Thinking Of Renting? 6 Reasons Why You Should Buy Instead

What are your plans for 2016? If you are planning to relocate for work, move out on your own for the first time, or switch residences to accommodate a growing family, you'll be faced with an important decision: should you buy or rent your next home?

If you are leaning towards renting, you may wish to reconsider. Here are six reasons why Arrowhead Title, Inc. thinks you may be better off buying a home of your own.

1. You Can Avoid Rising Rent Costs
Rent costs have been steadily rising over the last several year, and experts expect that they will increase significantly again in 2016. If you get a fixed-rate mortgage, you don't ever have to worry about your payments increasing. Being able to count on your mortgage payment greatly reduces stress and makes it easier to plan your budget.

2. You Can Design Your Own Space
As a renter, you are limited as to what you can do to your home. You have to get your landlord's approval before you can repaint, remodel, or perform any other form of home improvement project. As a homeowner, on the other hand, the only people you have to get approval from are the family members who share your home. You can feel free to customize your space as you would like.

3. Your Self-Confidence Will Increase
Believe it or not, buying a house at the Lake of the Ozarks offers an amazing boost in self-confidence. There is a unique sense of pride and accomplishment that comes with owning and maintaining your own home. This increased self-confidence motivates many homeowners to perform better at work and take better care of their families, and generally greatly improves quality of life.

4. You Can Choose Whom To Share Your Home With
Many landlords have strict regulations regarding who can occupy the space. You may not be allowed to house any long-term guests, for example, and you may not be permitted to have certain types or a certain number of pets. Some neighborhoods and homeowners associations restrict the number of pets you are allowed to have, but in many cases, homeowners do not have to ask anyone for permission before opening their homes to more people or pets.

5. You Are Investing In Your Future
When you write your monthly rent check, you send it off to your landlord and never see a single penny of it again. When you pay your mortgage, on the other hand, a portion of it comes back to you in the form of home equity. This equity can become a valuable asset. For example, you can use it to take out a second mortgage to fund a child's college education or major home improvement projects.

6. You Can Get Something Back When You Move
As the renter, the only thing you get back when your lease is up is your deposit (assuming you treated the property well). As a homeowner, however, you can get significantly more than that. The funds from your sale will have to go towards paying off the outstanding balance on your mortgage loan first, but after that you can use it for whatever you want. A down payment on your next home, retirement, an RV to travel the country... the sky is the limit!

Buying A Home May Be The Best Decision You Ever Make
The rewards of homeownership go on and on. (See our previous blog about the advantages of owning your own home.) If you are thinking about buying a house at the Lake of the Ozarks, we hope you'll keep us in mind as your title company in Lake Ozark MO. We will do everything we can to ensure that your investment and right to use and occupy the land is protected. We look forward to working with you!

The Lake of the Ozarks' Most Trusted Title Company

Where Accuracy Matters!

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750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 6504


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