The Coachella Valley is experiencing a rebirth as people in their 20s and 30s rediscover the area’s particular charm and midcentury style. Whether it is true architectural appreciation or a generation of people that fell in love with the swagger of Mad Men, the area is soaked with the cool vibes of everyone from the Rat Pack to Leonardo DiCaprio.
What some may have seen as remnants of a bygone era is now getting new life from people that want to preserve the history while adding plenty of modern spoils. With so many new faces coming to the area, the question of whether to buy or rent often comes up. If you’re not sure which direction is right for you, here’s what we want you to know.
Advantages of Renting
Purchasing a home is not only a major financial responsibility, it is often a commitment to stay in the same home for an extended period. Renters are free to move about at the conclusion of their leases making it easier to change jobs, upsize, and downsize without any major obstacles.
For many renters, the price of the lease is more than what a mortgage payment may be, but this comes with some advantages. First, the homeowner is responsible for major repairs so when the roof leaks or the furnace quits, the renter is usually off the hook. Insurance and taxes on the property are also burdens of the homeowner; a renter needs only to maintain a renter’s policy for his or her belongings.
Advantages of Buying
Home ownership has always been a part of the American dream. When you own your home, you are free to live as you wish. You have creative control over your property so you can paint, replace flooring, restructure the landscaping, and renovate the home to suit your needs.
Staying on top of a mortgage will also improve your overall credit rating and provide you an asset with which to borrow against in the future. Home ownership also comes with tax deductions and benefits that renters may not have access to.
Buying to Rent
Whether you’re new to the area or a lifelong resident, the opportunity to get in on an up-and-coming market is surely appealing. As more young people come to the desert for events like the Coachella Valley Music and Arts Fest in the spring or to enjoy some winter downtime at the various resorts, art galleries, and party destinations, the demand for rental properties will continue to rise.
Purchasing a rental property provides an opportunity to generate income in a market that will continue to grow over the coming years. Home prices in the Coachella Valley are comparatively low, so now is a great time to get in on an investment that will pay off in the future. Plus, if you ever need a vacation home of your own, you’ve got one waiting.
Still Not Sure?
Choosing a home is a personal decision, and no single choice is right for everyone. If you are still not sure whether buying or renting is right for you, or if you have more questions about purchasing an investment property, we’re here to help. We’ll help you understand what options are available to you now so you can make the best decisions for your future.