Should you rent or buy? Let's look locally to see some real-time numbers.
Currently, in Redondo Beach, the average property for rent is a 3 bedroom, 2 bath home and is $4335 per month. Using this average, we searched for all 3 bedroom, 2 bathroom homes available to buy in Redondo Beach. The average asking price is $977,111. (These statistics come from the MLS).
USING THE ABOVE COMPARISON, IF YOU BUY A HOME, YOU COULD SAVE $191,776 OVER THE NEXT 5 YEARS.
Many people will read this number, get excited, but quickly feel discouraged when they hear the expense for the down payment, points for the loan, and closing costs. Doubt flashes through their minds and they quickly abort any idea of buying a home. NOOOO, don't do this!
So, how can you turn this opportunity to save $191,776 over 5 years into a reality? We know it won't be easy. It will take commitment and life changes but it will be worth it. What you will gain in the long term with be worth the short term sacrifices.
The main thing you need to do is get serious about saving money. We suggest talking with a Certified Financial Planner and highly recommend, Brittany Castro, of Financially Wise, Inc.
If you are self motivated and just need a nudge in the right direction, there are great books, podcasts, and YouTubers, with valuable information about saving.
If you already have the money required to buy a home, stop renting and wasting money, and start saving money by buying a home! Give us a call, we will start the process, and help you become a money, saving HOMEOWNER!
*Consider all the factors when deciding to buy a home and consult with your financial planner and/or tax advisor before relying on the above results.
**The above, total cost analysis, is over 5 years and includes payment breakdown, tax savings, and home appreciation vs comparison investment. For a more detail explanation and an analysis that better suits your personal situation, give us a call at 310-529-6456.
*** To learn more about Brittany Castro, go to https://www.financiallywisewomen.com/