As a native Malibu resident Brian Merrick can help you through the home buying process with his local knowledge of not only the process but the subtle nuances of the different neighborhoods in Malibu. Malibu is a diverse area with multi-million dollar beach homes and estates, mountain ranches and everything in between. Brian has the knowledge to advise Buyers on the differences between a “wet beach” and a “dry beach” or horse ranch or avocado farm. Having attended schools in Malibu he is acutely aware of the school districts and neighborhood schools both private and public. Buying a Malibu home is the biggest decision most people make and Brian is uniquely qualified to sell the “Malibu way of life”.
Unlike renting – in which you are simply paying for the permission to inhabit an interior space in a building owned by someone else – when you own, you build equity. Generally speaking, homes usually appreciate in value, meaning their worth rises as time goes by. This means that your home can net you a tidy profit when and if you decide to sell one day. Furthermore, as you make improvements to the home, the value of the property may rise even more sharply. For instance, in highly sought-after neighborhoods, you can recoup more than 100% of your investment in kitchen and bathroom renovations when you sell your home.
If you own a home, you can begin to predict the costs involved. Your mortgage will ideally be based on a fixed-rate interest rate, so your mortgage will never increase the way rent can. In addition, because once you a buy a house you are likely intending on staying there for the long term, you won’t often (or ever) have costs associated with moving the way a more nomadic lifestyle consistent with renting might.
There are a lot of tax deductions you can claim with homeownership, including “points” on your mortgage associated with closing costs and profit made from the sale of a home. Consult a tax expert to get the lowdown on these deductions!
As you begin to pay down your mortgage, you will be paying less and less to the bank in interest until, eventually; you have paid your house off. At this point, you will have one substantial monthly payment disappear. If you rent, you will have to pay your rent every month for the rest of you life. If you buy, after 30 years, you will no longer have a monthly payment to have a place to live.
While you are responsible for all the maintenance and associated costs of owning a home, you also are privy to the advantage of being able to personalize your home without asking permission of your landlord or the property owner. You can paint, renovate, remodel, add to the home, or make changes on a whim – all of these privileges are not guaranteed in a rental situation. You can also, in a way, personalize your community experience. Because you own a home in a certain locale, you may feel more tied to that area, prouder, and more eager to engage in community activities – especially if or once you have children enrolled in your community school district.