FAQs – Answers for First-Time Homebuyers
Buying your first home is a big step, and there may be a lot of things that are new to you in the process. First-time homebuyers often have a lot of questions, and as real estate experts at Lake of the Ozarks, it has been an honor to help so many of them. We thought you might be interested in knowing the answers to some common questions asked by people when buying a home for the first time. At your Favorite Real Estate Team, we want the home buying process to be fun, easy, and successful! If you have any questions about buying a home at Lake of the Ozarks, call us today! We are ready to assist you.
Is now the time for me to buy a house at Lake of the Ozarks?
The answer to that question doesn’t just depend on the market, it also depends on your personal circumstances. Because of the fees associated with purchasing a new home, you really won’t start paying down the principal for several years. So, unless you plan on staying in the area for five years or more, it may not be cost-effective to buy. Renting may be a better option.
I don’t haven’t look into financing yet, can’t I just see what is out there first?
We strongly discourage that! It is too heartbreaking to find
the home of your dreams, and have it sold before you have time to get your
financing together. In this market, some sellers won’t even show you the house
if you don’t have preapproval.
In a competitive market, should we skip or ignore the inspection so that someone else doesn’t get the house instead?
We do not recommend that to our clients. Inspections can reveal some very serious issues with the house that might not be noticeable on the surface. Things like foundation problems and septic issues (especially for houses near the lakefront) can be deal-breakers because of the high cost of repair. So don’t underestimate the importance of an inspection. It’s better to deal with the disappointment of having to look for another house than buying one and finding out it has serious, or worse yet, irreparable issues.
Is preapproval just to see if I make enough money to pay off the loan?
Your preapproval is based on your income as well as your
debt, credit score, job history, savings, etc. Your lender looks at the factors
most likely to affect your ability to make payments over the lifetime of the
mortgage. Because of that, it is best to
make sure that none of those factors change after you obtain preapproval. So,
avoid opening any new lines of credit no matter how small. Don’t use your
savings to pay off debt. Don’t change jobs. If in doubt, talk to your lender
before taking any financial actions to make sure it will not negatively affect
your ability to get your mortgage.
What does my real estate agent do for me?
There are a lot of negotiations and legal details that go into a real estate transaction. Having a professional real estate agent at Lake of the Ozarks is invaluable so you know you have someone on your team to look out for your best interest. You want someone who knows how to negotiate effectively, understands the legalities, is familiar with the local market and is skilled at working with sellers and their agents to achieve the desired outcome for you.
OUR LAKE OF THE OZARKS REALTORS ARE HERE FOR YOU!
Your FavoriteReal Estate Team can guide you through the purchase of your first home
smoothly and with confidence! It is what
we do. If you’re ready to be a homeowner
at Lake of the Ozarks, give us a call today. We are excited to help. To keep up on all our latest tips and information
about buying and selling real estate at the Lake of the Ozarks, use the links
below to follow us on social media!
CONTACT ED SCHMIDT FOR ALL YOUR LAKE OF THE OZARK REAL ESTATE NEEDS
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