As a Realtor in San Diego, I get a lot of questions about whether it makes more financial sense to rent or buy a home. While there's no one-size-fits-all answer to this question, there are some pros and cons of both renting and homeownership that you should consider before making your decision. 

Renting Pros

• You're not responsible for upkeep or repairs on the property. 

• If something major needs to be fixed, like the roof or plumbing, you can just call your landlord and they'll take care of it. 

• Rent is usually cheaper than a mortgage payment + property taxes + insurance. 

• You're not tied down to one location for very long, so it's easier to move if you get a new job or want to live somewhere else. 

• You don't have to worry about things like homeowner's association fees or property taxes. 

Renting Cons

• You're not building equity in the property. 

• Landlords can raise the rent at any time (although they typically give you 30 days' notice). 

• You might have strict rules to follow, like no pets allowed or no smoking inside the unit. 

• Some landlords can be difficult to work with if there's an issue with the property that needs to be fixed. 

Homeownership Pros

• You're building equity in the property with each mortgage payment you make.  

• If you have a fixed-rate mortgage, your monthly payments will stay the same for the life of the loan (30 years, unless you refinance). 

• Property values typically go up over time, so you could make money if you sell your home down the road. 

• You can deduct your mortgage interest and property taxes on your federal income tax return every year (consult a tax advisor for more information). 

• You can make changes to the property as you see fit (within reason), without having to get permission from a landlord first. Homeownership

Homeownership Cons

•You're responsible for all repairs and upkeep on the property – and those costs can add up quickly!      

•If you have an adjustable-rate mortgage, your monthly payments could increase if interest rates go up     

• Property values can also go down – particularly if there's an economic downturn or market crash – which means you could end up owing more on your mortgage than what your home is actually worth    

• There are additional costs associated with owning a home, like homeowners' association dues and private mortgage insurance (PMI).   

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There's no right or wrong answer when it comes to deciding whether to rent or buy—it all depends on what makes sense for your individual situation. Weighing the pros and cons of both options will help you make the best decision for yourself and your family. Feel free to reach out if you have any questions about buying or selling a home in San Diego – I'm always happy to help!

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Having sold properties for more than 17 years and earning various prestigious awards throughout the course of her career, Melina Rissone has more than earned her reputation as one of San Diego's most skilled and trustworthy real estate brokers. Her following of loyal clients is a testament to the level of dedication she puts forth in every transaction she oversees.

Hardworking, attentive to detail, and a strong negotiator when it comes to the financial aspect of buying or selling a home, Melina gives clients a competitive edge when it comes to accomplishing their goals in the best and most lucrative manner.

Passionate about real estate and its possibilities, Melina supports all things "real estate" and, in addition, specializes and is certified in the following:
* Coldwell Banker Global Luxury and Institute of Luxury Home Marketing certified.

*Cartus Network Inventory Specialist and Cartus Network Marketing Specialist since 2015. This means more accurate pricing, shorter marketing times, and higher adjusted sale rates when working with us.

*RCS-D Designation, a Real Estate Collaboration Specialist for Divorce.

*SRES Certification through NAR is a Seniors Real Estate Specialist certification.

Whether clients aim to purchase the home of their dreams, sell a property, or make an investment for their future, Melina's market expertise, proven foresight, and meticulous planning strategy ensure a successful endeavor each and every time. Melina is bilingual in English and German.
Melina has been recognized as the Top 4% of all real estate brokers in San Diego County in 2021 and the Top 3% of Coldwell Banker International. She has been awarded the Coldwell Banker Presidents Elite Award.

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