Q: Marsha, my fiancée and I are discussing housing options in Santa Barbara. We are in our early thirties and have well-paying jobs. We’re trying to decide whether to rent or purchase a home. Homes seem so unbelievably expensive. What are your thoughts? Should we rent or buy?
A: As a real estate broker, my instinct is to shout, “Of course you should purchase a home!” However, there are factors to consider.
First, how long do you plan on staying in your home? If your Santa Barbara sojourn is only a year or two, incurring the expense of a home purchase doesn’t make sense. Costs to purchase the home will include the down payment, home inspections, appraisal fees, and myriad other home-buying expenses. As a renter, your worst expense is an application fee and refundable security deposits.