Buying your own home is a big step and can definitely feel a bit unnerving, especially for first-time home buyers, but countless resources show that owning your own home is a much better option than renting. Here's a quick look at a few of the top reasons to own your own home.
1. Owning Your Home Helps You To Invest In Your Future
When you write that monthly check for rent, you're sending money off to someone else knowing that you will never see a penny of it again. When you make your monthly mortgage payment, however, you're putting money towards your biggest investment. Unlike your apartment, the money you spend on your home is still yours - and it can come back to you if/when you decide to sell your Lake of the Ozarks home in the future.
2. Owning Your Home Promises Stability
When you rent, you subject yourself to the whims and desires of your landlord. If you're renting a house, for instance, the homeowner could eventually decide to sell the property and not give you the opportunity to renew your lease when it is up. If you're renting an apartment, the property association may raise your rent payments in order to cover their new construction costs. When you own your own home, however, no one else has control over the property - and if you got a fixed mortgage payment, you can be confident that your payment is never going to increase.
As a homeowner, you are also more likely to stay in the home for several years. If you are raising children, this extra stability can be a great asset - children (especially young ones) manage much better in stable, consistent environments.
3. Owning Your Home Gives You Freedom
Are you tired of looking at the same dull wall color or the old, boring faucets in your master bathroom? Most apartment complexes have strict rules that restrict their tenants from repainting or making other changes the living space. As the owner of your home, however, no one else can place these types of restrictions on you. Want to paint your kitchen bright yellow? Want to splurge on beautiful hardwood flooring? No one can stop you!
It's very common for apartment or condominium complexes to have strict pet and smoking policies that limit (or altogether prohibit) their tenants' ability to own a pet or smoke in their homes. As a homeowner, you are the one who gets to choose whether or not you smoke and how many pets you wish to have in your home.
5. Owning Your Home Saves You Money
This may seem counter-intuitive, but more and more studies are showing that owning your own home is actually much cheaper than renting. You could own a 3,200 square-foot home at the Lake of the Ozarks and pay only $1,200 a month on your mortgage payment, but your rent payment for that same home could be as high as $1,400 or even $1,500. Not only is your monthly payment lower as homeowner, then - you're also spending that money on your own asset rather than someone else's.
Convinced? Contact The Property Shop @ The Lake To Find Your New Home Today!
Are you ready to buy your first home? The team at The Property Shop would love to help guide you through the process! Our team is comprised of several experienced real estate agents who have the knowledge and the expertise you need to find your dream home at the Lake of the Ozarks. We are excited to work with you!
The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049
(573) 693-1100
(573) 480-7760
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