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In Orange County, Los Angeles County, San Diego County and throughout Southern California, rents continue to rise, and haven’t shown any signs of slowing down. With rents reaching new highs seemingly every month, it is a great time for first time homebuyers to consider getting pre-approval for a home loan.
Here’s a look at four reasons to buy a home when rents keep rising in SoCal
- Renting is a Waste of Money
When you buy a home in Southern California, you begin building equity, which can be used to obtain your short and long term financial goals. After a few years of homeownership, you can often leverage your equity into a larger home, or use the money for other investments. When you rent, that monthly payment only helps the building owner to achieve their financial goals, and at the termination of your lease, you have nothing to show for the money you’ve paid.
- Rental Inventory is Low
It is a fiercely competitive rental market right now, which means that you won’t always get the apartment you want, or you may have to rent a smaller apartment to be able to afford the payments. With mortgage loans available at top-reviewed Summit Lending in Orange County, which require as little as 1% down, it may be better for your bottom line to buy your first home in SoCal, as opposed to settling for a less than desirable apartment.
- Mortgage Rates Remain Low
Interest rates remain incredibly low, and as a first-time home buyer in SoCal, you have a great opportunity to lock into a low interest rate loan for a fixed period. There’s never any guarantee that rates will stay low, so locking in now, can keep you in a low rate interest loan in SoCal for years to come.
- Buying a Home in SoCal Has Terrific Tax Benefits
When renting, you don’t get any tax breaks. However, when you buy your first home, you stand to gain enormous tax benefits, which can help you to achieve your financial goals faster than if you continue renting.
- Buying Your First Home in SoCal is a Great Investment
Real estate has historically proven to be an excellent investment in the long term. That’s particularly true in Orange County, Los Angeles County, Ventura County, San Diego County and throughout other areas in Southern California. Making the leap to home ownership in Southern California is a terrific investment in your future.
As an Orange County, CA 5-StarYelp! reviewed mortgage lender, Summit Lending is here to help you with all your home financing needs. Based in Huntington Beach for more than a decade, we can be reached on Facebook or via phone at 888-451-9006. From conventional fixed rate loans to Jumbo loans, VA loans and everything in between, we have the experience to help you accomplish your financial goals through real estate.