Tips for Buying Your First Home

Buying a home can be a bit intimidating, especially for first time buyers. From getting pre-approved for a home loan to making a decision which property is best for you and your family, there are a number of steps in the process. The biggest piece of advice for first time home buyers at the Lake of the Ozarks is to take your time. See below for more tips for buying your first home, provided by the best real estate agent in Sunrise Beach, MO.

Plan Ahead Financially

Purchasing a home is often the largest investment many people make. Think ahead when you wish to buy a house and start saving for that goal now. While some loans will cover the entire amount of the home, you may not always qualify for that type of mortgage. It's a good idea to start stashing money away for a down payment and/or closing costs for your future home.

Get Pre-Approved

Before you start you home search, it's important to get pre-approved for a home loan. This gives both you and your real estate agent a good idea of how much you can afford in a home. You don't want to look over this price range due to the risk of falling in love with a property that is simply out of your price range.

Start Searching for Homes

Once you've decided on a price range, it's time for the fun part - home searching. This is your chance to look at many properties around the area that fit your requirements. It can be handy to have a list of wants and needs in a home. Schedule a showing of as many properties that fit your needs in a home as possible. You don't want to wonder if you should have kept looking or not after you've made a decision.

Narrow Down Properties

Once you've toured a number of homes, you can start narrowing down which property fits you and your family best. It can be helpful to reference back to your wants and needs list, when it is time to narrow down your selections. If you aren't fully satisfied, don't be afraid to continue searching - it's important that you find the right home and are happy with it!

Take Your Time

Don't feel rushed when buying a home at the Lake of the Ozarks. There are a number of homes that come on the market each day and you can always wait a little while if none of the homes are exactly what you're looking for. Finding your dream home should not be a rushed process - don't forget to take your time in finding the perfect place for you and your family!

Here at Eagle's Nest Realty, we know how to thoroughly explain the entire home buying process. When jumping into the real estate market for the first time it's best to know what to expect. Our team of Lake of the Ozarks real estate agents can help walk you through the entire process so you feel prepared for this major life accomplishment. If you are interested in buying a home at the Lake of the Ozarks, give us a call at 573-374-0769 today. We look forward to helping you find your dream first home!

Call (573) 374-0769 to schedule a showing today!

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What Is Inspected In A Home Inspection?

Buying a house at the Lake of the Ozarks is a complicated process with lots of required steps, and having a real estate agent in Sunrise Beach to guide you can make a world of difference. One of the steps you will have to take is hiring a professional home inspector to perform a thorough inspection of the property. This week, Eagle's Nest Realty, Inc. is here to help you get a better understanding of this important part of the process.

The Home Inspection

During the inspection, the inspector will closely evaluate every aspect of the property to determine its current condition. The inspection report will contain a detailed analysis of the inspector's findings. This report aims to uncover any potential issues with the property, especially anything that could lead to costly repairs. When these issues are identified before the closing, the buyer has the opportunity to negotiate the cost of these repairs into the home purchase (or potentially back out of the sale altogether). There are a couple of different ways to negotiate the cost of repairs in a home purchase:

• The sellers can perform any necessary repairs before the closing date.
• The sellers can reduce the sale price to accommodate for the buyers' cost of the required repairs.
• The sellers can contribute to the closing costs in exchange for the buyers covering the cost of the repairs.

After the closing date, any issues with the property will become the buyers' responsibility - regardless of whether or not the buyers were aware of these issues before they purchased the home. It comes as no surprise, then, that the inspection report is an incredibly valuable tool for anyone who is purchasing real estate at the Lake of the Ozarks.

Items Covered In The Home Inspection

As we have discussed, a proper home inspection is incredibly thorough. The inspector should evaluate almost every aspect of the property. Here are a few examples of the items an inspection report should cover. (Source: Angie's List)

• Structural components: foundation, framing
• Plumbing systems: water heating equipment, sump pump, drains, pipes
• Roof system: shingles, skylights, flashing
• Heating and cooling systems: equipment, venting, energy sources
• Fireplaces: chimney, vents
• Electrical system: breakers, fuses, service panels
• Exterior features: porches, balconies, railings, walkways, siding, soffits, driveways
• Interior features: walls, floors, ceilings, doors, windows, stairs, railings
• Insulation and ventilation

Septic Systems are another very important part of home inspections, especially at the Lake. The current owner of the property will need to locate the tank and uncover it (remove the lid) for the inspector to access the tank. The required tests will include an inspection of the tank and dye flushed into the system from the house. The leech field should show no color on the surface to pass. Never buy a house without testing the septic system! If the home is on a private well, the water should also be tested for coliform bacteria by a commercial or government laboratory.

While it may not be a comprehensive list, this should help you get a better understanding of the home inspection and the types of things covered in the process.

Questions About Buying A House? We Have Answers!

If you have additional questions about buying real estate and what the process looks like, don't be afraid to give us a call at 877-452-5338. Our team of experienced real estate professionals at the Lake of the Ozarks would be honored to help you in any way we can. We look forward to talking to you!

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Home Inspection vs Home Appraisal

Buying a house at the Lake of the Ozarks is a big undertaking. A successful transaction requires the cooperation of several different parties: the buyers, the buyers' agent, the sellers, the sellers' agent, the mortgage lender, the title company, and more.

There are also several steps that must be completed before closing. Two vitally important steps are the home inspection and the home appraisal. While they serve very different purposes, some buyers get these two steps confused. This week, your real estate agents in Sunrise Beach are here to help you understand their differences.

Home Appraisal

The appraisal usually takes place before the inspection. To put it simply, the home appraisal is the process wherein an appraiser evaluates the house to determine its current market value. This is a critical part of the home buying process, because lenders typically will not authorize loan amounts greater than the official appraisal value of the home. As the buyer, you will generally be responsible for covering the cost of the home appraisal.

Your appraisal value will be the sum of several different factors, such as the location, the local real estate market, the number of rooms, the square footage, the quality of the materials and construction used, and the overall condition of the property. While houses rarely sell for the exact appraisal amount, the appraisal can serve as a valuable guideline for both the buyers and the lender.

Home Inspection

The home inspection typically happens a little bit later in the process, but it is still absolutely essential. During this process, a certified home inspector will critically evaluate the entire property to determine its condition. A proper home inspection is incredibly thorough, encompassing the foundation, roof, HVAC system, deck, electrical system, plumbing system, fireplaces, insulation and ventilation, and more. As with the home appraisal, the buyer is generally responsible for paying for the home inspection.

The home inspection can be a valuable eye-opener for the buyer. In many cases, we recommend that our buyers include a "contingent upon inspection" clause in their initial offer. This allows them to change or cancel their initial offer depending on the information revealed in the home inspection. If the inspection reveals that some aspect of the property is in need of major repair, the the cost of the repair may be negotiated into the contract, or the buyer may be able to back out entirely.

Eagle's Nest Realty Is Here To Guide You

There are a lot of things to consider when choosing your new home in Sunrise Beach MO. The team at Eagle's Nest Realty will be here to guide you along every step of the way, helping you evaluate each new piece of information to make smart, well-informed decisions. Visit our website to learn more about our real estate services at the Lake of the Ozarks!

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