i sincerely appreciate all the comments. and I appreciate “corrections” to my calculations.
I’m for SURE not a financial genius. I am educated, smart, and a professional – but not in the financial business. I am a gov’t attorney.
I’m not totally sure on my tax savings calculation. I am assuming a total tax of roughly 35%….then calculating the total interest I would pay in a year, and multiplying by .35 to figure roughly how much tax I would save. I know that’s not totally accurate..b/c it doesn’t take into account the standard deductionI alrady get..but it gives me a ballpark idea. any better way to figure it out?
100% financing is the way I will go – b/c as a young professional, I havea fairly high income, but haven’t had time to sock away a large pile of cash for a down payment. if you gross 10-11k/month …but lack a stockpile of cash, 100% financing of a home under 500k is doable. obvioulsy, having a down payment is better..but if you don’t..you don’t.
i will keep renting. i will sit tight. I hope the houses keep dropping this year. prices are a lot lower up here to start with. homes that I see in San diego/carmel valley/del mar…. that sell over 1 million would be half tha tmuch here… you get a lot for you money b/c the land is just not worth as much.
personally, I like it up here in Temecula a lot. it’s family oriented, and I have two young children. i could care less about being close to downtown or the beach. I can get there quick enough. i know i’m in the minority…as more people would prefer to live IN San diego…not 45 min north of it..but given my employer and where I work…Temecula is perfect. i have a 5 minute commute to the office and I can come home to see the wife/kids at lunch. Nice.
i’m just waiting for prices to drop. it would be nice to say a couple hundred grand on my next house.
i was surpised more of you dind’t like Greer Ranch. some of the homes have really nice city light views and it seems likea nice quiet gated area. true..further from stuff that’s important. my current rental in harveston is MUCH more convenient..better freeway access..close to the mall and costco too.
