Should I Buy a Home Or Rent?


Buying a Home vs. Renting? 

San Diego Edition


Buy or Rent? We all know San Diego real estate continues to skyrocket.  On the one hand, we want to buy a home so we don’t feel like we are wasting our money on rent. So what is the right answer? This is always a great question and my answer is always… it depends… It all depends on your current situation.  For many generations, buying a home was considered the American dream. In recent years, the trend has swayed with financially savvy people starting to question whether its economical to buy a starter home or wait to buy their American dream home.  A lot of would be home buyers often don’t know there are affordable home options that more than meet their needs. Sometimes it makes more sense to rent and sometimes it makes more sense to buy. It’s a big decision, and there are pros and cons to both buying vs. renting. 

Here are a few reasons why I prefer buying (owning real estate) rather than renting:

buying a home vs. renting pros and cons


Customize Your Home

  • Ever watch HGTV home remodeling shows?  If not, check them out!  Those shows are so exciting and show you how you can customize your own home to suit your needs with paint, flooring, landscaping.. maybe a nice pool with a waterfall and jacuzzi. You can even customize technology (smart home), and so much more! Many renters lack the freedom of customizing their home. Even minor changes such as paint colors and updated appliances are subject to approval.


Current Rates

  • Current rates are low!  Ask someone around 60 years old that owns a home how much their original interest rate was.  It was most likely double current rates or more!


Increased Home Value

  • Home values historically go up.  In time your home’s value will most likely go up. Making updates to your home can mean enhanced value for your home.  Once again ask someone who’s 60+ and owns a home how much they paid for their house. Even if you plan to sell your property in the future, paying toward a loan can mean big profit if you time a sale right. 


Paid Off

  • At some point your home will be paid off.  Rent never gets paid off. When you buy a home, you are one step closer and closer to owning it outright. 


Rent Goes Up

  • Rent usually go up every year and there’s nothing you can do about it.  Hopefully your income is increasing more than your rent.  Ask someone 60+ how much was rent 30+ years ago.



  • When you own your home you can have pets and avoid an extra deposit fee. Many rental properties also do not allow pets. 


Rent deposit

  • Keep your money instead of having it sit in someone else’s bank accruing interest.


Tax Benefits 

  • As a homeowner, you can deduct many related expenses on your taxes.  The rules of what can and cannot be deducted change often so contact your tax preparer to see what expenses currently qualify.

Investment Diversification

  • Having real estate is considered attractive to many other potential buyers and investors. Are you investing in stocks, bonds, certificates, cryptocurrencies etc.? Adding real estate to your list of investments helps diversify your portfolio.


Renting Is A Good Idea if…


  • You plan on staying for a short amount of time.  No reason to buy if your leaving town soon.


  • If you do not have a stable job.  Taking on a committed payment without a stable job would not be a good idea.


  • Credit score is low.  Low credit scores mean higher rates.  I would suggest working on your credit and with a loan professional to ensure you get the best rate.


  • If you are going through life changes. If you are going through major changes such as divorce or downsizing, renting may be a better option. 


If you are looking to buy a home, it’s important to research the specific area in San Diego or talk to an expert agent to discover it’s future outlook. Understanding current and future trends that affect the San Diego real estate market is vital. Buying your dream home doesn’t have to be difficult, speak with your agent about the best decision to make when it comes to buying or renting. 

If you’re interested in buying, selling, or investing in Real Estate or making a house your place to call home in San Diego,  I would love to have coffee with you to discuss further.  My treat!  Feel free to call, text, or email me to schedule a meeting.

Feel free to also contact me via this quick contact form. 


David Padilla