Huntington Beach is a friendly Californian town where tourists come to enjoy the sandy beaches. The atmosphere is relaxed and easygoing, full of simple pleasures and good moments in the sun. If you imagine sandcastles, beach bonfires, pier strolls, and world-class surfing, you imagine Huntington Beach. So if you would like to move here, there is just one question you should ask yourself: rent vs. buy a home in Huntington Beach, which is more worth it? Of course, there isn’t a right or wrong answer to this question, as renting or buying has both advantages and disadvantages. However, some factors can have a say in your decision-making. As a result, let us see what you should consider when making such a life-changing decision.
Can you afford to own a home?
If you’re simply thinking about your mortgage payment, it’s easy to answer yes. However, there are several housing expenses in addition to the mortgage when you become a homeowner. When you rent, you merely pay the rent. You won’t have to pay property taxes, HOA fees, grass mowing, snow shoveling, or spring and autumn cleanups. It’s a one-and-done deal. You only have to pay for utilities. As a result, if you are considering purchasing a home in Huntington Beach, you should be aware of the costs involved. For instance, if you are single and living in Huntington Beach, your monthly expenses will be around $5000. Those expenses include a mortgage, food, utilities, healthcare, or transportation. Also, consider that the median home price in the city is 1.2 million, with a median price per square foot of $635. So, can you afford to own a house here?
How are your finances?
This question is closely related to the previous one. Still, you must consider more than just the number of housing bills and whether a mortgage lender is likely to provide you with favorable terms on a house loan. After all, the lower your mortgage payment will be, the lower your interest rate will be. And the first essential step you should take before diving headfirst into house ownership is calculating your debt-to-income ratio, savings, and assets. As a result, if you plan to live in Huntington Beach, you should know that the median individual income is $46,500, which is 26% more than the state median. Therefore, if you move here and find a job, you have all the chances of having a good and stable income that will allow you to pay rent or a mortgage.
If you do decide to relocate to Huntington Beach, make your move a success by following the recommendations of reliable and experienced moving professionals who can help you. As they advise, you should ask for moving quotes from different moving companies and choose the one that suits your needs and finances.
Is now a good time to buy a home?
One of the most crucial things to consider if you want to rent vs. buy a home in Huntington Beach, pros and cons, is the timing. If we look at the Huntington Beach housing market, things look promising. Homes here typically receive five offers and sell in around 34 days. In July, the average sale price of a property in Huntington Beach was $1.19 million, up 15% from the previous year. The average sale price per square foot was roughly $700, up 18% since last year. With these reports in mind, you could easily say that the housing market is hot and competitive in Huntington Beach. Therefore, buying a house here can be profitable now and in the future, as the Huntington Beach housing trends show that home values will continue to rise.
Are you looking for stability or flexibility?
Buying a property can make sense if you know you’ll live in it for at least five years. That’s because it might be a great fit both financially and emotionally. You can put personal touches on your house and make it feel like yours. However, if you wish to be more flexible, living in a rental could be the best option.
For instance, if you are new to a city, you may want to get to know the various neighborhoods before settling down. Or, if you get a job promotion and should move from New York to California, for example, you won’t have to deal with the stress of selling a property while transferring to a new job. Long-distance moving to California is daunting as is, so you don’t need other distractions. As a result, if you live in a leased property, you just need to make sure everything is ready to be transferred from your old home to your new one, and that’s it.
The pros and cons if you want to rent vs. buy in Huntington Beach
As you might imagine, there are advantages and disadvantages to both renting and buying a property. Here are the essential ones:
- Flexibility to move around
- You can easily change homes or neighborhoods if you decide you don’t like it
- Monthly expenses are generally the same
- No property taxes, HAO fees, or closing costs
- Your landlord takes care of the maintenance
- You can’t build an equity
- Rent prices can change over time
- The landlord can decide to sell
- You can’t make changes to the place without approval
- You must follow the terms of the lease.
- You can build equity
- You might have tax deduction benefits
- You can customize your home freely
- You will have a sense of stability
- The value of your home can increase over time
- You have o pay property taxes
- Maintenance and repairs are your responsibility
- You have less flexibility
- Home prices can decrease
- Closing costs for buying can be expensive
There isn’t always a simple answer to whether to rent vs. buy a home in Huntington Beach. The answer can change depending on your living status and financial situation. Therefore, the decision is mostly a personal one. However, if you could use some help deciding which is best, speak with a real estate professional. They can help you weigh your options and make an informed decision.