Renting Away My Savings

I would love to own a 1,500 sq foot loft (1,000 for closet space, and 500 for living) overlooking the Venice Boardwalk one day soon.   As for now I am renting and living in denial that I am actually losing money doing so.  I sat down with Clark Aliano, our in house Mortgage Banker, this week to  look at some cold hard numbers.  I knew I was going to be in shock but the numbers he showed me left me speechless.  I would save close to $14,000 in five years which is a few designer bags.  Rent goes up on average in Los Angeles 4.5% a year.  If you were to own and have a fixed mortgage your payments would stay they same each year and not only that your home unlike a car appreciates in value.   You also get a tax break from the government when you own a home saving you more money.    After seeing all this and Clark explaining the endless benefits and let’s not forget the extra money for designer bags I am wanting to buy that loft overlooking the Venice Boardwalk more than ever!

Screen shot 2013-09-13 at 1.10.47 PM                    The chart above does not show the average cost of living in West Los Angeles.

I do encourage you to play with some numbers yourself and see what you could save if you were to buy.  The calculator below on yahoo was the one Clark found to be the most accurate.

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Suzy Frank is an expert on Venice Real Estate as well as L.A.'s entire Westside.

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