When the cost of buying a home is close to the cost of renting one then the decision to buy often is fairly easy. However Davis is one area where owning a home is much more expensive than paying rent. Here are a few intangibles of owning a home.

• As a property owner you are likely to be more invested in the community – caring more about issues like taxes and schools than if you were just renting.
• Even though it costs more money to make a mortgage payment, at the end of 30 years (if you do not refinance) you will have been forced to save the original cost of the home and it is likely that the house will be worth more at the end of the 30 years than when you purchased the house.
• You can decorate, paint, remodel without needing permission from a landlord. Although if you do make modifications, especially in the city of Davis, be sure to check with City Hall because when you go to sell your home, they will do an inspection and then make you pay extra for things that required permits.
• You won’t get evicted if the landlord decides to sell or for whatever reasons decides to stop renting the property to you – so as long as you make the mortgage and other payments on time you can stay in the house you buy for as long as you like.

Interest rates are really attractive right now and while prices have stayed fairly strong in Davis they are lower than they were at the height of the market. If you are looking to buy for the long term and not just to flip a property you may want to start getting a feel for the market. It is not very likely that there will be a complete meltdown of home prices in Davis – there is limited supply and because of the schools, the university and the community, there is a strong demand to live here. Let me know if you would like help to start your Davis home search.

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