Real estate demand is high in Santa Monica and supply is short. Developers are petitioning for building permits on a daily basis and patiently waiting in line behind a dozen or more other builders to receive an answer. One reason for the influx of demand is that local Los Angeles real estate is becoming too highly priced for the average buyer, so the number of renters is rising. Another reason is that the Santa Monica environment is highly desirable, and more families are looking to settle down in a city that offers plenty to do. Before you start looking at rentals or circling ads for a condo for sale in Santa Monica, you need to consider the pros and cons of renting vs. buying.
Buying is a Profitable Investment
Although renting appears more affordable to the average person, buying Santa Monica real estate is actually a very profitable investment. With the high desirability of the area, you can usually make back what you spent and turn a profit if you choose to sell a few years down the road. If you rent, you don’t leave with a nest egg of money if you choose to leave the Santa Monica area. There are various condos and homes for sale in Santa Monica, so you should be able to find something in your price range if you look long enough.
Supply Is Low for Rentals
One reason you may choose to purchase a condo for sale in Santa Monica over renting an apartment is the low supply of available housing. When you purchase a place, you never have to worry about not having somewhere to live. With rentals, you could lose your lease and have trouble securing a new rental or end up having to pay double your current rent just to secure a new place. Buying gives you peace of mind and ensures you always have a place to call home.
While your income will dictate what you can afford, it is possible to find a condo for sale in Santa Monica that offers the financing you need. Work closely with your real estate agent to establish a good relationship with a local lender who is willing to finance your mortgage. With the right financing, you can become a homeowner and put the world of paying rent behind you.
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