Considering the opinion of many, it all started with the real estate issue of the Banks lending money to people not qualified for housing, we all have to wonder how appropriate it is to invest in a house at this moment and how convenient is to pay rent.
Century West properties invites you to consider the pros and cons of renting vs. buying a property. At the end of this helpful list you will be able to draw your own conclusions:
Renting Advantages:
More fixed costs for the term of the lease
Provides more mobility or flexibility when your lease is up. You can choose whether leaving or renewing your lease.
If there are damages or pending repairs, unless they are caused by your poor handling, the landlord or property management will carry with the costs of repairs.
When renting you only have to pay the application fee, security deposit and monthly rent.
Renting Disadvantages:
Regardless of the increase or decrease in value of the property, you will never gain equity.
You cannot decide on remodeling or making changes to the property to adapt it to your personal preferences, unless authorized by the owner.
You do not get any tax breaks, they all are a benefit that the landlord will profit from.
Buying Advantages:
Down the road your mortgage balance will decrease and you will start building up equity, even if there is no increase on the home value.
You are able to remodel or redecorate your property as you wish.
If there would be tax advantages attached to home ownership you would be entitle to enjoy of its benefits.
Buying Disadvantages:
Your equity is variable: it might go up, down or stay stagnant.
If you decide to move, you might have to sell your property
All repairs and remodeling are to your cost.
In order to move in to your property, you will need a larger amount or down payment.
With the current recession in the country, it is very risky to invest in real state because of the economy’s instability.
Our property management company in Los Angeles offers you a large and constantly updated selection of apartments. From the much searched apartments in Brentwood to the exclusive apartments in Bel Air to those in quieter areas, you will find that Century West Properties always has the right place to suit each prospect’s wishes and needs!
