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
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.
