Renting VS. Buying a Home on Lake Nacimiento

Buying a home on Lake Nacimiento has proven to be a savvy financial investment for many who enjoy living or vacationing in the communities of Oak Shores or Heritage Ranch.  This spring season has had the Lake Nacimiento Real Estate market buzzing with activity!  New homes are finding their way onto the market each week and buyers have been actively searching for their dream home on Lake Nacimiento just in time for the summer season.

Yet, there are those who are still somewhat leery of jumping into the Lake Nacimiento Real Estate.  They fear that, although prices are low now, that they’ll continue to drop and they’ll end up losing money in the long run.  They feel that renting a Lake Nacimiento home is the better option.

However, there are a few substantial reasons as to why buying a Lake Nacimiento home is proving to be the smarter financial decision.  Take a look at these top four reasons for buying, instead of renting, a home on Lake Nacimiento.

1. Rent is Rising– Due to the foreclosure crisis, many homeowners are being forced to rent, which is causing rental prices to rise.  Homeowners who have lost their homes and those who live in a foreclosure ridden area feel the need to rent instead of buy.  The lending restrictions for buying a home are also causing many to turn to renting.  In turn, the renting market is seeing this surge or those who want to rent and are raising their prices.

Because of the rising rent and lower home prices, it seems only reasonable to buy a home instead of renting.  However, a long term plan is necessary to reduce the risk of buying, especially in a heavy foreclosure area.

2. Mortgage Rates are Rising– We all are aware that interest rates have been historically low for the past few years, and with homes prices reflecting affordability for many, it has been a great time for home buyers.  While home prices will most likely not be going up anytime soon, mortgage rates are on the rise.

Real Estate writer Tara- Nicholle Nelson notes that, “Rates have been on a rollercoaster over the past few months, and with inflation and Fed rates set to spike later this year, today’s low interest rates might be as good as they’re going to get for a long time to come.  And I mean a very long time – in the next few years, governmental intervention in the mortgage markets is likely to wind down, and that means higher mortgage interest rates are not only inevitable, they’ll probably be here for a long, long time.”  Bottom line?  Now would be a great time to cash in on the low interest rates!

3. Your Future Seems Stable– Because buying a home is such a huge financial and life decision, you don’t want to simply look at the market for your “go ahead” to buy a home.  If you see that your financials and job is secure, as much as you can foresee, that’s when you’ll want to consider buying a home.  Many lenders are requiring that you’ve been in your current job for at least two years, and you’ll want to consider your long term plans.  Before buying ask yourself if you can realistically see yourself in that home for the next 7-10 years as anything less may be a gamble with your return on investment.

4. Predict the Home You’ll Need Long Term– Again, the key in buying a home is thinking far into the future.  Gone are the days of buying a home for a few years then selling because you’ve “grown out of it” or simply want to “buy up.”  You’ll want to predict the Lake Nacimiento home that you’ll want to be in for the next 5-10 years.  This will help ensure you’re happy with your Lake Nacimiento home purchase for years to come!

I hope these tips will help you determine if buying a Lake Nacimiento home is right for you!  Buying a home on Lake Nacimiento, whether as a permanent residence or a vacation home, is a great investment because of its desirable location!  While you will want to consider your long term plans, there are also many people who are searching for lake front homes and who will look at Lake Nacimiento homes as their #1 choice!

If you have questions about buying a home on Lake Nacimiento in the Oak Shores or Heritage Ranch communities, please let me know and I would be happy to talk with you about the Lake Nacimeinto Real Estate market and your home buying needs.  I look forward to hearing from you!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

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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.

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