Buying vs. Renting in Temecula
This blog post will give you a good idea of the cost of buying vs. renting in Temecula if you are thinking about moving there. The video in this blog post goes over exactly what the average home in Temecula rents for, as well as what your payment will be when purchasing an average-priced home in Temecula.
First, I wanted to start out with the pros and cons of both renting and buying a home in today’s market.
Pros of Renting in Temecula
The following are some of the benefits of renting in Temecula:If something breaks in the house, you don’t have to worry about paying to replace it.
- You don’t have to worry about paying taxes, HOA dues, or insurance.
- You don’t have to pay for upkeep like yard work or pool maintenance.
- If the property does have an HOA with a pool, hot tub, and barbecues, you have full use of all of those amenities without having to actually pay for the HOA.
Cons of Renting in Temecula
- You are paying somebody else’s mortgage.
- I have rented and purchased homes in my life. The feeling you have when you own your own home is much different than renting. You’re more apt to put your own personal touch on a home you own, spend money upgrading different things, or even be more conscious about taking care of the property.
- You don’t know how long you will be able to live on the property. You could rent for a year and fall in love with it, only for the landlord to decide to sell, forcing you to relocate.
Pros of Purchasing a Home in Temecula
1. You can write off both your interest payments and taxes.
2. You can take advantage of today’s low rates. We are still in the historic territory with regard to how low-interest rates are. Borrowing money at 4% less isn’t such a bad thing.
3. You get to put your own personal touches on your home. If you want to add a built-in BBQ, you can do it. If you want to paint your house, you can do it. You can install hardwood floors if you want to. These will all make your home more sellable in the future.
The Drawbacks of Buying a Home in Temecula
1. Yard maintenance is yours to take care of. If you don’t want to take care of your own landscaping, you’re going to have to hire somebody to do it.
2. If you own a pool, you will have to take care of that yourself or hire somebody to do it.
3. You have to pay your HOA dues, taxes, and general upkeep. If your water heater goes out, you’re on the hook for that.
If you are buying an average home in Temecula (2100–2400 square feet) with 10% down, your payment will be $2,600–2,900 a month. If you rent a home in Temecula that is 2000 square feet to 2300 square feet, your monthly payment will range from $3,000 to $3,400.
Thank you for reading our blog. We are a local husband-and-wife real estate brokerage (Greenleaf Real Estate) and appraisal company.
If you have any questions regarding real estate in or around the Temecula area, please don’t hesitate to call us. We have some great VIP programs for both buyers and sellers.
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