Most likely, you will hardly find a straight answer to this question, like… ever. Renting vs buying an apartment in California, which one is better? The thing is, it depends on so many different factors like income, rates, rents, time, and many other things. So, if something is better for one person it doesn’t necessarily have to be better for others.
How to decide between renting vs buying an apartment in California
Sooner or later, everyone has to make a decision about this. Whether you are moving across borders or just leaving Los Angeles and moving to another city, for example. So, let’s consider some differences between and try to explain the problem.
There are a couple of advantages to renting. Normally, you won’t be spending your money on maintenance of any kind. Everything is in the hands of landlords and they are responsible for the property. They pay all repairs, taxes, and are in obligation to provide certain living standards for their tenants. On the other hand, all the money you invest in paying rents is gone for good. Simply put, it’s just a temporary investment and nothing more.
When buying a property for living in California, you completely inherit all the responsibility and all the costs. By all means, you will have to pay for the maintenance and all other bills involved. But, all the monthly expenses are going to the estate in your possession. In the long term, it can be quite an investment. Also, you can choose whatever you want to do with your property.
There might be a third option
Before making a final decision, you should check if the rent-to-own option is available in the area of your choice. The great thing about this is that it provides the flexibility of renting with long term investment. You pay the monthly bills, just like with renting, but the part is going for buying out the apartment.