6 Perks of Homeownership You Could Be Missing by Renting

Oftentimes, people believe that for many reasons, renting is more affordable than owning a home at the Lake of the Ozarks. They're under the impression that it's a good idea to rent a home for a few years before taking the plunge into buying a home of their own. And for some, this may be what feels like their only option due to financial reasons. But for many, this mindset is simply something that's been conditioned due to lack of information given.

The truth is, while there are some benefits to renting for some people, renting comes with a unique set of challenges and disadvantages. All of which can be avoided by purchasing property outright. Fran Campbell Team is here to help educate you on the perks you could be missing out on when you choose renting versus owning your own home.

1. No Restrictions of Use
One of the best things about owning your own home, is that you can do what you want with the property without a landlord's consent. No more asking if you can paint or hang pictures on the walls. No more getting permission to install a privacy fence or worrying about what you'll do with it when it's time to move. 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 can park your hard-earned RV on the property premises. Aside from potential subdivision or HOA regulations, all of these restrictions become obsolete when you own the property, because you make the call!

2. Tangible Long-Term Benefits
Typically, when improvements are made upon a home, it's a good thing, right? Home improvements = more equity. But what if those home improvements you're making are leading to someone else's bottom line? If you're renting property that's become a home to you and your family, and you've been there for years, it's only natural to want to make some changes and/or updates to it. 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're essentially improving your landlord's property. That means you're sinking money into your landlord's investment from the improvements you make. Rather than creating equity for yourself, you're putting more money into your landlord's pocket. As a homeowner, those updates and improvements could lead to a healthier financial future for YOU!

3. Growth in YOUR Equity
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've put money into another owner's pockets, and helped improve their equity, but you won't reap any of the financial benefits or get anything back after you move. As a homeowner, growth in equity means more money in YOUR pocket, instead of someone else's, if you decide to sell.

4. Your Mortgage is Fixed
If you buy your own home at the Lake of the Ozarks, you will be able to lock in a fixed monthly mortgage payment that will not increase over time. This will provide some peace of mind, knowing that you can confidently budget monthly expenses and plan ahead for vacations, new purchases, or emergencies. However, 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. When it comes time to renew your lease, you're at the mercy of the property owner when it comes to rental rates, and if you don't agree with a rent increase, then you're stuck looking for a new place to live. Having the security of knowing that your mortgage rate will not increase for the term of your loan can bring peace of mind you didn't know you needed.

5. A Feeling of Security and Stability
If you're renting, ultimately, you're 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. So, rather than wondering if the day will come when your landlord decides to the sell the property from underneath you, owning can alleviate that worry and ensure security for as long as you choose to own the property.

6. Either Way, You're Still Paying a Mortgage
Many renters may not think about this, but they are still making monthly mortgage payments (oftentimes, more!) - 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?

Contact Fran Campbell Team To Help You Become A Proud Homeowner!
If you're ready to take the next step in making your homeownership dreams come true, it's time to take matters into your own hands. Now's the time to talk to the professionals who know the market, and can connect you with the financial gurus who can help you get where you need to be to get approved for a home loan. With interest rates at an all-time low, 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 get your home SOLD!


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