If you are considering buying a house on your own, The Property Shop at the Lake is here to help! Here are a few important suggestions.
1. Don't Stretch Your Budget
As a prospective homeowner, it's essential that you not spend beyond your means. Look at your budget carefully to determine how much you can comfortably afford to spend on a monthly basis. Just because you've been prequalified for a high loan amount does not mean you have to purchase an expensive home. Instead of looking at your prequalification as the number to aim for, simply consider it a starting point and work your way down from there.
2. Bring Someone With You While House Hunting
Choosing which house to buy is a big decision. There are a lot of different factors to consider, and it can be easy to get so caught up the excitement of it all that you overlook some things. As you tour different homes, bring a trusted friend or family member with you to provide their feedback and help you evaluate the pros and cons. The properties will begin to run together after a while, and having another set of eyes may prove incredibly useful.
3. Never Underestimate The Power Of A Smaller Home
If you're planning to live alone, buying a smaller home could be a great idea. Smaller properties require less maintenance, less upkeep, and less cleaning. If you end up finding a partner and wanting children eventually, you can always move up when the time comes. We have plenty of small homes for sale, or you could always consider buying a condo at the Lake of the Ozarks.
4. Keep A Financial Safety Net
It doesn't matter whether you're buying a house by yourself or with a partner; keeping a financial safety net is essential. Most experts recommend keeping enough money in an emergency fund to cover your expenses for three to six months without income. Life is unpredictable, so it's best to always be prepared. When buying a house, don't spend so much money on your down payment that you use up your entire savings.
5. Think Ahead
Buying a home requires a big investment of both your time and your money. Before putting so much into it, we encourage you to carefully imagine where you see yourself in five years and buy a home that fits that image. Obviously your situation may change (you may find a partner, you may begin a new career, etc), so finding a home that could serve multiple different purposes may be your best option.
6. Consider Resale Value
No matter what your reasons for buying are, considering the future resale value of each potential property is absolutely essential. Great location, a good school district, easy access to shopping and recreational activities are all things that can help a home maintain its value. If you can purchase additional land around the home or perform various upgrades, you may be able to help increase your property value more quickly.
The Property Shop Agents Are Here For You!
Whether you're buying a house by yourself or with a partner, our buyers' agents at the Lake of the Ozarks would be honored to help you turn your dream home into a reality. Visit our website to learn more about our homebuyer resources at the Lake of the Ozarks!
The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049