Rent Vs. Buy: How Yo Make the Best Use of Your Housing Dollars
Many times, people enter retirement with the goal of purchasing a new home. However, renting a home in Long Beach may be a better option in some situations. The real estate markets right now are still highly volatile. Although stabilization is occurring in some markets, there is a chance that home's value could fall in the future.
One way to help determine when it is a good time to rent instead of buy is to use the price to rent ratio. Find two homes that are similar in size and quality, one being a rental unit in Long Beach while the other is for sale. Then, divide the price of the home for sale by the total cost of renting the other home for one year. When the answer is above 20, it is likely that the value of the home that's for sale could fall farther before improving. Renting is the best option in this situation.
Many have found that during retirement, renting is the best option, especially in urban areas. Long Beach Apartments and condos offer added benefits, too, such as reduced maintenance concerns, entertainment options, easy access to other people and leisure. Before you buy, consider these benefits.
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