The process of buying a home at the Lake of the Ozarks can be daunting, and for one of the largest investments you'll likely make, it's wise to have a well-defined course of action. One of the most notable things you can do to ease the navigation process is hiring a real estate agent at the Lake of the Ozarks. At the Fran Campbell Team, we understand the Lake area market as well as your wants and needs as a client. That's why we're here today to offer you 5 tips to consider when purchasing real estate at the Lake. Read on to learn more!
1. Make a Plan & Get Pre-Qualified
Making a strategic plan for your home buying experience is a great way to ensure that you remain focused on the essentials during the, sometimes cumbersome, process. Preparing a binder can greatly assist as you gather paperwork on real estate listings, financing, agents, and other interested parties. One of the first steps towards house hunting should be getting prequalified. Contacting a lender to get prequalified prior to house hunting allows you to search with confidence as the parameters of your loan qualification/purchasing power have been accounted for. Setting the expectations as you go from home to home or to help define your search. It also lets sellers know that you are to be taken seriously, plus your agent will LOVE prequalification letters.
2. Fixed vs. Adjustable Rate Mortgages
The prequalification process will also key you in on what type of financing you can expect on your mortgage loan, whether it's a fixed rate or adjustable. A fixed-rate mortgage allows buyers to take long term financing without the worry of a changing interest rate. This is a great option for buyers that are looking to keep their real estate for a long period of time. an adjustable-rate mortgage, while not as popular nowadays as the traditional fixed-rate, is an option that can allow borrowers unable to get fixed-rate financing to achieve homeownership. This option also works well for clients that do not intend to keep their property for long, such as a short-term sale. These mortgages carry an adjustable interest rate, meaning that there is a chance for the interest rate to increase over the years based on performance indexes.
3. Create a Top 10 List of Amenities
Creating a list of the top 10 amenities that you wish to have in your home helps to keep you focused on what's important to you as you go through negotiations and house hunt. This also assists your realtor as you have set "your criteria" for what you're looking for in a home. This helps save time and energy when shopping for houses as you'll focus on only homes that fit that description.
4. Obtain a Professional Home Inspection
While your lender will likely require an appraisal of the home, this should not be used as an official home inspection. The appraisal is simply to give a value to the home based on current condition and market value. A quality home inspection will provide you with detailed insights into any issues with the home, perhaps saving you thousands of dollars in repairs after closing on the home. Don't think of this as an "extra expense," but rather an investment into ensuring the quality of the important asset you are purchasing.
5. Think Like the Seller
Just as this transaction is as important and life-changing to you as the buyer, your seller is likely feeling the same pressures as they navigate the sale of their home. It can be beneficial, not only to yourself and your understanding but to the seller as well, to think about a few things from a different perspective; why the seller bought the home, why they're selling, any home improvements, or deferred maintenance. Analyzing these factors and considering these items can help identify if a home is the right fit for you and may help in the negotiation process.
Bonus Tip: Get a Local Real Estate Expert
As we mentioned above, one of the best tips we can give for
purchasing real estate at the Lake of the Ozarks is to hire a local real estate expert. The Fran Campbell Team are your premier
real estate agents at the Lake of the Ozarks. We have both the industry resources, connections, and area expertise to successfully navigate you through the entire home buying process from start to finish. So, if you're considering buying a home at the Lake of the Ozarks, use a team you can trust, use the Fran Campbell Team!
Contact the Fran Campbell Team to get your home SOLD!
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