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| Condominiums in Long Beach |
Looking for housing may bring up the question of: Should I consider buying?
Parents of students in college, instructors moving into the area and needing housing soon, or job transfers in the near future all bring up the question of housing. While there are some long term plans in the works for higher education facilities building their own housing, if you have a much more immediate need, perhaps you might want to consider a purchase if it turns out the monthly payments are close to what a rental would cost. With a condo purchase there's a long term investment potential if you move on, but decide to keep the rental income.
Buying a condo has several factors to consider, such as property taxes, monthly dues payment, and insurance costs for condos. Depending on the price of the condo, it's quite possible that the total monthly payment (principal, interest, taxes and insurance plus HOA) may well be comparable to monthly rent.
For example, there are currently 25 condo units listed at $3,000/month and under listed for lease or rent in the MLS. These units are all under 1000 sq. ft. and are studios, one or two bedrooms This figure does not include any searches on internet rent sites, or listings with property managers, or any other source, including driving around.
There are also numerous condos for sale starting $260,000 near Cal State Long Beach. Just using this studio with $402 monthly dues as an example, see the cost comparison, buying with a 20% down payment, at the link to a handy calculator comparing renting to condo buying.
If you have further interest, or other college areas you'd like to consider searching in, just contact me for information on these properties and information about buying a condominium. This is an avenue come parents have used for student housing, and then had the tax advantages as well.
I'm here to help you.
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996
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