Couples and individuals all over the country face this sometimes difficult decision every day. Both buying and renting have enticing advantages that make them compelling options, but which one is right for you and your lifestyle? Your friends at Eagle's Nest Realty, Inc. are here to help by evaluating some of the unique advantages of each.
Reasons To Rent Your Next Home
Increased Flexibility
If you are only planning on living at the Lake of the Ozarks for a short while, renting is almost definitely your best option. Rental leases typically range from one to two years. This shorter time frame gives you a place to stay now without locking you into anything long-term. When you are ready to move, you can simply choose to not renew your lease; you don't have to deal with the hassle of trying to sell your home at the Lake of the Ozarks.
No Maintenance Costs
As a renter, maintaining your home's fixtures and major appliances is not your responsibility. If the HVAC system quits working or your kitchen sink develops a leak, you can call your landlord and have him/her take care of it. Not being responsible for these continuous maintenance costs can save you a lot of money in the long run.
Saving Money
You might plan to buy a house at the Lake of the Ozarks eventually, but that does not necessarily mean that now is the right time to buy. Renting requires an initial deposit, but the deposit will be much lower than the down payment you would need to provide if you were buying. By biding your time and renting for a few years, you can save up to buy the home of your dreams.
Home Equity
Equity is one of the biggest advantages homeownership offers. "Equity" refers to the amount of the home you actually own; you can determine your amount of equity by taking your home's current market value minus the amount you still owe on your home loan. You can use your equity to take out a second mortgage or provide a bigger down payment on your next home.
Freedom
Buying a house might lock you into one location for a longer period of time, but many homeowners actually feel freer than they did when they were renting. As a homeowner, you are the one who gets to decide what color to paint your bedroom walls, how many pets you want to have, and whether or not to add decorative brick or stone to the front of your house. No one else gets to make those decisions for you!
Appreciation
In a growing economy (like the one here at the Lake), appreciation is almost unavoidable. As a homeowner, you can use this fact to your advantage. If you have your home for at least five years, chances are you will be able to sell your home for more money than you originally paid for it. In addition to giving you a stable place to live, then, owning your own home can actually help you make money.
Eagle's Nest Realty Can Help You With Both!
No matter whether you decide to buy or rent a house at the Lake of the Ozarks, the team at Eagle's Nest Realty is here to help. We have the experience you need to help you shop for, make an offer on, and negotiate the transaction of buying your very own home, but we also have insider information on some great long-term rental properties. Give us a call for more information!
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