what to do before i buy a home

The Who, What, Where, When and Why of Buying a Home

The Who, What, Where, When and Why of Buying a HomeBuying a home, even in the Lake of the Ozarks/Truman Lake area, can be a big financial decision for anyone.  That is why it shouldn’t be taken lightly.  Smart home buyers consider the who, what where, when and why of buying a home before they even start looking.

Who should I use to represent me?  Finding the right Twin Lakes real estate agent is important.  You want someone who has knowledge of the area as well as experience in local real estate sales partnered with great negotiation skills to get you the best deal possible on your dream Twin Lakes home.  Make sure to personally interview several agents in the area so you can make sure their personality meshes well with yours.  You want to be comfortable knowing that they will be representing you, especially since you will be working closely with them over the next few months.

What can I afford?  Don’t confuse what you qualify for in a home loan with what you can comfortably afford.  Just because a loan company says that they will approve a loan for up to $500,000 doesn’t necessarily mean that you want to shoulder that much of a mortgage payment.  A good rule of thumb is to not spend more than two to three years’ gross household income on a home.  For example, if your household income is $100,000 per year, you should be looking at Twin Lakes homes in the $200,000-$300,000 range.  Most financial experts agree that your total debt load (including payments on your mortgage, car, student loan and credit cards) shouldn’t equal more than 41% of your total monthly income.

Where do I want to live?  Your lifestyle will strongly dictate the answer to this question.  Do you want to live close to work so your commute is less?  Are you interested in living in the hustle and bustle of the city or does the idea of winding down at the end of the night in your beautiful Twin Lakes home sound perfect?  Do you want a smaller townhome/condo style of home so you don’t have to worry about yard work or do you need lots of outdoor space to roam around in?

When do I want to move?  The sooner you begin your Twin Lakes home search, the better, no matter what time frame you are looking at.  Creating a plan will help make the home purchase process go much smoother.

Why should I buy now?  Interest rates have remained at historically low levels (hovering around 4%) for months now and prices on Twin Lakes homes have never been better.  But that won’t last for long!  Feel free to contact us so we can help you with the who, what, where, when and why of buying your Lake of the Ozarks/Truman Lake home now!

Crist & Sharon Fanning, Your Link to the Lake Lifestyle

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