If you’ve ever thought about buying a home in California, it’s a question you’ve probably…
For us Californians, the answer to the question, “Why should I buy a home here?” is pretty obvious: “Because California’s awesome!” Our beaches are famous, our cities are as vibrant as they come, our expanses of natural beauty are breathtaking, and the tacos are always delicious. So with that in mind, we’ll explain that awesomeness a little more specifically and lay out 10 reasons to buy a California home.
1. It’s a Beautiful Place to Live
This one is pretty self-explanatory, even to those who don’t already live here. From the always-sunny beaches of San Diego to the awe-inspiring redwood forests of Big Sur. From the lush splendor of Yosemite National Park to the barren beauty of Joshua Tree. From San Francisco’s Golden Gate Bridge to Los Angeles’s Hollywood sign. Life in California offers everything and then some.
2. It’s a Prosperous Place to Work
But did you know that, on its own, California’s economy is the fifth-largest in the world? With a state GDP of $2.7 trillion as of 2017, California has a larger economy than Great Britain! So there’s a lot of money to be made and spent here. And even after the rough year the country’s had due to COVID, California’s unemployment is already dipping. It dropped over 8 points in March, and if that trend continues, there will be opportunities aplenty for new residents.
3. Avoid Those High California Rents
Rental costs in California, particularly in the bigger cities, can be a bit on the steep side. You can usually find some good options wherever you want to live, but paying rent still means cash spent every single month on a thing you don’t own and never will. Sure, your mortgage payments and the other monthly cost of homeownership probably won’t be any smaller, but that’s money you’re putting into something permanent, something that’s yours. Owning your own piece of California is a great feeling, believe us.
4. Say Goodbye to Landlords
Even if you have a likable, attentive landlord, he or she is still a middleman in getting your home repaired, maintained, or altered in any way. Sure, they may take some of the hassle out of getting a busted pipe fixed or repainting a room. But owning a home means you’re no longer dependent on someone else’s schedule and priorities in order to get things like that done. It’s your home, your priority, and you can do what needs to be done when you want to do it.
5. A Good Investment
Financial advisers and publications usually agree that owning a home is a smart financial move in most cases. A home you buy is an asset that appreciates, meaning the value goes up the longer you own it and take care of it. Paying your mortgage builds equity, which grows the longer you live in one place and can even be further increased by making home improvements. And paying on time each month helps improve your credit score by proving your financial stability. Sure, it takes money to buy a home, but think of it as money invested rather than spent.
6. You Can Make it Perfect For You
When hunting for a rental property, it’s pretty much a given that you won’t find a 100% perfect place. Chances are, there will be things you wish you could change. And since you don’t own the place, you can’t. Not without permission from your aforementioned landlord. But when you look to buy, you can look at places not as they are but how you could make them. Find a home that’s amazing aside from the kitchen? Buy it and fix the kitchen! Tear out the wallpaper, put in a skylight, add a disco ball to the dining room, whatever you want. It’s your house.
7. Solar Power Everywhere
California has a well-earned reputation for leading the country in innovative technology, both in creating it and using it. So it may come as no surprise that, since January 1st of 2020, all new residential buildings under three stories built in our state are legally required to have solar panels. That means the vast majority of new homes going up from here on will be eco-conscious and save you plenty on your power bills. It’s good for you, your wallet, and the planet.
8. You Definitely Know What You’re Getting
In an ideal situation, you’d know anything and everything about a home well before you buy it. And you’d find all of that out in something called a seller disclosure. Unfortunately, in some states, the laws regulating these reports are pretty lax. So you may not know about things like foundation issues, electrical problems, or even legal matters relating to the property. Luckily, California doesn’t have that problem. Seller disclosures here are, by law, pretty comprehensive.
9. No Lawyer Required
While we certainly don’t have anything against lawyers, we do prefer to avoid situations where we have to pay for their services. And buying a California home is just such a situation. In some states–we’re looking at you, New York–you need a real estate attorney’s services to close on a house. But California has no such requirement, which means one less thing to pay for when buying a home.
10. Tax Deductions for Homeowners
Not only will your investment in a home build your financial future, but it can keep a whole lot of money from leaving your pockets in the first place. Unlike rent, your mortgage interest is tax-deductible (if you itemize deductions), and that can make a big difference next time you’re filing. You can also get a tax credit for installing green energy systems like solar, say, if you bought a pre-2020 home and want to get it up to speed. So your taxes might look better after buying a home than they did before.
No Shortage of Reasons to Buy a California Home
Buying a home is always a good decision, and buying a California home is an even better one. From the bigger perks of calling our state home to the little things that make our buying process better, becoming a homeowner in the Golden State could be the best decision someone ever makes. It’s why at New Way Mortgage, we love helping people buy homes here. Let’s get started!