town home, you may want to consider renting it out and then you and your family can rent another property until you need to leave the state. You can then re-evaluate the market at that point and decide what is best.

Jory Blake
951.742.3751
Jory@JoryBlake.com
Web Reference: http://www.JoryBlake.com
0 votes Thank Flag Link Tue May 21, 2013
Hi Jeff, Are you looking to keep your townhome in Rancho and move to Claremont? Call me so we can discuss the options. 909-506-5719.
If you plan to keep it, you will have to qualify for both mortgages since you don't have a rental history on the current home. If you rent, no problem.
It would be a good time to invest in another purchase as prices are moving up rapidly.
We need to discuss your options in person.

Joan Lucas 909-560-5719
0 votes Thank Flag Link Tue May 21, 2013
I forgot to mention, we currently own our townhome which we purchased in 2006.
0 votes Thank Flag Link Tue May 21, 2013
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