Thursday, August 22, 2019

Buying vs. Renting - Which is Right for You?

When looking for real estate at the Lake of the Ozarks, there are several options to choose from. This includes large luxury homes, fishing cabins, condos, and more. In addition to the styles, there are also a few ways to stay in these homes. You can either buy one or you can rent one. Both are popular options, but there are definitely some advantages to buying a property at the Lake of the Ozarks vs renting one. Here are a few things to remember when trying to decide which is best for you!

Why Buy?

It can feel like a hard decision, but there are actually many advantages to buying a property that you will not experience by just renting one. Curious what these are, keep reading?

Rent Rise
Rent costs are continuing to rise across the country. Buying a property at the Lake of the Ozarks with a fixed loan can freeze the housing costs, so to speak. Not to mention, interest rates are incredible right now, so it is THE time to buy!

Tax Breaks
Many times, homeowners can take advantage of tax breaks that renters will not get to utilize. This can be a huge advantage, especially as we get closer to the end of the year.

Forced Savings
Owning a home will typically increase your wealth significantly with “forced savings” which is not available when renting.

It Pays to Buy

Condos or a small home are a great first investment if you are just getting started, especially when you do not need a huge place yet. In addition, because properties at Lake of the Ozarks are located at a vacation destination, you can rent it out when you are not using it. This can provide extra income, as well as provide the flexibility you like to still come and visit and make use of the amenities.

What Do You Need to Know?

There are so many pros to buying a home or condo, but there are always a few things that you may want to know before taking the plunge

HOA Fees
While these are very beneficial, it is important to know that many condos and some neighborhoods require this. It will help cover the maintenance of the condo building and common areas, as well as the amenities you love. Your HOA may have strict rules, so you will want to look into those before making your purchase.

Location, Location, Location
As you make plans to buy a house or condo, you will want to think about what is around you. How far do you have to drive to your favorite restaurant or grocery stores? Are you looking for a place in the center of all of the fun, or do you prefer a quiet hide-a-way? These are all things that your real estate agent will help you navigate through, but there is no harm in thinking about it now.

Ready to Get Started?

It may be the end of the Summer season, but it is never too late to buy a vacation home at the Lake of the Ozarks. If you have been thinking about it, Team Lasson highly suggests getting the process started. This is a wonderful time to buy a home, and we would love to assist you through the process. The first step is to start the pre-approval, which you can do on our website. After that, we can help you determine the best price point to shop for, and then it is time to start shopping. We cannot wait to have you vacationing at the Lake even more in your very own house or condo!

For Lake area news, resources and tips on financial services, please 

Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

Direct: (573) 746-7211

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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