6 Downsides of Renting

By MSW -
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 downsides. 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. 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 are renting, 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, 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. However, 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. 

5. You May Be Asked To Vacate The Property

If you are 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. On the other hand, if you own your own home, 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 do not get any long-term benefits out of it. Your landlord is able to use your payment to build equity in the home. If you are paying for a mortgage either way, why not buy your own home and be able to reap some of the benefits for yourself?

Tired of Renting? Contact Fran Campbell Team!

Are you tired of throwing your money away each month? Start investing in yourself and buy a home at the Lake of the Ozarks! Contact our real estate team at the Lake of the Ozarks, Fran Campbell Team, and let's make you a proud homeowner. We are ready to start searching for you next home, just give us a call when you are ready to start investing in your first home.

Contact the Fran Campbell Team to get your home SOLD!

Location: Lake of the Ozarks, Missouri, USA

Comments

Post a Comment

Popular posts from this blog

Declutter Your Home Like a Pro!

By MSW -
Image
Once you decide that it's time to  sell your home at the Lake of the Ozarks , one of the first things you will need to do is get your home ready to show to your potential buyers. You won't want to wait until after you put your home on the market to start cleaning and getting your home organized because you could have showings right away. Clutter and an unorganized house will put off your buyers because it's hard to focus on the unique features of your home when you have clutter everywhere. Not sure where to start on decluttering your home? Read on for some expert tips from the  Fran Campbell Team ! Set Goals The thought of decluttering your home can be overwhelming. Where do you even start? Making a plan and setting goals will help you stay focused and be efficient in decluttering your home. Start with a list or map of all the rooms and specific areas that need tackling. Then prioritize them by which area needs the most work. Set goals for when you want each area completed
Read more

5 Kitchen Upgrades that'll Improve Your Home's Value & Marketability!

By MSW -
Image
Are you thinking about  selling your Lake of the Ozarks home  in the near future? If you are, have you thought about making a few updates before you list? Sometimes the difference between selling your home quickly and not is making a few updates to appeal to your modern buyer. A great room to start in is your kitchen! The kitchen is generally one of the most criticized rooms and today, our team of  real estate agents at the Lake of the Ozarks  have a few suggestions for things to consider updating in your kitchen that could increase the value and draw in more potential buyers. 1. Backsplash A tile backsplash is all the rage right now. "Backsplash" refers to tiling the area of the wall above the countertop and below the cabinets above it. Modern kitchens use the backsplash to bring out certain colors in the decor scheme and accent surrounding features. Feel free to make your backsplash the color of your counters, your cabinets, your walls, your floors, or a unique collage mixi
Read more

Fran Campbell Team Attends RE/MAX Mid-States Success Celebration!

By -
Image
Fran Campbell Johnson, RE/MAX Lake of the Ozarks, was honored at the RE/MAX Mid-States Success Celebration in Kansas City on February 26, 2009, with the Platinum Club Award for 2008. The award honors successful agents who have earned at least $250,000 in commissions in the past year. In 2008, only 4% of the RE/MAX network achieved this prestigious award. The RE/MAX Mid-States Region is comprised of Arkansas, Kansas, Western Missouri, and Oklahoma and currently has 1,964 active realtors. On March 5, 2008, at the RE/MAX International Convention held in Las Vegas, NV, Fran was also honored with the “RE/MAX Hall of Fame Award” during the “Night of the Stars” Awards Ceremony. The “Hall of Fame Award”, which honors successful agents who have earned more than $1 million in commissions during their careers with the company. Fran Campbell Johnson has been working in the real estate industry for more than 20 years and joined RE/MAX Lake of the Ozarks in May of 2004. Winning these awards are a tr
Read more