Should I buy or rent in Lake Havasu?

Real Estate

A common question that is often asked of realtors is if a person should buy a home or rent.  Of course there are all of the obvious benefits to owning your home, coming in the form of privacy and the ability to modify the space however you would like, but what people are generally speaking about is if they should buy a home or rent one based on the conditions of the market.  What they are usually asking if it is a good investment to purchase a home in a specific area or if it would be better to wait a while.  In Lake Havasu, the answer is always that it is better to own your home than to rent it, specifically because of the sheer volume of tourists that come to the area each year.

Renting a home in Lake Havasu is generally pretty expensive if you are going to rent during the tourist season which lasts from December until March.  During that time frame, there is a huge influx of people who come to town in order to escape the cold winters of their home states, and as a result there is a shortage of properties that they can rent.  Any time there are shortages, or more people wanting to rent than there are available properties, then the landlords are able to charge higher prices than at the times of year when there are more properties available than those who are looking.  These rent increases during tourist season are difficult to justify by those who live here full time, who are in need of a home for the entire year instead of just during the tourist season.  If someone is planning on staying in Lake Havasu permanently, it is always cheaper to actually purchase the home you want to live in.

The Lake Havasu market is appreciating, and has been for some time now.  The amount of people purchasing homes in the area is larger than the amount of new constructions, which drives up the prices that are paid for every new purchase.  While this would be a problem for some who are unfamiliar with the Lake Havasu market, you can find confidence in the fact that with appreciation comes the ability to sell for more than you purchased for.  This equity that comes with the natural appreciation of real estate in our area makes purchasing a home in Lake Havasu a good investment for the future, while at the same time giving you all of the benefits of owning your own home.  Contact us today to find out about homes that are available in the Lake Havasu area.