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Buying a Home vs. Leasing One

Home for lease to show the difference between buying a home and leasing one3 questions to ask when deciding to buy or lease a home

If you’re in a quandary about whether to buy or lease a home in today’s volatile real estate market, you’re not alone. According to The Pew Research Center, more U.S. households are leasing today than at any point in the last 50 years.

With my substantial experience in the industry, that question doesn’t surprise me. For many people, leasing a home can be more financially savvy than buying. And there are many amazing properties for lease in the upscale neighborhoods of Santa Barbara. I have several amazing leases available for you to choose from.

Although the following two are already taken by savvy clients, you might enjoy seeing examples of the types of homes usually available in my portfolio. There’s this Chic Montecito Home, which offers plenty of room for family and friends. The main house has 2 bedrooms and 3 baths and there’s also a guest house and pool house on the property. Need more room? Then this Sandyland Cove Oceanfront Compound would have made the perfect place for you to call home.

If you’re wondering whether to buy or lease, ask yourself these 3 questions:

  1. How long will you live in the home?

Making the decision to buy or lease comes down to one main question: timing. By timing, I’m talking about how long you plan to live in the property. Carrying debt is a risk, while a 12-month lease gives you time to find the perfect home before you take on that risk.

  1. What are all the costs involved?

If you lease a home, you won’t be building home equity or be able to take advantage of a homeowner’s tax break. You also won’t be hit by capital gains when you decide to sell. Plus, if anything goes wrong in the house, the owner will have to take care of it; leaving you without the headache of home maintenance.

  1. Does leasing mean you’re throwing money away?

Not necessarily. It is true, you’ll likely come out ahead financially if you own your home for at least five years, according to Architectural Digest. On the flip side, if you plan on staying for only a year or two, leasing could be a more fiscally responsible choice.

There’s only one place to go when considering whether to buy or lease a home in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities and that’s my comprehensive website. Check out this Ocean View Warner Gray Contemporary that’s ready to be leased. Perhaps this superb example of Modernism designed by Paul Grey of Warner and Grey Architects is the perfect place to live for a while. Looking for something more permanent? Then check out all my amazing listings for sale. Please call at 805.886.9378 or email me at Cristal@montecito-estate.com. Looking forward to helping you with all your real estate needs!

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