Costa Mesa Homes Under $500,000 - Why Rent When You Can Buy?

There are currently 114 Costa Mesa homes under $500,000 available according to the SoCal MLS.Some are Costa Mesa condos. Others are Costa Mesa townhomes. And yes, there are even single family Costa  Mesa homes under $500,000 that are looking for buyers.With the low interest rates and staggering rent prices, it may be possible to own a home for less than you spend on rent.Many first-time buyers are purchasing homes because they want to stop paying rent and start putting their money toward homeownership.

What are the advantages of owning vs. renting?

­-Your monthly mortgage payment is going toward financial independence. Rent goes toward making your landlord rich.-Pride of ownership. It can be fulfilling to work on your home. Generally renters do not want to spend money on improvements and wait for their landlords to do it for them.-Rentals in Costa Mesa may be comparable in price to current mortgage amounts (depending on your financial situation and the price point). If you plan to buy a home anytime soon, why NOT buy when prices and interest rates are LOW?Example: According to bankrate.com a home that costs $500,000 with a 10% down payment of $50,000 and a 4% interest rate would have a monthly mortgage payment of approx. $2350/month. You’ll need to factor in mortgage interest payments and property taxes but keep in mind that currently 3 bedroom homes are renting for approx. $2500/month. If you’d like to crunch the numbers please contact us at info@torellirealty.com with your contact information and details about what you're looking for!