5 Tips for First Time Home Buyers

Buying a home at Lake of the Ozarks can be an overwhelming process, especially if you are a First Time Home Buyer.  Buying your first home can be a confusing and a very stressful, after all, this is likely the largest purchase you have made at this point in your life.   There are a few things you can do to ease the tension and pressure and help yourself have an organized search with some boundaries and guidelines that will put you on the right track.
  1. Determine a Realistic Price Range that fits into your budget.  A very common mistake for any home buyer is purchasing more house than they can afford.  Know your budget before you venture out looking for a home and be honest about the expenses that you have.  Make a list of all monthly expenses, including gas for you vehicles, groceries, credit card payments, car payments, insurance, entertainment, utilities etc.  (only exclude your current rent/mortgage payment).  When you establish what is left over, this will be the amount that is available for your mortgage payment/taxes/insurance/home maintenance.  By determining this in advance, you will be able to weed out the homes that you cannot afford and only view the homes that fit into your budget.
  2. Get Pre-Approved for your loan.  A pre-approval letter will give you some negotiation power when it comes to the price of the home that you are considering.   The pre-approval letter along with your offer is a more favorable offer in most cases.  Keep in mind that a pre-approval is different from pre-qualification.  Be sure to read our to help you Understand the Difference Between Pre-Qualified & Pre-Approved.
  3. Prioritize your Needs/Want List.  We all have a list of the  our dream home will include.  In order to get the things that are most important to you, you should prioritize your list.  For instance, the most important factor might be the number of bedrooms, square footage or the school system.  These items might fall under your NEED list and have high priority.  On the other hand, you may WANT hardwood floors, a pool, or a finished basement but they are not things you MUST have.  Making this list will help you focus on what is really important in your fist home and narrow down the field of possible homes.  Ideally, your home will include all of your Needs and a few of your wants.
  4. Choose the Right Neighborhood.  The majority of your time will be spent in this home/location and it will be a major factor in its resale value. You will want to consider the crime statistics, insurance rates, property taxes and school quality.  You may also want to consider the commute to work and the proximity to schools, churches or shopping!  Drive through the neighborhood during the day and the night to get a full scope of the neighborhood. Consider the "upkeep" of your potential neighbors homes - this can either help you home sustain value or lose value depending upon the condition of the neighborhood.
  5. Choose the right Realtor.  There are plenty to choose from, so what sets one apart from another?  Your Lake of the Ozarks Realtor should understand your wants and needs, know the area, have referrals for you to consider and offer first class customer service.  
We hope these useful tips will help you during an overwhelming experience.  We would love the opportunity to sit down with you to discuss the purchase of your first home - we have a qualified and experienced staff that will be able to assist you in every aspect of your home buying experience.  Give us a call at 573-302-2390!!



Contact the Fran Campbell Team to schedule a showing!

Real Estate Lake of the Ozarks : Find Your Dream Home Now! 


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