5 Tips for Buying a Home!

By Fran Campbell - December 27, 2019

Buying a home at the Lake of the Ozarks is one of the biggest and best personal investments you will make in your lifetime. Navigating through the home buying process can be an overwhelming experience but when you have a professional and knowledgeable real estate agent at the Lake of the Ozarks to help it’s a lot less stressful. Read on to get a few tips for successfully buying a home at the Lake of the Ozarks.

#1 Make A Plan And Get Pre-Qualified

Every important decision needs to be clearly thought out. Developing a home buying plan can help you focus on the important factors and organize the entire process. You may even want to use a binder with sections on house hunting, home financing, service providers, etc. Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. A lender typically uses the 28% formula (your monthly mortgage can't exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. A thorough plan will save both time and money!

#2 Create A Top 10 List Of Amenities

When shopping for a home, list the features (fireplace, fenced-in yard, new appliances, etc.) that are most important to you in deciding on which home to buy. Establishing "your criteria" early on will save time shopping for inappropriate homes and may keep you from buying a home on a whim. As detailed in

#3 Fixed vs. Adjustable Rate Mortgages

Adjustable-rate mortgages have an initial fixed rate, which is followed by a period of adjustment intervals during which the rate adjusts based on the performance of several key indexes. Typically the initial fixed rate on an ARM is slightly lower than the comparable rate of a fixed-rate mortgage.

Fixed-rate mortgages allow buyers to take out a long term loan without having to worry about changing interest rates or monthly payments. Most fixed-rate loans are offered in either 15 or 30-year terms. Most buyers will be well served by a fixed-rate loan, but each situation is unique. While ARM loans have become less popular in recent years, they can still be a viable option for some buyers - especially those who plan on selling again in the short term.

#4 Put Yourself In The Seller's Shoes

You are about to make one of the most important decisions that will affect both your life and the life of the seller. If you take time to understand the reasons the seller bought the home, their reasons for selling, and the home improvements they have or have not made, you'll be in a better position to evaluate the home and negotiate a better deal. In the end, the home buying process excludes the professionals and comes down to the individuals buying and selling the home. A closer look at the seller may help you in deciding whether and for how much to buy a particular home.

#5 Get A Quality Home Inspection

Although it is hard to believe, more people pay for inspections before buying used cars than when making the biggest investment of their lives - their homes. Paying for a qualified home inspection before you buy a home isn't just spending "a little extra" for peace of mind; it's absolutely essential for anyone who doesn't want to spend thousands of dollars for repairs.

Contact the Fran Campbell to Help!

One of the best decisions you can make when it comes time to buy a home at the Lake of the Ozarks is to find a Lake of the Ozarks real estate agent to help. Our team is here to help you navigate through the process of buying a home. Give us a call and let’s us help you find a place to call home at the Lake of the Ozarks.