Don't miss your chance to view this lovely 4 bedroom 3 bath home for sale in Escondido. Situated on an extra-large 1/3 acre, corner lot, you will have room for everyone. Just minutes from Frances Ryan Park, this home makes weekends a pleasure.
Call today to view the custom kitchen cabinetry, stainless steel appliances, marble backsplash, gas cook top and large step-in pantry. Picture your loved ones gathering around the large kitchen island. And enjoy relaxing with your coffee in the sunny breakfast nook overlooking the back yard. You will have years of quality time in the family room. Convenient first-floor, full bedroom and bath allow easy access. Low maintenance tile flooring throughout the first level. Fully fenced and private corner lot. Desirable features include separate indoor laundry, granite counters in all bathrooms. Master bedroom is spacious with mirrored walk in closet, dual master vanities and separate garden tub and stand-up shower. Large windows and high ceilings make this house light, bright and spacious. See it today! Contact listing agent Sandra Kebert, Keller Williams 619.823.0765
Recently, Apartmentlist.com reported that rents in San Diego have increased by 4.8% over the past year. Are you feeling the pinch? Without a doubt we live in one of the most beautiful places in the country and pay a high 'sunshine tax'. With the average rent for a 2 bedroom running at $2050 as of June 2016 (see complete article here), it can start to feel like you are throwing money down the drain. In fact, the article states that San Diego has the fourth highest rental costs in all of California.
Have you every thought about where those rental dollars go? Your landlord very likely has a mortgage on the property you are renting. Your rent each month pays for that mortgage. Essentially, when you pay rent each month, you are paying a mortgage, it's just not yours!
Let's figure this out, shall we? Check out the rent vs. buy calculator below. Follow along with my example and then try it with your numbers.
Let's say your rent is $2050 per month and the annual rent increase is 4.8% for Step 1. In Step 2 let's put in a house price of $420,000 which is a decent entry level home price in East County currently. Leave all of the other factors in step 2 as is, they are pretty accurate for our area.
Going on to Step 3, We can type in a loan amount of $405,300 based on an FHA loan with a down payment of $14,700, which is the minimum possible down payment of 3.5%. (You could also use a zero down payment VA loan if you are a veteran, or a zero down payment USDA loan in certain parts of San Diego County. Contact me to find out more) Then we can put in an interest rate of 3.5% for the mortgage, and 30 years for the mortgage term and leave the points at 1.
In Step 4 you will need to put in your current tax rate, as it will vary with each person. For this example, we can leave it at 26%. According to an article by Nerd Wallet, the average San Diegan pays 25.91% in taxes, so it's a pretty safe estimate. For the annual property taxes we can put in 1.1 and toggle to % vs the $. Leave the insurance and PMI as is, they are good estimates.
When we click 'show results' and then 'switch to plain English', the calculator tells us that we will save money buying vs renting! Here is how it reads:
Now you try it with your numbers:
Did you discover that buying is better than renting for your family? I'd love to help you find a great first home. Give me a call and I will connect you with a terrific lender to help you get pre approved today. Then we can get out there and look for your perfect home and real estate investment! Start browsing the newest listings for affordable homes in East County now on this site.