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

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