Top 6 Home Buying Tips For 2016

The start of a new year is a time for change. What are your plans for 2016? If part of your plans include relocating to the Lake of the Ozarks or buying a new home in Mid-Missouri, I would be honored to help you with the process! This week, I want to share with you some of the top home buying tips for 2016. By incorporating these strategies into your home search, you will be well on your way towards setting yourself up for success!

1. Begin Your Loan Application Process ASAP
Believe it or not, you do not have to have a specific home in mind to begin applying for a mortgage loan. By getting prequalified or preapproved before you even begin touring the homes for sale at the Lake of the Ozarks, you can greatly simplify (and accelerate) the process.

2. Start Tracking Your Budget... Yesterday
Owning a home is incredibly rewarding, but it requires a great deal of financial responsibility. If you are thinking about buying a house at the Lake of the Ozarks, I strongly encourage you to begin keeping detailed track of your daily, monthly, or weekly budget. You'll need to know exactly how much room you have in your budget for a mortgage payment, desired upgrades, and any necessary repairs.

3. Always Think Resale
It doesn't matter if you are planning on living in your new home for three years or for thirty; you should always consider the resale value when you buy a house. Odds are that at some point, you or your heirs will sell the home, and you want to be confident that you can get a great return on investment when the time comes.

4. Consider The Extra Expenses
When you're buying a house, you will have to cover a lot more expenses than the asking price of your new home at the Lake of the Ozarks. You will also have to cover the home inspection, the appraisal, the closing costs, any association dues, your new utilities, and any desired (or necessary) upgrades and repairs. Make sure you leave room for all of these costs in your budget.

5. Remember That You're All On The Same Team
Some people think of buying real estate as a combative experience. The buyers want to pay the lowest possible price, the sellers want to get the highest possible price, and the lender's want to secure the highest possible interest rate. However, it's important to realize that everyone is on the same team. The buyers, the sellers, the real estate agents, and the lender all want the sale to go through. There's no reason to make it combative.

6. Hire A Real Estate Agent
Your real estate agent at the Lake of the Ozarks will be your guide, your representative, and your advocate throughout the entire process. Buying a home can be a complicated process, and having an agent to help you navigate the process can be a huge weight off of your shoulders. I would be honored to help you in any way I can!

Susan Spica, Professional Realtor

BerkShire Hathaway HomeServices
101 Crossings West, Ste. 202
Lake Ozark, MO 65049

Office: (573) 365-6868
Susan's Cell: (573) 280-0484
Gina's Cell: (573) 889-9477

Buying Your First Home - 6 Tips

Buying your first home is a big step, and it can be a little scary. Even though they may want to purchase a home of their own, many people second-guess themselves, saying that they're surely not in the same position as most "real first-time home buyers." 

While it can be easy to trap yourself in these limiting thought patterns, they're simply not accurate. In reality, buying your first home is a completely unique experience. There is no "one-size-fits-all" description of a first-time home buyer. If you're seriously leaning towards buying a home, chances are that you're ready - and it's certainly not too soon to start preparing. If you're thinking about buying your first home at the Lake of the Ozarks, here are a few tips to keep in mind.

1. Start Budgeting Now
It's never too soon to start a serious, detailed tracking of all your income and expenses. If you're planning on buying a home by yourself, then you'll obviously only need to track your own finances. If you're planning to buy a home with another person (even if you're not married), you should track your finances together. The sooner you get a better idea of exactly how much money you earn each month, how much you spend each month, and how much you earn each month, the sooner you'll be able to realistically identify what type of monthly mortgage payment you can afford.

2. Determine Your Top Priorities
When buying your first home, it's easy to get so swept up in the excitement of it all that you forget to stay focused. Help guard yourself from this common mistake by sitting down with everyone who will be a permanent resident of the new home and making two lists: one covering the things you absolutely require, and the other covering the things that you would like to have, but that aren't necessities. If you choose to hire me as your Realtor at the Lake of the Ozarks, send these lists to me and I will help you find several homes to look at that match your lists as closely as possible. We can begin narrowing down the search from there.

3. Homeowners Associations: Yes or No?
Deciding whether or not you would be willing to consider purchasing a home within a homeowners association can help you narrow your search ahead of time. Homeowners associations can be great organizations, but they're not for everyone. While they offer fantastic perks and benefits, they also require annual fees and include some restrictions on the types of things you, the homeowner, are allowed to do with your property. If you're looking at a home that is part of an HOA, it would be a good idea to familiarize yourself with some of its requirements and the benefits it offers.

4. Take Notes
As an experienced real estate agent at the Lake, I cannot stress the importance of note-taking enough. It seems hard to believe at first, but when you visit even just five houses, they start to run together. Was the spare bedroom upstairs in the second or the third house you toured? Which one had the stainless steel appliances? As you walk through different houses, write down everything that catches your eye - both positive and negative. When you leave the house, flesh out your notes as needed and then rank the home on a scale from 1-5 (5 being "love it"). Trust me, you'll really appreciate having these notes to review at the end of the day!

5. Remember: the Home is Only Part of the Package
When you buy a home, you're not just buying a home. You're also buying the location. It's important to like the house, but it's also important to like where it is. You could do a complete remodel of the house, but at the end of the day, it will still be in the same neighborhood. How do you feel about the houses that surround yours? What about the commute to work?

While we're on the subject, I want to bring up another important point. The view is another aspect of the areas surrounding your house, but unless you can also purchase the property that makes up your view, it's important not to buy the home for the view. When someone else owns that land, it can change. That peaceful, wooded cove could become the location for more condominiums. If you like the view, I strongly encourage you to purchase the property as soon as you can.

6. Relax - And Have Fun!
Most people think of buying their first home as this huge step - and it is. But that doesn't mean you can't have fun with it! Remember that everyone is on the same team. You, the sellers, the real estate agents, the mortgage lenders... everyone wants the sale to go through. Stressing out about things will only complicate the matter. Settle down, take a deep breath, and let's go find you your first home at the Lake of the Ozarks!

Susan Spica, Professional Realtor

BerkShire Hathaway HomeServices
101 Crossings West, Ste. 202
Lake Ozark, MO 65049

Office: (573) 365-6868
Susan's Cell: (573) 280-0484
Gina's Cell: (573) 889-9477