Steps To Take When Buying A Home: Part 1

It's time.

Maybe you've had your rent payment raised again, maybe you are tired of listening to your neighbors argue through the thin walls, or maybe your family is growing and your need more space. Whatever your reasons, you've finally arrived at one pivotal decision: it's time to buy a house at the Lake of the Ozarks

First off, congratulations are in order! Buying a home is a big step, and the team at Devine & Associates Real Estate would love to help you bring that dream to fruition. Here's a quick overview of some of the basic steps to take when you are ready to buy your first home.

Step 1 - Identify Your Budget

The asking price of any home for sale at the Lake of the Ozarks is just part of the story. It is your monthly payment - not the preliminary asking price - that will determine whether or not you can afford a certain home. In order to get a better understanding how much home you can afford, you need to take a solid look at your finances. How much money do you have coming in/going out every month? How much can you dedicate towards a monthly mortgage payment? Answering these questions will get you started on the right track.

Step 2 - Differentiate "Needs" From "Wants"

What you need in new home is probably very different from what you want. Of course you want the shiny granite countertops and the flawless hardwood floors, but do you really need them? Before you allow yourself to get caught up in the glamorous amenities, take a hard look at what you absolutely need in a new home at the Lake of the Ozarks. How many bedrooms/bathrooms do you need? How much storage do you require? Once you determine your basic needs, you can explore the extra benefits.

Step 3 - Get Preapproved

With so much money involved, it should come as no surprise that applying for a mortgage loan may take several weeks. Because it takes so long to get a home loan approved, many buyers are now taking the initiative and getting preapproved (or, at the very least, prequalified) before they begin shopping for homes. You never know when you're going to stumble across the home of your dreams, and being prequalified or preapproved increases your credibility and will help the subsequent negotiation process progress much more smoothly.

Step 4 - Hire A Real Estate Agent

Before you go any further, it is time to hire a real estate agent at the Lake of the Ozarks. Your agent will be your guide and ally throughout the process. After you tell your agent what you're looking for in your new home, he/she will identify several properties that match your wish list as closely as possible. Once you settle on a home you love, your agent will help you navigate the paperwork and will help you reach a desirable sale price. 

Step 5 - Make An Offer

Once you have found a home you love, it's time to make an offer. You can offer to pay the asking price listed by the sellers, but you certainly don't have to. Your agent can help you determine what an appropriate offer should look like. Don't forget that you can ask the seller to include certain pieces of furniture or artwork in the sale of the home!

Check Back Next Week To See The Next Few Steps!
Following these steps will get you started on the right track, but these aren't the only steps you'll need to take to buy a home at the Lake of the Ozarks! Check back next week to find out what the remaining steps are.

Devine & Associates Real Estate
(573) 392-9900

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