In my last blog post, I discussed reasons that people enjoy living or vacationing on Lake Nacimiento and why there is such a huge draw to our shores. And, while you may know that Oak Shores or Heritage Ranch on Lake Nacimiento is the right place for you, you may be debating on whether or not to buy or just rent out your dream home.
Of course, if you’re considering a Lake Nacimiento home as a vacation property, you have to determine how long you plan on visiting. If you’re simply looking at a week out of the year, renting will be the best option. However, if you’re looking at a few weeks out of the year and various weekends; using your vacation home as an investment property to rent out at other times throughout the year can be a great option. Also, if you’re planning on retiring on Lake Nacimiento or are considering relocating and selling your current home; buying will be the best option.
In the past few years, buyers have been leery of jumping into the real estate market as they saw a rise in foreclosure properties and a weakened market. Suddenly, renting seemed the best course of action. Yet, with rental costs increasing and the market improving; buying a Lake Nacimiento home is clearly the most financially sound option. Here are just a few of the reasons why buying is winning out over renting.
1. You can determine your homes’ energy efficiency– From adding insulation, to upgrading your air conditioner or hot water tank; you are in control of the energy efficiency of your home. Making these bigger changes, that you wouldn’t make in a renting situation, will save you money in the long run and will make you feel better about what you’re doing for the environment.
2. You can customize your space– This is an important part in making a house feel like a home. You don’t have to worry about paint colors, what you put on the walls, and even have the freedom to knock out walls to reconfigure a space! Owning a home means you have endless possibilities to make your Lake Nacimiento home exactly what you envision.
3. Homeowners buy less furniture– For the most part, homeowners will stay in a space longer than those who rent. Moving every few years means you’re constantly investing in new furniture for a place, whereas in owning a home; you can get the furniture that fits your space and feel comfortable with your decisions for years.
4. You know what you’ll be paying from year to year– Unlike rent, a fixed mortgage means your monthly payment won’t change. With inflation, rents oftentimes increase each year and you can get caught with paying more than you imagined. A fixed mortgage is great in allowing you to determine your yearly budget and stick to it.
5. Tax deductions are available for homeowners– While the main tax perk of owning a home is being able to deduct mortgage interest payments, there are other deductions available. For instance, eligible expenses such as energy efficient improvements, can provide an even greater tax benefit.
6. You can take advantage of currently low interest rates and prices– Last but certainly not least, the current home prices and low mortgage rates are a huge advantage of buying a Lake Nacimiento home now. According to real estate site, Trulia, overall rent prices rose by 5% while home prices lowered by .7%. With the market leaning heavily in the favor of buyers, now is the time to buy!
As a Lake Nacimiento Real Estate agent who is daily dealing with the ins and outs of the Lake Nacimiento Real Estate market; I can assure you that buying a home on Lake Nacimiento is a solid financial investment you’ll appreciate long term.
If you have further questions about renting versus buying a home, or would like to begin your Lake Nacimiento home search; please feel free to contact me today!
I look forward to working with you!
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!