Buy or rent a home in Bay area?
I am thinking to buy a home here in bay area. Maybe a relatively new 2b2b condo with 500 HOA. And rent out the other room. But from financial point of view, given taxes and HOAs, current mortgage interests, is it better to buy a home or rent out a 2500/mo apartment? #mortgage #housing #renting
Just rent it. There’s hardly any appreciation left. This is the dead cat bounce after stock market.
Buy it. I did the same, best decision. Most people will tell you that the HOA will only increase and condos don't appreciate as much. But truth is that, renting it out is farrrr easier and it definitely appreciates well in a good location.
Assuming buy price of 1M, you are looking at 8k-10k of mortgage payments including taxes + 240k down payment, closing cost ? Vs 2500 in rent ? I’d chose the latter
Id rent if you can invest aggressively elsewhere. The main problem with renters is they cant save well. House owners are forced to save in the house equity
Rent don't buy a condo unless it's detached.
You won't find a decent 2500 rental but you should still rent at 3000. If someone wants to sell you a condo with high HOA, they should cut their danged prices
If you can rent out half the condo and still end up paying about 2500 , why not buy ?
Because it’s a condo
Still building the equity. It would be easier to sell or rent out the whole place in future