The Lake Ozark home buying process can be stressful. Finding an agent. Securing a home loan. Looking for the one property that speaks to you the most. Knowing what not to do when buying a home proves as equally valuable as knowing what you should do.
Lake Ozark Home Buying: What NOT to Do
Do It Yourself
DIY is fine when it comes to painting a room or upcycling some furniture. But when it comes to buying a house, you need a professional by your side. Feel free to hop online and peruse the local listings. However, before you decide on any one particular property, make sure you hire a REALTOR®. They know the market. Sometimes, they even have access to listings that aren’t even public yet. Also, they know how to put together a winning offer, will negotiate on your behalf, and can coordinate things like showings, inspections, and paperwork deadlines.
Limit Your Lender Options
You need money to buy a home. So, finding a mortgage lender sits pretty high on your “to do” list. Don’t go with the first lender you find in the phone book. Start with your own bank. Then, ask your agent for references. They work with many lenders. So, they offer insights into who might work best for you. Interview at least three and get rate quotes from each before deciding which one to use for your home purchase.
Wait for the “Perfect House”
We hate to break it to you, but the “perfect house” doesn’t exist. Unless you build your Lake Ozark home from the ground up with complete input into its design, you’re going to find things you want to change in just about any property. Instead, make a list of what you want and need in a property. Let your agent know. Then, they can put together a list of properties that most fit your wish list.
Forget About Closing Costs
All too often, buyers tend to focus on saving up for the down payment. But, you also must come up with your closing costs when buying a Lake Ozark home. Sometimes, the seller offers to pay part or all of the closing costs to secure a deal. However, not always. Be prepared. Usually, these costs run anywhere from 2% to 5% of the purchase price. Your lender should be able to provide an estimate for you to give you an idea of what you need to provide at closing.
We get it. You’re excited. You’re already dreaming about how to furnish and decorate your new home. But, you need to put a halt to any spending during the Lake Ozark home buying process. Don’t make any large purchases until after you sign your final paperwork and receive your keys. Otherwise, you might find your loan denied.