Burn That Belly
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Irvine: Rent vs Buy
- Thread starter the.irvine
- Start date
NEW -> Contingent Buyer Assistance Program
The property in question was a condo in HB so it doesn't abide by the same rules as Irvine real estate. Not saying I didn't overpay compared to rents, but relative to other comps in the neighborhood it was in line with recent sales at the time. Several sold for higher prices.
On the plus side, those that purchased at the bottom of the market have done insanely well. My friend purchased an investment property in the same neighborhood in 2011 at my urging, and he has yet to even buy me a beer. Not only has he made a boatload on appreciation, but it is cash flowing like crazy.
That is one big intangible to consider when buying versus renting. As a renter, you are at the mercy of your landlord (especially if you rent a private rental). There's also an intangible value to have the home exactly how you want it (upgrades, paint, etc). Obviously it's important to make sure you don't stretch too much to buy a home but it comes down to more than just numbers to most everyone. Also, historically real estate has shown that it has performed well as an asset class in the longer term in the more desirable areas. Hence why I tell my buyers today that if they plan on living in the home for the next 7-10+ years they will most likely come ahead in terms of what the value of the home will be compared to what they bought it for today.
Liar Loan
Well-known member
Burn That Belly said:
The property in question was a condo in HB so it doesn't abide by the same rules as Irvine real estate. Not saying I didn't overpay compared to rents, but relative to other comps in the neighborhood it was in line with recent sales at the time. Several sold for higher prices.
On the plus side, those that purchased at the bottom of the market have done insanely well. My friend purchased an investment property in the same neighborhood in 2011 at my urging, and he has yet to even buy me a beer. Not only has he made a boatload on appreciation, but it is cash flowing like crazy.
Burn That Belly
New member
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usctrojancpa
Well-known member
akkord said:
That is one big intangible to consider when buying versus renting. As a renter, you are at the mercy of your landlord (especially if you rent a private rental). There's also an intangible value to have the home exactly how you want it (upgrades, paint, etc). Obviously it's important to make sure you don't stretch too much to buy a home but it comes down to more than just numbers to most everyone. Also, historically real estate has shown that it has performed well as an asset class in the longer term in the more desirable areas. Hence why I tell my buyers today that if they plan on living in the home for the next 7-10+ years they will most likely come ahead in terms of what the value of the home will be compared to what they bought it for today.
Irvine Dream
New member
Just buy. Based on my unscientific notes (spreadsheet >
) from Redfin, this is the fastest I have seen homes in Irvine, Tustin (92782) areas getting into Escrow.
) from Redfin, this is the fastest I have seen homes in Irvine, Tustin (92782) areas getting into Escrow.
irvinehomeowner
Well-known member
I would only rent for a few reasons:
1. Unsure of job/location stability
2. Unsure of where in the city I would like to live (knowing my job is stable and I know I that's the city I want to be in)
3. Economically makes more sense but has to be a wide margin
We've bought during peaks, dips and in-between and in all cases, with hindsight, each was better than renting.
1. Unsure of job/location stability
2. Unsure of where in the city I would like to live (knowing my job is stable and I know I that's the city I want to be in)
3. Economically makes more sense but has to be a wide margin
We've bought during peaks, dips and in-between and in all cases, with hindsight, each was better than renting.