7 Tips for Buying a House
When you begin thinking about buying a home at the Lake of the Ozarks, there are a few things that you can do that are in your best interest. When clients work with me through Dan Sells the Lake, I always make sure that these tips are covered. Keeping them in mind will make the entire search for a home work to your advantage. 1. Make a "wants" and "needs" checklist.
Before you begin looking for a new home at the Lake of the Ozarks, think about exactly what you are looking for. Next, decide which items are non-negotiable, and which ones would be nice but you could do without. Every time that you view a house, take the list with you and make notes. This will help you remember key points about each property after you have seen a few. Don't just base the list on your life right now. You will most likely be in your new home for years to come, so make sure that you consider any big life changes that may come along, like a new baby or a change in job location.
2. Check out the neighborhood.
You are not only buying a house, but also the surrounding neighborhood. Walk around the area and talk to a few neighbors. This is the best way to find out if a particular area is a good fit for you. If the property is part of a homeowner's association, learn all of the rules and regulations expected of homeowners so that you don't have any unpleasant surprises later on.
3. Figure "sleeper costs" into your budget.
The price of the property that you are looking to buy isn't the only cost that will be included. "Sleeper costs" are those things that you will end up paying for after you move in, but don't always consider. Make sure that the extras don't push you past a budget that you are comfortable with. Some of the costs include property taxes, homeowners association dues, cost of commuting to work or school, upgrades, maintenance, insurance...
4. Get pre-approved for a home loan.
Pre-qualifying for a loan is not the same as being pre-approved. The pre-qualification process is based on information that has not been verified. When a bank pre-approves you for a loan, they will look into all of your financial information and let you know exactly what you are able to afford. This looks good to the home seller because they know that you are serious, and it benefits you because you will know what price range is wise for you to search in.
5. Don't make other big purchases right before.
Making large purchases 3-6 months before buying a home is a not a good idea. There is no reason to take the chance that your credit profile could be affected in a negative way. Opening new credit cards, taking on too much debt, or buying a lot of expensive items too close to buying a house can make it more difficult for your loan to go through.
6. Have the house inspected.
Paying to have a home inspection done before you sign the papers is one of the wisest decisions that you can make. It will cost you anywhere between $200-$500, but if hidden problems are discovered, it could end up saving you thousands of dollars. A home inspector is an unbiased third party that you know will give you an honest answer about the shape of the house that you are interested in buying.
7. Get the land surveyed.
One thing that can turn a neighbor into an enemy quickly is a fight over property lines. Having a survey done before buying a home lets you know exactly where the property lines fall and what will belong to you. This is also important information to know so that you pay the correct amount of property taxes for the home.
Use these seven tips to make sure that your home buying experience is a good one. There are a lot of factors that go into buying a home, and with the assistance of a qualified Lake of the Ozarks real estate agent, you won't miss a thing. Give me a call and I will help you to find the perfect home and make sure that the entire process happens as easily and quickly as possible.
Here for all of your real estate needs at Lake of the Ozarks!
573-365-1555
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