Buy or Rent a Loft in Downtown Los Angeles – What are the Billionaires Betting On?
Edward G says:
May 15, 2016 at 8:22 am
Lofts For Sale in Downtown Los AngelesHi Corey, I love the idea of buying a loft in downtown LA rather than renting it, but is monthly payments would be significantly higher when you buy VS. renting?– Edward G.
Thank you for your question, Edward. Yes, unless you have a large down payment, the monthly mortgage PITI with HOA dues will likely be higher than renting in the Los Angeles area. The reason is that homeowners get a lot more for their money over time… a homeowner gains unlimited increasing equity while a renter suffers unlimited rent increases. U.S. News and World Report have 10 reasons to own instead of renting http://money.usnews.com/money/personal-finance/articles/2012/04/24/10-reasons-to-buy-instead-of-rent and L.A. Condo Info has a free report called “How to Stop Paying Rent and Own Your Own Home at http://www.NoRentLA.com
Owning is about investing rather than spending. Renting is pure spending because the money pays the landlord’s mortgage while owning pays your own mortgage. The net wealth of the average Los Angeles loft homeowner has NEARLY DOUBLED in 3 years!!! Compare those results to the average rent increase, which has been more than $400 per month!!! In total dollar amounts, the average Downtown loft owner has gained $300,000 while the average renter lost about $100,000. That is a very dramatic difference between owning and renting.
The L.A. Loft Blog has been watching where the money is going. The billionaires are betting their billions that HUGE rent increases are expected in the future.
Anyone who can afford to rent in Los Angeles can also afford to buy a starter home or they can buy an affordable investment property. Fill out the online form:
Thank you for your question, Edward. Yes, unless you have a large down payment, the monthly mortgage PITI with HOA dues will likely be higher than renting in the Los Angeles area. The reason is that homeowners get a lot more for their money over time… a homeowner gains unlimited increasing equity while a renter suffers unlimited rent increases. U.S. News and World Report have 10 reasons to own instead of renting http://money.usnews.com/money/personal-finance/articles/2012/04/24/10-reasons-to-buy-instead-of-rent and L.A. Condo Info has a free report called “How to Stop Paying Rent and Own Your Own Home at http://www.NoRentLA.com
