Benefits of Buying a Home vs. Renting

 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!

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

5 Benefits of Owning Your Own Home

Homeownership is part of the "American Dream." Owning a home means putting down roots and having a place that is all your own. Buying a home is one of the biggest investments you'll ever make, but it does come with its benefits. Keep reading to learn about some of benefits of owning your own home from your Lake of the Ozarks mortgage lender.

1. You Build Equity. 

One of the most obvious benefits of homeownership is that you are gaining equity. With each mortgage payment you make, a portion goes toward reducing the amount you owe on your loan, which increases your equity. In addition, as your home increases in value, it creates more equity for you. When you subtract the amount you owe on your home from the total value of your home, the amount leftover is your home equity, or the "dollar" value of your home that actually belongs to you.

2. You're Making an Investment. 

When you rent your home, you get little to no return on investment. Paying rent each month doesn't offer any return on investment beyond securing a place to live through the end of the month or lease. Unlike other investments, like a vehicle, a home is a purchase that appreciates over time. While home prices are cyclical, if you stay in your home for a long period of time, it could increase in value, giving you a substantial return on your investment.

3. You Receive Tax Benefits. 

Homeownership has some advantages when it comes tax time as well. The federal government encourages homeownership by offering tax incentives. The biggest one being, the option to deduct interest from your mortgage payments on your income tax return. Payments on private mortgage insurance and certain home-related purchases may also qualify for tax benefits.

4. You're Able to Make Modifications. 

When you own your own home, you have the freedom to do whatever you want to it. You can paint the walls whatever color you desire, alter the layout of the home and more! Renting doesn't usually come with a lot of options for modifying your living space to better suit your needs. Homeownership allows you to live life by your own rules. Plus, home improvements typically lead to increased home value.

5. You Save Money in the Long-Term. 

While there are upfront costs to purchasing a home at the Lake of the Ozarks, if you stay in the same place long enough, you'll most likely be saving money. In the majority of U.S. markets, owning a home is less expensive than paying rent. Consider a $1000 per month rent payment. Over 10 years, that adds up to $120,000 that you could be using to pay down a mortgage instead of handing it over to a landlord. That doesn't even factor in that rent prices are constantly rising. When you purchase a home, you can lock in your monthly payment for 30 years!

With interest rates still low, now is a great time to consider homeownership and start taking advantage of these benefits. Give me a call at 573-746-7211 to discuss your Lake of the Ozarks home financing needs today! As your Lake of the Ozarks mortgage lender, I'll be here to work with you every step of the way, from the pre-approval to the closing and beyond.

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

Owning vs Renting Your Home

Is it better to buy your home or rent one? This question is one that gets asked a lot. While the answer depends on a variety of factors, buying a home at the Lake of the Ozarks definitely has its benefits. Keep reading to learn more about the benefits of homeownership that should be considered before choosing to rent instead of buy.

Benefits of Owning a Home

Just like with anything, there are pros and cons to owning a home. However, don't disregard the idea before getting all the facts. It could be worth your time to discuss the possibility of owning your own home with a mortgage professional at the Lake of the Ozarks. Below are some of the common benefits of homeownership.

1. Protection from Rising Rent. 

Rent prices continue to rise year after year. In some areas of the country, your monthly mortgage payment could actually be less than what you're currently paying in rent. When you choose to purchase a home, you have the ability to lock in your interest rate and pay the same amount every month for the next 30 years. When you rent, you never know what your rent could increase to the next time your lease is up for renewal. Use our online calculator to compare the estimated costs of buying vs renting a home: https://fsbfinancial.com/calculators-and-forms/.

2. Building Equity. 

When you rent your home, you're essentially paying someone else's mortgage. When you own your home, you are building equity. When it's all said and done, you have something to show for all those monthly payments you've made. You can continue to live in that home or turn around and sell it. The economic stability associated with managing a mortgage, along with the equity you're building in your home, are two of the biggest financial reasons to buy instead of rent.

3. Tax Advantages. 

Another benefit of homeownership is the tax advantages. While things are constantly changing with the tax laws, there are significant tax advantages to homeownership, such as property tax deductions. Over time this, coupled with the equity you're building, will add up to significant savings.

4. Making It Your Own. 

One of the biggest complaints about renting is that you aren't able to make the space you're own. The owner of the property, whether an individual or a management company, will most likely have some guidelines in place for what you can and cannot do. For example, you may not be able to paint the walls a color you desire, knock out a wall to make more space, or add on a deck to enjoy the outdoor space. When you own your own home, you have the freedom to do whatever you want with it.

Buying a Home at the Lake of the Ozarks

For some people, the concept of owning their own home seems just out of reach. The reality is that there are a lot of misconceptions about buying a home at the Lake of the Ozarks. A variety of programs are available to help first-time home buyers get into a home with lower down payments than were required in the past. The true answer to the question on whether buying or renting is the better option depends on your personal situation and needs.

If you see the benefits of homeownership and are considering purchasing a home at the Lake of the Ozarks, give us a call at 573-746-7211 today. As your Lake of the Ozarks mortgage lender, I'm here to work with you every step of the way. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. For all your Lake of the Ozarks home financing needs, trust our team!

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

Should Newlyweds Buy or Rent?

Whether you recently got married or you're preparing to take that walk down the aisle, there are probably a lot of things on your mind. You have a lot of decisions to make, and now you have to make them with someone else. One of those decisions is where you're going to live. In today's blog, your Lake of the Ozarks mortgage lender discusses the topic of homeownership for newlyweds. Is renting or buying right for you?

Renting vs. Buying 

The answer to the question, "Should Newlyweds Buy or Rent?" is not black and white. The answer depends on your specific situations. There are a lot of considerations to take into account when choosing whether buying or renting is the best option for you. Take some time to evaluate your finances, your career aspirations, etc. Below, we will take a look at a few of the pros and cons of renting vs. buying as newlyweds.

Renting 

Several factors could make renting a preferable options for you. Let's take a look at some of the pros to renting a home rather than buying:

• Lower Up-Front Costs: You've just spent a ton of money on a beautiful wedding, and now you have to think about the amount of money you need to purchase a home. Buying a home means spending several thousand on a downpayment, closing costs, agent's commission, attorney's fees and more, whereas renting typically just requires first and last month's rent. If you're still thinking about how you're going to pay off your wedding/honeymoon, then adding another large debt to the mix might not be the best choice at this point in time. 
• Less Maintenance & Upkeep: When you rent, your landlord takes care of any maintenance and repair issues that arise. When you own a home, you are now responsible for taking care of everything. When it comes to upkeep, renting could be more favorable. 
• No Strings Attached: According to the U.S. Census Bureau, after age 18, the typical American can expect to move 9 times. This is where your career aspirations and life goals come into consideration. Where are you in your career? Where is your spouse? Is there a possibility you could move in the near future due to a career advancement or change? Or do you plan to stay in the same area for awhile? If you or your spouse happen to get a new job in a new state, getting out of a lease is much easier than trying to sell a house. 

Buying 

While there are some benefits to renting, as mentioned above, there are also a lot of great reasons to start your new life together in your own home. Let's take a look at some of the pros to buying rather than renting:

• Build More Wealth: When you buy a home, you are building equity. Homeowners are making an investment, whereas renters pay money each month with nothing to show for it when it comes time to move. Even if you choose to move before you're mortgage is paid off, you still have that equity that you've built up.
• More Economical: For couples that plan to stay in the same area for several years, buying a house is typically considered the more affordable option. Often times you can purchase a house with a mortgage payment less than what you'd be paying for rent. Ownership is a much better value than renting in just about every U.S. housing market.
• Great Market: The housing market has made a comeback and now is a great time to purchase a home. The market is relatively stable, home prices have reached realistic levels and mortgage rates are at historic lows. The current market is great for couples thinking about becoming homeowners. 

If you and your new spouse are thinking about buying a home at the Lake of the Ozarks, give me a call at 573-746-7211 today. When it comes to your Lake of the Ozarks home financing needs, I'm committed to working with you every step of the way. We can discuss the pros and cons together to decide if homeownership is the best option for you!

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

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.

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!

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

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

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.