The long-standing question, "Is it better to buy a home or rent one?" We get asked this one quite often. While there is no definitive answer, as it depends on a variety of your situational factors, buying a home at Lake of the Ozarks certainly has its benefits. Team Lasson is here today to provide some insight into the benefits of homeownership that should be considered when deciding whether to buy or rent. Read on to learn more!
Building Equity
When you rent a home, you're essentially helping someone else pay their mortgage. However, when you own your own home, you are building equity. Owning your own home allows you the freedom to do as you please to the property, such as upgrades, remodels, and the like. You'll also be able to retain the value of these changes to the home over the years and even recoup some of the costs should you sell. The economic stability and equity established over the years are great benefits to own a home vs. renting, from a financial standpoint.
Tax Advantages
Homeownership also comes with some tax advantages. While things are ever-changing in the world of tax laws, there are substantial tax advantages to owning a home. Some advantages include deductions for property tax, mortgage interest, points, private mortgage insurance, and sale of the home. Yet another financially beneficial reason to own a home over renting.
Protection from Rising Rent
When you rent, you're always subject to rising rent, year after year. However, in some areas of the country, the cost of your monthly mortgage payment could be less than what you're paying in rent, even after taxes and insurance are added. When you purchase a home, you'll have the opportunity to lock in your interest rate, ensuring that your payment will not be changing through the life of the loan.
Low Fixed-Rate Mortgages
As mentioned above, low fixed-rate mortgages are available to qualified borrowers when they obtain a mortgage loan. Ensuring that you have a fixed rate allows you to have control over your budget and peace of mind knowing that your mortgage payments will not increase year after year.
We hope that you have found your read enjoyable and educational. If you've been on the fence about buying vs. renting, we encourage you to contact your premier mortgage professional at Lake of the Ozarks, Team Lasson. We offer a variety of homebuying programs that can assist first-time homebuyers in obtaining a mortgage, as well as other lower down payment programs for qualified borrowers. So, if you're ready to obtain a mortgage at Lake of the Ozarks, our team is readily available, just give us a call at (573) 746-7211 or visit our website www.yourlakeloan.com. We can't wait to help your dreams of homeownership become a reality!
4655 B Osage Beach Parkway
**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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