Renting VS. Buying: The Pros and Cons
Have you been renting from landlords for YEARS and are starting to consider buying a home for the first time? That is only natural. The desire to be a homeowner in America is very real, but it's not always realistic, depending on your current financial situation. The best way to find our if buying a home is the right move for you, is to visit with an experienced mortgage lender in Lake Ozark today and get your questions answered. You can reach MHQ - Mortgage Headquarters by calling us at 573-302-9990. In the meantime, keep reading this week's blog for the pros and cons of renting your home.
Renting VS. Buying: The Pros and Cons
RISK
When it comes to renting versus buying, there is a lot less risk when you choose to rent. However, it can be said there's a lot less reward when renting as well. When you rent a home, typically you are not liable for any household damages, such as the HVAC system breaking or roof damage. Those are examples of items that the landlord would typically have to repair and they can be very costly.
GOOD INVESTMENTS
If you are financially prepared to make a valuable investment, buying real estate right now is the way to go. The housing market at the Lake of the Ozarks is very hot right now and if you are able to financially do this, we encourage you to give us a call so we can look at your mortgage options. Investing in real estate at the Lake of the Ozarks can be very profitable. Renting at the Lake of the Ozarks can be very challenging. Affordable rentals can be very tough to find, especially if you have pets. If you're buying, you will likely have lots of interested renters if you do choose to rent out your home one day because of how difficult the housing crisis around here can be.
TAX SAVINGS
Find out how much someone currently renting can save in taxes this year if they decide to purchase a home. Check out our easy-to-use calculator on this HERE. Here's a couple of other calculators we offer to renters that may help in weighing the pros and cons of renting vs. buying.
- Rent vs. Buy - Factor in things such as interest, property taxes, tax savings, appreciation, opportunity costs, closing costs, and selling costs to see the real difference in renting versus buying.
- Renter Affordability - Based on your current rent, find out how much of a mortgage you could afford.
Ready To Be a Homeowner?
Give us a call today! We can go over your home loan options and make this process as easy as possible for you by returning your calls promptly and answering your questions honestly. We pride ourselves on offering phenomenal customer service and we are here for you. We can be reached at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements and mortgage tips.
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