FACT VS FICTION - Owning Your Own Home

By Fran Campbell - December 17, 2015

Homeownership has forever been an integral part of the American Dream. There is a unique sense of pride and fulfillment that comes from knowing you have a home of your own, a place where you and your family have the authority to make all the important decisions. That being said, owning your own home also comes with a great deal of responsibility, and it's important to make sure you and your partner are ready to take on the responsibility.

This week, Fran Campbell Team is here to help differentiate the fact from the fiction about owning your own home, so you can decide whether or not you are ready to take this step.

FICTION: After I Move Into My New Home, I'll Make A Few Upgrades And Be All Set!
FACT: You Will ALWAYS Have Something On Your Home's "To-Do List."
Most homebuyers have a list of changes they want to make to their new home after they move in. Tackling this list is an important step in celebrating your new status as a homeowner, but it's important not to delude yourself into thinking that once you complete everything on the list, you will be finished working on your home. The truth is that, as a homeowner, there will always be another thing on your to-do list! The flooring downstairs needs to be upgraded, the landscaping out front could use a little work, the driveway needs resurfacing... there is always something else you could do to improve your home. This isn't a bad thing, though! By continually working on your home, you stand a good chance of eventually selling it for more than you paid for it.

FICTION: Your Home Should Reflect Your Current Position In Life.
FACT: Your Home Should Reflect Where You Are Headed.
First-time home buyers often make the mistake of searching for homes that match where they currently are in their lives. If they don't have children, for example, they may not think about how kid-friendly their new home needs to be. However, they will ideally live in their chosen homes for many years, and could easily have children while still living there. When you're choosing which home to purchase, then, it's important to imagine where your life may take you in the foreseeable future. Everything you do with your home should reflect where you see yourself heading.

FICTION: Owning Your Own Home Is More Expensive Than Renting.
FACT: Owning Your Own Home Is Often Just As (If Not More) Affordable Than Renting.
Unfortunately, hundreds of would-be buyers continue to rent every year because they assume that they are not in a financial position to buy a house at the Lake of the Ozarks. The reality is that buying a house is often just as (if not more) affordable as renting. The monthly mortgage payment on a 2,500 sq ft home will typically be much lower than the monthly rent payment would be for the same property, and the days of having to have a 20% down payment are long gone. If you would like to buy a house, we encourage you to talk with one of our Lake of the Ozarks real estate agents to get a clear picture of what options are truly available to you.

For More Information About Owning A Home At The Lake, Contact Fran Campbell Team!

Owning your own home at the Lake of the Ozarks is a truly rewarding experience - one that we hope everyone gets the chance to experience at some point in their lifetime. If you would like more information about buying waterfront homes at the Lake of the Ozarks or a private condominium, don't hesitate to reach out to us. We would be honored to work with you!

Contact the Fran Campbell Team to schedule a showing!