The Property Shop at the Lake: Buying Real Estate Lake of the Ozarks

Tuesday, January 5, 2016

House Or Condo: Which Is Right For You?

Congratulations! You've decided to buy property at the Lake of the Ozarks. Before you can progress any further, though, it's time to ask yourself several important questions. Should you buy a home or a condo in Osage Beach MO? If you opt for a home, should you live on or off the water?

Without first gathering all the necessary information and asking yourself the important questions, it can be hard to make these decisions. Property Shop at the Lake is here to help make the process easier! We've compiled a list of questions you should ask yourself before choosing which type of property to buy. Once you have your answers in front of you, your decision will be much simpler.

Question #1: Will This Be Your Full-Time Or Part-Time Residence?

The amount of time you plan to spend at your new place will significantly impact what features you will need. If you plan to live in your new home year-round, you will probably want a house (or at least, a large condo) with plenty of storage space. If your new property will be a vacation destination where you only spend long weekends, however, it won't need to be nearly as spacious. You can store the majority of your belongings at your primary residence and only keep the items you need for vacation at your new location.

Question #2: How Much Time Do You Plan To Spend On The Water?

Be honest: how much do you see yourself getting out and spending time on the water? Living on the water can be a truly phenomenal experience, but it can be more expensive and may require additional upkeep. If you plan to use your lake access frequently, buying a waterfront home at the Lake of the Ozarks could be perfect for you. However, if you don't plan to spend much time on the water, you may be better off with an interior home.

Question #3: How Many People Will Live In Your New Home?

The number of people you will have living in your home often directly correlates to how much space you will need. Obviously you will need more bedrooms and bathrooms if you have a larger family, but you will also need extra space for storage and more living space to accommodate the greater number of people. If you are only buying property to share with your spouse or to live on your own, on the other hand, you probably won't need nearly as much as space. In that case, a small waterfront condo at the Lake of the Ozarks would probably be a great option.

Question #4: What Are the Ages Of The Family Members Who Will Be Sharing Your Home?

Identifying the number of people who will share your home is important, but it's also important to consider their ages. If you have young children, you may want to consider property inside a condo or homeowners association that has access to pools, playgrounds, and other family-friendly amenities. If there will only be adults living in your home, however, you may be able to lean towards more upscale, luxury condos at the Lake of the Ozarks.

House Or Condo - Which Will You Choose?

If you're considering buying real estate at the Lake of the Ozarks, it's time to talk to one of our real estate agents in Lake Ozark MO! Our team members would be happy to help you evaluate your situation and determine which options will be best for you and your unique situation. Check out our website or give us a call at 573-693-1100 for more information!

The Property Shop at the Lake

2086 Horseshoe Bend Parkway

Lake Ozark, MO 65049

(573) 693-1100

(573) 480-7760

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Monday, October 12, 2015

Interest Rates: How They Impact Your Purchase

If you're new to the real estate market, you have a lot to learn before your buy your first house at the Lake of the Ozarks. With so many different aspects and all of their accompanying details, it can be a lot to take in all at once. At The Property Shop at the Lake, we make it a point to help our clients get all of the information they need to make educated decisions. This week, we're here to help you to learn more about interest rates and how they impact your home purchase.

Why Interest?

When you purchase real estate at the Lake of the Ozarks, you are not the only one who is making an investment - your mortgage lender is making an investment, too. When you buy a house, your lender is the one who pays the seller outright (by loaning you the money). Your mortgage payments over the next fifteen, twenty, or thirty years go towards paying back that loan.

This process allows you to reap several rewards, such as having a place to live and accumulating the "forced savings" that come from building equity in your home. By charging interest, your lender gets a reward, too - they make money off of their investment. It's a symbiotic relationship; by working together, both parties benefit.

What Are Interest Rates?

Interest is the money the bank makes off your mortgage loan, and interest rates are the factors that dictate how much money that is. Interest rates are a percentage of the total purchase. Currently, rates range anywhere from approximately 2.98% to around 4.16%. The exact rate you can get will depend upon several different factors, such as the type of loan you get, the duration of the loan, your credit history, and more.

How Much Will Interest Rates Really Affect My Purchase?

Your interest rate will have likely have a huge impact on the affordability of your home, as it will impact how high your monthly payment is and the total dollar amount you will end up spending on the home. Consider this graph:

Source: KeepingCurrentMatters.com

NOW Is A Great Time To Buy!

As you can see from the graph, interest rates are currently at an all-time low, which means it's easier to afford more expensive houses. While it is impossible to predict whether the rates will lower or raise in the future, our Lake of the Ozarks real estate agents believe that it is always better to be safe than sorry! If you are thinking about purchasing one of the homes for sale at the Lake of the Ozarks, let us help you get the process started. You don't want to risk the interest rates rising before you get the chance to buy!