Moving to Temecula: Should We Buy A Home or Rent An Apartment?

[jerrybales]

We are purchasing in Temeciula but aren't looking to move for about a year. We would like to rent the property until we are able to sell our home.

[Samoi137]

The rent vs. buy question has been around for years, throughout the country. What's changed is the likelihood of prices rising and, if so, by how much. Do careful research about buying foreclosures and short sales. You can get often good prices, but there are drawbacks as is (e.g., buying strictly "as-is," delays, etc.). To get an idea of rent prices you can look at ads, Web sites and contact a couple of property management companies (specialize in rentals), whether independent companies or those that are part of larger real estate firms. Of course, it can be hard to judge with certainty until you see the place in person. Hopefully you can make at least one exploratory trip before you decide whether to buy or rent. Even ask about lease-to-own.

If you've found a place to buy that you really like, I would not see a reason to delay. Prices may not come down much. But, as noted, may also not go up right away, and even then not like in the past (of course one particular place may be gone tomorrow). You'd get tax advantages, for one thing. But if you're not sure about a specific place and/or want to get to know the area better first, to see how long you'll stay and/or what areas you like best (whether right in Temecula itself or in the general area), renting for a while has advantages. We looked at second homes in Temecula, Fallbrook (new homes near I-15) and south of Corona. If you would like the name of a good realtor, send me a private message.

Good luck!