Buying vs. Renting a Home

There is a constant debate on whether renting or buying a home is the smarter choice. The truth of the matter is that it depends on your unique situation. Are you ready to be a homeowner? Keep reading to learn about things to consider when debating between continuing to rent or buying a home at the Lake of the Ozarks.

Buying a Home

When thinking about purchasing a home at the Lake of the Ozarks, you’ll first want to consider your financial situation. Buying a home is one of the largest financial decisions you will ever make. While the monthly payment of your mortgage could easily be less than what you’re paying for rent, you need to include the added expenses of homeownership into your figures. When you own your own home, you are now in charge of home maintenance and repairs, and property insurance. Home maintenance costs are often underestimated by prospective home buyers. The advantage here, is that you are in control of who does the repairs and you don’t have to wait on action from a landlord. Another benefit of owning vs. renting is that homeowners can take a tax deduction on the mortgage interest. If you have money saved up for a down payment and it makes sense for you to buy, then building up some home equity instead of renting each month is a sound decision.

Renting a Home

If you’re not sure of the area you want to be in, if you love to travel and aren’t quite ready to settle down, then buying a home might not be the best decision for you at the moment. It’s much more difficult to pick up and move to a new place when you own a home. You would have to either sell the home or find a renter for it, which comes with more challenges. If you believe you’re going to be in a house for less than five years and you want to be able to sell it at a profit, most experts will say you’re better off continuing to rent. Buying tends to be better the longer you stay because the upfront fees are spread across many years. If you’re young and not sure where life will take you, you might consider waiting to purchase a home.

If you’re considering buying a home, talk to a local real estate agent at the Lake of the Ozarks, as well as a mortgage lender. Together, we can help you determine if homeownership is right for you. We can discuss the current market, take a look at what interest rates are available to you and determine what makes sense financially for you. At Devine & Associates, we would love the opportunity to help you make your dream of owning a home a reality. Give us a call today at 573-286-6216 to discuss your real estate needs and goals.

Where Your Best Interests and Our Best Efforts Meet!

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203 E. 10th St., Eldon, MO 65026
(573) 207-8407
213 N. Main St., Laurie, MO 65037
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