Things to Consider Before Buying a House
Buying a house is a huge step no matter if it’s your first home or tenth. It brings a sense of pride and freedom! Owning a house has many advantages over renting. In today's blog, Your Favorite Real Estate Team will talk about some of those advantages of owning a home, as well as other things you need to consider before buying that dream house at the Lake of the Ozarks.
Also owning your home can be a tax benefit. You may be able to write off your mortgage interest and property taxes, thus lowing your tax burden.
The biggest advantage of owning a home is that while you are paying the balance down, you are building equity in the home. If you are to sell that home, it can potentially bring more than what you originally paid. In some cases, the money made on a home sale can be tax-free. Real estate can be a great investment, for many homeowners.
In a traditional mortgage, the standard down payment is typically twenty percent of cash down. In cases where you cannot put twenty percent down the mortgage lender will typically require Private Mortgage Insurance. PMI can range from twenty dollars a month up to a few hundred dollars a month tacked onto your mortgage payment.
Now that you have all your planning done, it’s time to start looking for your new home at the Lake of the Ozarks. You want to choose a real estate agent with experience and that knows the area. Your Favorite Real Estate Team knows the Lake area and will help you navigate through the process of buying your new home. Our experience and knowledge will be key whether you are looking at buying your first home or buying a luxury lakefront retirement home in mid-MO.
Advantages
First, let’s look at some advantages. The most obvious is when you buy a house it is yours. You are free to paint what you want to paint and free to add your personal touch to the exterior, as well You own the place so you can do what you want.Also owning your home can be a tax benefit. You may be able to write off your mortgage interest and property taxes, thus lowing your tax burden.
The biggest advantage of owning a home is that while you are paying the balance down, you are building equity in the home. If you are to sell that home, it can potentially bring more than what you originally paid. In some cases, the money made on a home sale can be tax-free. Real estate can be a great investment, for many homeowners.
Things to Keep in Mind as You Buy:
Down PaymentIn a traditional mortgage, the standard down payment is typically twenty percent of cash down. In cases where you cannot put twenty percent down the mortgage lender will typically require Private Mortgage Insurance. PMI can range from twenty dollars a month up to a few hundred dollars a month tacked onto your mortgage payment.
Mortgage
Once you have weighed out the benefits, have your down payment and a budget, it’s time to find the right mortgage. You will be likely be borrowing a large sum of money so shopping for the right mortgage is a huge step. This is something you will be paying on for up to 30 years. Take your time and shop around. There are mortgages for many different scenarios, and you will find the right fit for your situation with the help of a mortgage lender.Now that you have all your planning done, it’s time to start looking for your new home at the Lake of the Ozarks. You want to choose a real estate agent with experience and that knows the area. Your Favorite Real Estate Team knows the Lake area and will help you navigate through the process of buying your new home. Our experience and knowledge will be key whether you are looking at buying your first home or buying a luxury lakefront retirement home in mid-MO.
CONTACT ED SCHMIDT FOR ALL YOUR LAKE OF THE OZARK REAL ESTATE NEEDS
Ed Schmidt, REALTOR
752 Bagnell Dam Blvd. Suite A
Lake Ozarks, Mo 65049
Phone: 573-240-9052
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