1. You Could Save Money
Renting is not the money-saving tactic it once was. As rent prices continue to skyrocket, mortgage interest rates continue to hover around all-time lows. Rates like these allow buyers with decent credit to secure remarkably affordable monthly mortgage payments. In most cases, the rent payment for a home or duplex is significantly higher than the mortgage payment would be for the same property. This is because renters are still paying for a mortgage - just not their mortgage. The landlords are using their rent check to cover the mortgage payment, along with any necessary repairs (and, of course, a little profit for themselves).
2. You Can Trust In Your Stable Home Environment
As a renter, you are at your landlord's mercy. Though you will most likely have a lease agreement, there is no guarantee that your landlord won't find a loophole that allows them to require you to vacate the premises sooner than you expected. For example, they could decide to sell their home. With the exception of a bank foreclosure, no one can demand that homeowners leave the property. This added sense of stability works wonders for the mental and emotional well-being of both the homeowners and (if applicable) their children.
3. You Don't Have To Wait On Someone Else To Take Care Of Things
As a renter, what do you do when something breaks in your home? You call the landlord and alert them of the issue, and then sit back hope they remember to do something about it. While some landlords are fantastic and respond to their tenants' issues immediately, many have an "out of sight, out of mind" mentality when it comes to their properties. As the owner of your own home, you can finally handle all necessary repairs yourself without having to wait on someone else to make the decisions for you.
4. You Get Extra Tax Deductions
Homeowners get to enjoy several unique tax breaks. For example, homeowners are allowed to deduct all of the money paid in interest for their mortgage payment. In some cases, they can deduct the mortgage interest paid on their second home as well. Homeowners may also be able to deduct some of the other costs of homeownership, such as certain upgrades that improve the energy-efficiency of their home.
5. You Can Do What You Want With The Property
Are you tired of the same boring beige walls? Sick of maneuvering your way around a tiny master bathroom? Ready to experiment with some new flooring? As the owner of your own home, you can make any changes to your property any time you want. You don't have to wait and ask for your property owner's permission to move forward, because you are the property owner.
6. When You're Ready To Move, You Can Sell Your Home
As a renter, it doesn't matter how long you've lived in your home - when it comes time to move, you'll pick up and relocate without anything to show for it. All of the money you spent on rent for the last months/years will be gone, and you won't get anything back except for your deposit. As a homeowner, on the other hand, you'll be able to sell your home to another buyer. At the very least, you should be able to break even - and hopefully, you'll be able to sell it for more than you originally paid for it!
Convinced? Contact Eagle's Nest Realty To Help You Buy A Home At The Lake!
Don't sell yourself short by choosing to rent simply because you assume you have to. With interest rates still hovering near historic lows, homeownership has never been more affordable. Our Lake of the Ozarks real estate agents strongly encourage you to talk to a mortgage lender to determine whether or not you may be in a position to buy. We can help you when you are ready to move forward and look at some of the available homes for sale at the Lake of the Ozarks!
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