Answers To Your Questions About Buying A Home

There is a lot that goes into buying a home. If it's your first time buying or selling a home (or your first time many years), you probably have lots of questions about the process. Our real estate agents in Sunrise Beach MO are here to help make the process easier for you - keep reading to find the answers to some of your questions about buying a house at the Lake of the Ozarks.

Q:  How Long Does It Take To Buy A Home?
A:  The home buying process is different for everyone; there is no set amount of time. It depends on what homes are currently for sale, how long it takes you to find the one you want, how long it takes for you and the sellers to agree on the terms of the sale, how long it takes for you to get approved for a mortgage loan, what the title search reveals, and countless other factors. At a minimum, the process will probably take 1.5-2 months from start to finish (but it could take much longer than that).

Q:  What Is The First Step In The Home Buying Process?
A:  In today's day and age, most people begin the home buying process by browsing current listings online. While there is no harm in looking at available properties this way, you should really begin the process by talking to a mortgage lender to get prequalified or, better yet, preapproved. This will give you a realistic estimate of what your price range will be. Your next step should be to contact a real estate agent. Your agent can help you identify homes with good potential and arrange for you to tour your favorite homes in person.

Q:  Financially Speaking, Does Buying A Home Make More Sense Than Renting?
A:  Homeowners often find that their homes become valuable long-term investments. Home prices have consistently increased over the years, and many homeowners are able to sell their homes for greater amounts than they originally paid for them. Buying is especially advantageous right now, as interest rates are continuing to hover around all-time lows. Some first-time buyers hold off because they believe that they cannot afford a mortgage yet, but the important thing to realize is that as a renter, you are still paying a mortgage - it just happens to belong to someone else.

Q:  What Is A Contingency?
A:  A contingency is a certain term that must be met in order for something (such as a contract or an agreement) to be considered valid. They are incredibly valuable for anyone buying a home, because they allow the buyers to enter into a purchase agreement with the understanding that they will be able to back out of the agreement if certain things fall through. A financing contingency is a great example. An offer that is "contingent upon financing" will only be considered legally valid if the buyers are approved for their mortgage loan. Home purchase agreements can also be contingent upon the inspection, the sale of the buyers' current home, and many other things.

Q:  What Is Earnest Money?
A:  Earnest money is money you provide when you submit an offer to the sellers to show that you are serious about purchasing the home. Most experts recommend the earnest money amount range from 1-3% of the home's total purchase price. This earnest money will be held by an escrow officer (typically a title company) until closing, at which point it will be applied towards the closing costs. If the sale of the home falls through for any reason, the money should be returned to you.

Other Questions About Buying Real Estate?
Contact Eagle's Nest Realty!
We hope this information helps you begin to get a better understanding of the home buying process and how it typically progresses, but (if you're like most buyers) you probably have many other questions that haven't been addressed here. If that's the case, contact our Lake of the Ozarks REALTORS® for answers to your specific questions. We would be honored to assist you and make your dreams of buying a house in Sunrise Beach MO (or anywhere else around the Lake) finally come true!

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Planning To Rent? 6 Reasons Why You May Want To Reconsider

Homeownership has long been associated with financial success and stability. Unless an individual considers himself totally financial stable, he will probably continue renting until he decides he is finally ready to buy a house at the Lake of the Ozarks (or wherever else he chooses to live). However, Eagle's Nest Realty is here to point out that homeownership is, in fact, much more easily attainable than most people seem to believe. If you are are in need of a new place to live, don't automatically assume you have to find a new place to rent simply because that's what you've always done or because you don't have your dream job yet. Eagle's Nest Realty, Inc. has put together a few reasons why you may wish to reconsider your decision to rent.

1. You Could Save Money
Renting is not the money-saving tactic it once was. As rent prices continue to skyrocket, mortgage interest rates continue to hover around all-time lows. Rates like these allow buyers with decent credit to secure remarkably affordable monthly mortgage payments. In most cases, the rent payment for a home or duplex is significantly higher than the mortgage payment would be for the same property. This is because renters are still paying for a mortgage - just not their mortgage. The landlords are using their rent check to cover the mortgage payment, along with any necessary repairs (and, of course, a little profit for themselves).

2. You Can Trust In Your Stable Home Environment
As a renter, you are at your landlord's mercy. Though you will most likely have a lease agreement, there is no guarantee that your landlord won't find a loophole that allows them to require you to vacate the premises sooner than you expected. For example, they could decide to sell their home. With the exception of a bank foreclosure, no one can demand that homeowners leave the property. This added sense of stability works wonders for the mental and emotional well-being of both the homeowners and (if applicable) their children.

3. You Don't Have To Wait On Someone Else To Take Care Of Things

As a renter, what do you do when something breaks in your home? You call the landlord and alert them of the issue, and then sit back hope they remember to do something about it. While some landlords are fantastic and respond to their tenants' issues immediately, many have an "out of sight, out of mind" mentality when it comes to their properties. As the owner of your own home, you can finally handle all necessary repairs yourself without having to wait on someone else to make the decisions for you.

4. You Get Extra Tax Deductions
Homeowners get to enjoy several unique tax breaks. For example, homeowners are allowed to deduct all of the money paid in interest for their mortgage payment. In some cases, they can deduct the mortgage interest paid on their second home as well. Homeowners may also be able to deduct some of the other costs of homeownership, such as certain upgrades that improve the energy-efficiency of their home.

5. You Can Do What You Want With The Property
Are you tired of the same boring beige walls? Sick of maneuvering your way around a tiny master bathroom? Ready to experiment with some new flooring? As the owner of your own home, you can make any changes to your property any time you want. You don't have to wait and ask for your property owner's permission to move forward, because you are the property owner.

6. When You're Ready To Move, You Can Sell Your Home
As a renter, it doesn't matter how long you've lived in your home - when it comes time to move, you'll pick up and relocate without anything to show for it. All of the money you spent on rent for the last months/years will be gone, and you won't get anything back except for your deposit. As a homeowner, on the other hand, you'll be able to sell your home to another buyer. At the very least, you should be able to break even - and hopefully, you'll be able to sell it for more than you originally paid for it!

Convinced? Contact Eagle's Nest Realty To Help You Buy A Home At The Lake!
Don't sell yourself short by choosing to rent simply because you assume you have to. With interest rates still hovering near historic lows, homeownership has never been more affordable. Our Lake of the Ozarks real estate agents strongly encourage you to talk to a mortgage lender to determine whether or not you may be in a position to buy. We can help you when you are ready to move forward and look at some of the available homes for sale at the Lake of the Ozarks!

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7 Safety Reminders For New Homeowners

When you buy a home at the Lake of the Ozarks, protecting your family should be a top priority - even if you only have a family of one. Safety for new homeowners encompasses several different facets, such as protecting yourself from burglary and reducing your risk of fire. Installing a home security system can be great, but there are other easy, cost-effective strategies you can use as well. Eagle's Nest Realty, Inc. is here to help you protect your family with these simple safety reminders.

PROTECTION FROM BURGLARY

1. Change Your Locks
The previous owners will have turned over their two house keys to you at closing, but you can never be sure who else they gave a key to while the house was theirs, nor can you be sure what happened to those extra copies. Just to be safe, we recommend changing the locks on the doors of your new home so you can be confident that the only people with access to your home are the ones whom you give keys to directly.

2. Introduce Yourself To Your Neighbors
When you're traveling, having someone close by to inspect your home if necessary can be a great asset. Shortly after moving in, make it a point to walk down your street and introduce yourself to your new neighbors. Exchange phone numbers and make sure they know that they can always feel free to contact you if they need something. Extending this offer will encourage them to do the same.

3. Lock Your Windows And Doors
This may sound like an obvious tip, but you might be surprised how often burglars access homes simply because the doors or windows weren't locked. A percentage of the population never lock their doors. While it is more common for these people to live in rural areas, some urban and city dwellers also neglect to lock their doors. Because there are so many people who leave their houses unlocked, many burglars will pass by a locked home in search of an easier target. Don't let that target be your property!

4. Don't Announce Your Absence
In today's increasingly digital age, more and more people are posting updates about their impending vacation on social media or sharing pictures from their trip while they are still away. Unfortunately, these types of news blasts are practically an open invitation to anyone of nefarious intent to break into your home while you're away. Keep your home safe by waiting to post about your travels until after you have returned. It's also a good idea to ask the post office to hold your mail and newspaper deliveries until you return.

5. Get A Dog
Good news for pet-lovers! Dogs offer a great level of protection for your home while you're away at work. If your dog barks when a stranger approaches the home, the stranger will probably leave to look for a quiet, unoccupied home. They don't want to risk the dogs giving away their position or - worse - biting and injuring them. If you are willing to consider sharing your home with a dog, your property may be much more protected.

PROTECTION FROM FIRE

6. Check The Batteries In Your Smoke Detectors Regularly
House fires are one of the leading causes for property loss/damage, personal injury, and deaths that occur in the household. Your smoke detectors are your first line of defense against these hazards, as they can provide you with the early warning you need in order to escape. Check your smoke detectors every few months to ensure that all batteries are installed and working properly. If the battery is beginning to weaken, replace it immediately.

7. Keep Fire Extinguishers On Hand
In the event of a fire, having a fire extinguisher easily accessible can mean the difference between a small episode and a devastating house fire. Safety experts recommend keeping a fire extinguisher on every floor of your home. They also recommend keeping an extra one in both the kitchen and the garage, as these are the two primary locations for the start of house fires.

Stay Safe, Everyone!
As your trusted real estate agent in Sunrise Beach MO, your safety is one of our top priorities as well. We will do everything we can to help you find a property that will keep you and your family safe. If you are moving to the Lake of the Ozarks and in search of a new property, contact Eagle's Nest Realty! We would love to help you find your dream home.

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4 Costs You Should Expect To Cover When Buying A Home

Are you saving up to buy your first home? If you are preparing to buy a house at the Lake of the Ozarks, you have probably been calculating what you will need to provide as a down payment and what your monthly mortgage payments will be after the home is yours. However, it's important to remember that you will be responsible for more expenses than just the down payment and mortgage payments. Eagle's Nest Realty, Inc. is here to give you a realistic look at some of the other expenses associated with buying real estate at the Lake of the Ozarks.

1. Earnest Money
Earnest money is an unexpected cost for many first time buyers. Essentially, earnest money is a deposit that you include when you submit your offer to the sellers. By including a check with your offer, you show the sellers that you are serious (or "earnest") about buying their home. The amount of earnest money you should include varies, but it generally ranges between 1-3% of the home's purchase price. If the sale goes through, the earnest money you provided will be applied to your closing costs. If it falls through due to a failed contingency, you should get the money back without any penalty.

2. Home Inspection
The home inspection is a crucial part of the home buying process. This is when a certified home inspector evaluates the property from top to bottom and provides a detailed report on the current condition of everything in your home (foundation, walls, ceilings, roofs, HVAC system, plumbing, septic system, etc). The inspection report should reveal any potential issues with the property that may require expensive repairs. By getting these out into the open before the sale, you have the option of negotiating the cost of these repairs with the sellers into the sale or potentially back out of the purchase agreement altogether. At the very least, you will be able to move into the home well aware of any required maintenance. As the buyer, you will be expected to hire the home inspector.

3. Home Appraisal
The home appraisal is another crucial part of the home buying process (and another cost the buyer is expected to cover). The appraisal is an official assessment of the home's current market value, as determined by an appraiser. The appraiser performs a thorough walk-through of the property, evaluating everything that could add to or detract from the home's value. The amount of finished square footage, the amount of unfinished square footage, the location, the condition of the property, the quality of the construction, the amount of storage space, the quality of the landscaping, and the actual sale price of comparable properties are all examples of factors that can affect a home's appraisal value. The cost of the appraisal can usually be covered upfront or can be incorporated into the closing costs.

4. Closing Costs
Finally, you will be expected to cover the miscellaneous closing costs associated with a home purchase. The closing costs include the various expenses, fees, and costs accrued throughout the home buying process. Examples of these expenses may include:

• Title search
• Lender's policy title insurance
• Owner's policy title insurance
• Survey fee
• Credit report
• Closing fee
• Attorneys' fees (if applicable)
• Property tax
• Courier fee
• Pre-paid mortgage interest
• Homeowners association transfer fees (if applicable)
• Underwriting fee

They obviously vary from transaction to transaction, but the total closing costs generally range from 2-5% of the home's purchase price. In some cases, you may be able to negotiate with the sellers so that they will help cover some or all of these costs.

More Questions About Buying A House? We Can Help!

If you are considering purchasing real estate at the Lake of the Ozarks, contact Eagle's Nest Realty! With over forty years of combined real estate experience, our team has helped hundreds of buyers through successful closings. We would be more than happy to answer any questions you may have about the process!

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