Is Renting Right For Me?

With increasing rent prices, there are a lot of things you need to consider about continuing to rent vs. buying a home at the Lake of the Ozarks. In some cases, you may be better off purchasing a home. Let's take a look at some reasons why you would want to rent rather than buy:

1. You're Not Planning on Staying in the Area Long-Term.

Renting allows more flexibility than owning. If your job requires you to move around a lot or if you're unsure how long you'll be in the same place, renting may be your best option. The upfront costs of purchasing a home at the Lake of the Ozarks can set you back financially if you move too soon after buying. However, if you plan on sticking around for awhile, homeownership is the way to go! Not only could you be saving money in the long run, you're building equity. Whether you're renting or buying, you're paying someone's mortgage, so why not have something to show for it?

2. You Don't Want to Deal with Maintenance and Other Added Costs. 

When you rent, your landlord is the one that has to deal with any maintenance issues. Once you're a homeowner, you are the one that has to find a plumber or electrician. If your dishwasher needs to be replaced, you are the one that has to pay to replace it. Upkeep of a home is something you should consider when choosing to purchase a home. However, on the other hand, when you own your own home, you don't have to wait for the landlord to take care of something. You can deal with maintenance issues and repairs on your own time. There are advantages and disadvantages to both renting and buying, and it's up to you to weigh the pros and cons to make a decision that best fits your particular situation.

3. Financially, Buying Would Be Difficult. 

For some people, buying a home is just out of reach. While you could save money in the long run, purchasing a home comes with some upfront costs that some people just can't afford. If you're in this position, the best thing to do is start saving now. Each month, put some cash aside to start building up enough to make a downpayment and cover the upfront fees. Maybe for now it's best to rent, until you get your finances in order. Take a look where you're at 6 months to a year down the road and maybe then you'll be financially ready to take on homeownership.

While there are some benefits to renting, homeownership is something to consider. If you're done spending money on rent and having nothing to show for it, give your Lake of the Ozarks mortgage lender a call at 573-746-7211. I'm here to help with all your Lake of the Ozarks home financing needs!

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Michael Lasson

Sr. Loan Officer

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

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