6 Things They Don't Tell You About Renting

By Fran Campbell - February 19, 2015

Many people are told that renting is more affordable than owning your own home at the Lake of the Ozarks, and that it's a good idea to rent a home for a few years before taking the plunge and buying a home of your own. What they are not told, however, is that renting comes with a unique set of challenges and disadvantages that can be avoided by purchasing the property outright. Fran Campbell Team is here to help educate you on the downsides of renting versus owning your own home.

1. Renting Comes With Restrictions
When you are renting, you are subject to the restrictions placed on you by the property owner. Consequently, renters often find important decisions being made for them instead of by them. For instance, the property owner may place serious restrictions on the types of pets your allowed to have (if any) and whether or not you are allowed to raise children in the home.

2. Renting Does Not Have Any Long-Term Benefits
As a full-time resident of the home you rent, it is only natural to want to make some changes and/or updates to your home. If you're renting, though, your landlord may not allow you to make the changes you want. If you are allowed to make the updates, however, you are essentially improving your landlord's property - you will not receive any long-term benefits from the improvements you make.

3. You Don't Get Anything Back When You Move
Renting may seem like a cheaper option now, but what happens when you move? As a homeowner, you will at the very least get some of the money you spent on your mortgage payment back when you sell your home. At the very most, on the other hand, the value of your property will have gone up and you will actually make more money back than you originally spent on your home. As a renter, on the other hand, you will not get anything back after you move.

4. You Cannot Guard Against Potential Changes In The Cost Of Your Rent
Renting property is a business. Like all businesses, it is designed to create monetary profit for the owners and, consequently, will likely be subject to inflation. As a renter, you will have no control over annual adjustments to the cost of your rent as a result of inflation. If you buy your own home at the Lake of the Ozarks, however, you will be able to lock in a fixed monthly mortgage payment that will not increase over time.

5. You May Be Asked To Vacate The Property
If you're renting, you are not ultimately in control of your property. If you violate any aspect of your tenancy agreement, your landlord has a right to ask you to move out. This can create a feeling of uncertainty and instability for you and your family. If you own your own home, on the other hand, the only reason you would ever be forced to leave your home is if you default on your mortgage payments.

6. You're Still Paying A Mortgage
Many renters may not think about this, but they are still making monthly mortgage payments - without any of the benefits. Your monthly rent check covers your landlord's mortgage payment, but you don't get any long-term benefits out of it. Your landlord, on the other hand, is able to use your payment to build equity in the home. If you're paying for a mortgage either way, why not buy your own home and be able to reap some of the benefits for yourself?

Convinced? Contact Fran Campbell Team To Help You Become A Proud Homeowner!
It's time to take matters into your own hands and stop resigning yourselves to the negative aspects of renting. With interest rates at an all-time low and plenty of properties on the market at the Lake of the Ozarks, it's a great time to buy! Fran Campbell Team is ready to help you start your new home search. Give us a call to get started!

Contact the Fran Campbell Team to schedule a showing!