Throughout our years in real estate at the Lake of the Ozarks, Fran Campbell Team has helped several of first-time and repeat buyers navigate the process. This week, we want to share with you how to determine whether or not you are ready to buy a house at the Lake of the Ozarks. Asking yourself these questions will get you started on the right track!
Questions To Ask Yourself BEFORE Buying A House
1. How Much Can I Afford To Spend On A Monthly Payment?
Trying to determine what your new home's price point should be is useless without first identifying how much you can afford to spend on a monthly mortgage payment. The amount your new home will cost you on a monthly basis will depend on how the size of your loan and your interest rate. If you are thinking about purchasing a home, it's time to start tracking your monthly budget so you know how much money you can afford to spend on a monthly house payment.
2. Do I Have Room In My Budget For The Other Costs Of Homeownership?
As we have discussed in the past, your mortgage payment is not the only cost you will be responsible for once you are the owner of your own home. You will also have to cover the cost of all utilities (trash, water, sewer, electricity, gas, etc), any required maintenance, and any desired upgrades. Evaluate your budget to make sure you have room to cover these costs. Once you have a specific home in mind, ask your Lake of the Ozarks real estate agent to find out how much the typical utility bills are for the house. You don't want to be caught off-guard after moving in!
3. Is My Job Stable And Secure?
Evaluating your budget and financial situation is great, but if it changes in the next six months, all of your work will have been for nothing. The responsibilities of homeownership are not limited to a finite amount of time, so you want to be confident that you can rely on your income for the foreseeable future. It's time to ask yourself the tough financial questions. Is your job secure? If for some reason you lose your job, do you have enough of an emergency fund built up to cover mortgage payment and utilities until you can find a new source of income? Be realistic with yourself about your financial picture before taking the plunge.
4. Where Do I See Myself In Five Years?
It's time to take the classic interview question and apply it to yourself. Most experts only recommend buying a home at the Lake of the Ozarks if you plan to live in it for at least three years (otherwise renting may the more cost-effective option), so it's important to determine where you see yourself in the near future. Do you still see yourself in that same location? Do you think you'll have kids? What about pets? By identifying where you are headed, you can purchase a home that will anticipate your future needs.
5. Is My Relationship Stable?
This is only applicable if you are buying your home with a romantic partner, but since the vast majority of buyers are married or in committed relationships, we thought it was worth mentioning. If you plan to share your deed with your spouse or significant other, it's important to address the stability of your relationship. If you are married, having valuable shared assets may make the divorce more challenging. Even if you are not married, breaking up will be much more complicated if you share legal ownership of your home. Before taking the plunge and purchasing a house together, be honest with yourselves about where your relationship is headed.
Are You Ready To Buy? Contact Fran Campbell Team!
If you have asked yourself these important questions and come up with satisfactory answers for each of them, then congratulations! You are ready to buy a house in Osage Beach MO or any of the surrounding areas. Fran Campbell Team will be here to help you with the process from start to finish. Contact us at 573-302-2390 to get started!
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