Invest in Your Home
Invest in Your Home
This survey shows that the majority of women understand that in order to have a comfortable retirement they have to invest. Well, what better first investment can there be than owning your own home versus renting a similar size property?
Here in San Diego, depending on your financial situation it has usually been far better to own your first home, or if you want to look at it another way, to invest in your first home, then to rent a similar size property.
In the last few years, here in San Diego leasing real estate prices especially for starter homes and condominiums really increase. Also, we have seen rents in San Diego jumped way up because of a shortage of supply.
Today, home mortgage interest rates are extremely low and the San Diego housing market is still very tight especially in the starter home area. Therefore, it would be prudent to check with your financial advisor and see if it makes economic sense to purchase your first home rather than continue renting.
Many financial gurus believe that the federal reserve will increase interest rates before the end of the year. If this is the case, you can be assured that home mortgage rates will also increase. So, with the summer real estate purchase frenzy just concluded, this might be an optimum time to purchase your first San Diego home!
Before you look for a home, you should determine the features that you need such as the location, number of bedrooms, size of the lot and proximity to stores, schools, hospitals, work and other services such as fire and police protection. You should also determine if there are any special taxes, assessments or homeowners association dues that could affect your monthly expenses.
California Bureau of Real Estate
Invest in Your Home
Comments are closed.