Buying a home is one of the biggest financial investments a person can make in their lifetime. Typically, a Buyer pays for a professional appraisal as part of the loan process. However, even Sellers in the Lake of the Ozark community can benefit from having an appraiser investigate their property before listing. There are a few reasons why you need a home appraisal, even if you are not buying or selling your property.
Lake of the Ozark Buyers
Many lenders require that Buyers have an appraiser inspect the home in question during the loan process. This can benefit you, the Buyer, as much as the mortgage company even if you already have financing in place. Appraisers will tour the entire property, inside and out, notating particular amenities or irregularities they may find. Based on their findings, they will report what they believe the property is worth. This could help you determine your official offer to the Seller.
Lake of the Ozark Sellers
Area comps are helpful for Lake Ozark Sellers because they let you know how much people have recently paid for homes in your neighborhood. This gives you a general idea of what you can reasonably expect to receive for your home and what price you should realistically list it. However, you may believe that your home is worth a bit more. An appraisal can help clear this up as well as give you an idea of what your particular home is worth down to the penny.
Lake of the Ozark Homeowners
A third reason why you need a home appraisal has nothing to do with whether you are buying or selling your Lake Ozark property. Before you do a major remodel (like renovating the kitchen, overhauling the bathroom or adding an extra room onto your property), get an appraiser out to look at your home. They can let you know what your current appraised value is as well as what it would be after you did the particular renovations/remodeling you want. This can help you decide whether it is worth it to you to put forth the money required for these changes.
Appraisals average around $300. If you are pressed for time, have a large home on a large lot or there are no comps in the area, the cost could go up. The reasons why you need a home appraisal depend on whether you are buying, selling or remodeling. Talk to your Lake of the Ozark REALTOR®. They work with all kinds of real estate professionals. They may be able to recommend an appraiser to you.
Featured Lake of the Ozarks Home of the Week
For more information on this lake home and others in the area, visit our Lake of the Ozarks Featured Listings page.
Do-it-yourself (DIY) projects are all the rage. Lowes offers a different DIY project for the home every weekend. When it comes to selling your Lake of the Ozarks home, should you hire an expert or go DIY?
Most people want to save money wherever they can. That’s why DIY has become so popular. However, when it comes to handling your Lake of the Ozarks real estate transactions, For Sale By Owner (FSBO) may actually cost you money in the end. A real estate professional is out in the field every day. They see how the market is trending, they know what homes are selling for, they are aware of what people in the area are looking for in a Lake of the Ozarks home. They have been trained in handling the mounds of paperwork involved. They know which inspections are needed and what the deadlines for different aspects of your real estate transaction are so nothing gets missed.
Should You Hire An Expert or Go DIY?
A Lake of the Ozarks real estate expert acts as your manager, advertising agent, tour guide (to show prospective buyers your home), negotiator and much, much more. Keep in mind that this is their job. This is what they devote their entire day to. When going the FSBO route, you will have to pile on countless extra hours to your already busy workload, juggling family time with work time with “sell your home” time. And, unless you have an incredibly tight grasp on what your local Lake of the Ozarks market is doing right now, you may actually end up getting less for your home than an expert negotiator could get you. That makes the question of whether you should hire an expert or go DIY rather moot, doesn’t it?
DIY projects can save you money, depending on what kind they are. If you’re handy with a hammer, you could build a bookshelf or a headboard for your bed. Do you have a flare for color? Paint a room. But, when it comes to selling your Lake of the Ozarks home, you need to ask yourself whether you should hire an expert or go DIY with a FSBO. You will find that hiring an expert comes with many more perks and a lot less headaches than going at it alone. When you’re ready to sell your Lake of the Ozarks home, please give us a call.
FEATURED LAKE OF THE OZARK HOME OF THE WEEK
For more information on this lake home and others in the area, visit our Featured Listings page.
The kitchen is the heart of the home…and the home sale. Have you noticed that, whenever you have guests over, you inevitably end up in the kitchen? This is especially true when you have an open floor plan that allows a direct line-of-sight from the kitchen to the family room. If you are considering selling your Lake of the Ozarks/Truman Lake home in the next six months to a year, you may want to take a good look at your kitchen to see if it is in dire need of an update.
Making your kitchen a showpiece doesn’t necessarily mean breaking the bank with a major renovation. Sometimes, small touches here and there can create a brighter, more appealing, up-to-date look for pennies. A bit of paint, new hardware on the cabinets and doors, a simple backsplash or crown molding can breathe new life into an old room. Even a good deep cleaning can turn a dull kitchen into one that Twin Lakes buyers will find appealing.
The trick to determining whether a few minor changes are enough or if you need to completely overhaul your kitchen is to check out what’s happening in other Lake of the Ozarks/Truman Lake homes in your area. You don’t want to spend thousands of dollars by adding travertine tile, brand new stainless steel appliances and granite countertops just to price yourself completely out of the market. On the other hand, if your cute country kitchen is competing against homes with much more modern accoutrements, a simple coat of paint won’t do. Visit open houses near you to get an idea of what is the standard fare in your neighborhood. Take a look at photos in your local MLS to see what those kitchens look like.
It’s true. The kitchen is the heart of the home…and the home sale. Making your kitchen a showpiece depends primarily on what condition it is currently in as well as what is happening in your local real estate market. Contact us now if you’re interested in selling your Lake of the Ozarks/Truman Lake home. We can help you decide just where your kitchen stands with the competition and we’re always happy to help.
One of the most important decisions to make when you sell your Lake of the Ozarks/Truman Lake home is what amount you should sell it for. Ask too little and you won’t get the best deal. Ask too much and you risk alienating potential buyers, forcing you to eventually drop your price and, more often than not, sell it for less than if you had priced it more appropriately to being with. How do you make sure the sales price is right?
Your first step in pricing your Twin Lakes home to sell is to ask your REALTOR® to run the comps in your area. Comps (or “Comparable Sales”) are a list of homes that were recently sold in any given area. Since home pricing and value can change dramatically from city to city and even neighborhood to neighborhood, you need to know what homes in your particular area recently sold for that are similar in size (bedrooms, bathrooms, square footage), amenities, style and location to your own so you can get a more realistic picture of what you can expect to receive for it.
Don’t use any pricing from home sales dated more than 90 days prior to putting your Lake of the Ozarks/Truman Lake home on the market. As we have seen over the past few years, real estate prices can change dramatically in even a few short months. Even though they have begun to level out, your home may be worth less or possibly even more than it was just a little while ago. Buyers and their representatives are well aware of this fact.
Find out if there were any special deals made on the recent home sales in your area. For example, did the seller offer to pay closing costs? Were they giving buyers downpayment assistance? Did they throw in the furniture for the price offered? You may have to adjust your own home’s price to account for the difference in this additional value given to the buyer.
Use the knowledge and expertise of your REALTOR® to determine if the sales price is right. Real estate agents know the market better than you do. They’ve seen inside other homes in your area. They know intimately what your competition is. When they offer up their advice on what you can expect, don’t take it personally. Simply listen to what they have to say. Remember, they want you to have a successful Twin Lakes sale almost as much as you do!