5 Reasons BUYING is Better than Renting

Buying a home is a big step but in many cases, it's the best option! Renting has a few perks but the benefits of homeownership usually outweigh them. Our Lake of the Ozarks mortgage lender gets asked about the benefits of buying a home at the Lake of the Ozarks versus renting. And that's just what we're dedicating our blog to answer this week. Check out the top 5 reasons Team Lasson believes buying is more superior to renting. 

1. Long Term Investment

Real estate is typically a solid investment. Over time, the worth of your home may increase, therefore offering you a great return on your investment. A mortgage is typically a 30 year loan, although many buyers don't stay in their first home for that long -- it's still important to think long term when investing in a home. 

2. Predictable Monthly Payment

Rent payments can change with little notice and typically increase year after year. The monthly payment your lender quotes you is usually what you can expect to pay on your home until your property is paid off. This number may fluctuate a little as your homeowners' insurance and other factors can impact your monthly payment, but you can usually plan your budget well in advance as to what your mortgage payment will be each month. This helps when budgeting and planning for future financial goals. 

3. Provide a Stable Environment

Having a solid home base can provide a sense of security. Get out of the yearly cycle of finding a different place to rent and plant your roots in a home. Moving frequently can be exhausting and quite frankly, a big added expense. Provide yourself and your family with a stable environment when you purchase vs rent. 

4. Create Your Own Space

Many first-time buyers are excited to be able to make their house a home. You can paint the walls any color you'd like, hang pictures and decor on the walls without the worry of getting a deposit back, and make exterior changes to make the home yours. There are so many avenues to get your creative energy out and to put your own personal stamp on your space!

5. Personally Rewarding

Buying a home is a big accomplishment and something you should be very proud of. Give yourself the opportunity to show pride in what you are able to do and provide for your family! It really is a rewarding feeling to be a homeowner.

Whether you're particularly excited to experience one of these homeownership perks or you're excited for them all, allow our Osage Beach mortgage lender the honor of helping you become a homeowner at the Lake of the Ozarks! Our team of experienced lenders can walk you through the steps of getting preapproved for a home loan at the Lake of the Ozarks. Call (573) 746-7211 or visit our website at www.yourlakeloan.com for more information.

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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 Reasons to Consider Buying a Home Today

The decision to purchase a home is one of the biggest decisions you'll ever make in your lifetime. As a mortgage professional at the Lake of the Ozarks, I'm here to help prospective homeowners by answering all of their questions. In today's blog, we discuss some of the reasons why you should consider buying a home. Do any of these benefits sound appealing to you?

1. To Avoid Rising Rent Prices. 

Areas across the country have seen a gradual increase in rent prices. In many cases, a mortgage payment would be less than your monthly rent payment. While there are other expenses to consider, like homeowners insurance, real estate taxes and maintenance costs, it might be time to consider purchasing a home instead of continuing to rent. If you are financially and emotionally ready, owning your own home offers a lot of great benefits.

2. To Build Equity.

When you're renting your home, you're helping someone else build equity, but when you own your home, you're building equity for yourself. Purchasing a home at the Lake of the Ozarks is an investment. The great thing about investing in real estate is that homes tend to increase in value over time. In addition, you can use that equity to your advantage in the future; for example, to upgrade your home, use for educational or medical expenses or put towards retirement if/when you downsize.

3. To Get a Tax Break.

While the new tax code is changing a few things, there are still great tax benefits available for homeowners. During the first few years, your Lake of the Ozarks mortgage payment will mostly apply to interest on the loan. You can deduct a percentage of that mortgage interest from your taxes, reducing the overall tax liability you have to pay each year. Who doesn't love the thought of paying less taxes?

4. To Gain Stability.

At a certain point in life, people start seeking stability. Newlyweds or those couples looking to start a family are good examples of people seeking more stability in their lives. Owning your own home gives you a sense of stability that you may be missing. You can select the neighborhood to raise your children in, schools they will attend and you can start getting a sense of community. Therefore, it's important to think about those aspects when purchasing a home.

5. To Take Advantage of Low Interest Rates. 

While we're likely to see some big changes in the economy in the coming year, mortgage rates currently remain quite low. If you've been considering buying a home at the Lake of the Ozarks, now's the time to do so, before we start to see those rates rise again.

If you're ready to take the next step toward homeownership, give me a call at 573-746-7211! As your Lake of the Ozarks mortgage lender, I'm here to help 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 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.

Buying a Home vs. Renting One

Since the financial crisis in 2008, prospective homeowners are looking more closely at the costs and benefits buying a home. However, the drive to become a homeowner is still very strong. While homeownership may make sense financially, there are an assortment of social and family reasons that also come into play. When deciding whether or not homeownership is right for you, consider these points:

REASONS TO BUY

1. Equity 

When you're renting, you are helping your landlord gain equity in the property. On the other hand, if you have a mortgage at the Lake of the Ozarks, you're increasing your own equity.  If you intend to stay in the same home for at least 5-7 years, the costs of purchasing it are more likely to be offset by accrued equity and increase housing value. Plus, you can refinance your home mortgage if more favorable rates become available.

2. Tax Deductions

When tax times rolls around, owning your own home has its benefits. You can deduct both mortgage interest, as well as your property taxes. Also, if you work from home you may be eligible to take deductions for a home office and portions of utilities. 

3. Freedom

When you own your own home, you have the freedom to do whatever you wish to it. You can hang as many photos on the walls as you want. You can paint the walls any colors that you want. You can even remodel an entire room, knocking down walls and installing new appliances. You don't have to ask your landlord's permission before making changes to your space.

4. Maintenance

Maintenance can be considered both a pro and a con when it comes to owning your own home. On the one hand, you have the freedom of fixing the issue yourself or hiring a family friend if you want. If you're renting, the landlord makes the decision on who fixes it and its on their terms. You may have to pay a monthly fee for maintenance work when you rent, but when you own your own home you have to pay for any and all maintenance issues that arise.

REASONS TO RENT

1. Flexibility 

Do you know where you want to live on a long-term basis? Renting allows you to "try out" an area before committing to it. Unless you are certain about where you want to live, you might want to take some time to research and discover the area.  Once you've experienced living there on a temporary basis, you can make a better decision about committing to homeownership there.

2. Uncertainty 

There's a lot of uncertainty in our world today. If you think you might need to move in the near future, maybe for career or other reasons, you might want to rent. Income changes can also affect your ability to borrow, as well as impact your ability to pay your mortgage payments. Buying ties you down both physically and financially. 

3. Utilities

In many cases, your landlord will include your utilities with your monthly rent. Water, sewer and garbage are most commonly included. However, some places even have deals where electricity, cable and internet are also provided in your monthly fees. When you own your own home, you have to pay for all those expenses, meaning you're responsible for getting those bills paid on time. 

As you can see, there are many pros and cons to both renting and buying. The decision on which is actually better completely depends on your personal situation and needs. If you're considering purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211. As your Lake of the Ozarks mortgage lender, I will run through the numbers with you and help you make the right decision about a new home purchase.

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. Residential Mortgage Lender

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.