Questions arise when people are considering leaping into real estate and one which arises is buying an affordable home versus saving up for a dream home, especially in Malibu, CA. It can be a daunting process when shopping for a first home, realizing what you can afford as opposed to what yo
u would like to afford. The questions ultimately arises whether it is a smart move to buy a home that you don’t want to live in forever. The old adage — “location, location, location” – is an important factor too. Home prices in Malibu, CA have come down to levels not seen since 2004 so it is a great time to buy.
Home ownership offers some benefits that are not available with renting. Two main benefits of homeownership are building equity and having the ability to deduct mortgage interest and property taxes from federal and state income taxes. It is possible to buy a “starter home” and move up in time. Rarely due people purchase a first home and stay in it for a lifetime.
Buying a first home allows a homeowner to build equity, with the ability to sell the first home for a greater value down the road. If you wait until you have saved enough money it is hard to say what the affordability will be. Will waiting make buying your dream home possible 2 years from now, 5 years from now, 15 years from now? In that time how much money in rent will you have spent.
There hasn’t been a better time to buy a home in a very long time, if ever. Home prices are most likely at bottom, mortgage rates have been hovering at historical lows and tax incentives make buying a home feasible for many. If it makes sense for you financially it could be an ideal time to buy a first home, paving the way for purchasing your dream home later. Find out what you can afford by getting a pre-approval with a good mortgage broker then give Judy Kunisaki a call to find out what is available in that price range.
If you are seriously interested in purchasing or leasing and want an “over the top” experience in Malibu, Pacific Palisades, Calabasas or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 her online contact form on her website.
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Judy Kunisaki – CA DRE license 00963582
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