7 Steps to Buying a Home: Steps 4-7
In last week's blog, we began discussing the steps of buying a home. And as promised, we'll be completing that topic in this week's blog. The decision to purchase a home at the Lake of the Ozarks is one of the biggest and best choices you could ever make. Purchasing your own home is a great investment that can deliver several financial benefits - equity buildup, value appreciation, automatic savings plan - not to mention a new sense of pride! And don't worry about going it alone, Team Andy Gibson is ready to help you through every step of the process. Take a look at steps 4 through 7, continuing from last week's blog:
Step 4: Make an Offer
Step 4: Make an Offer
Once you've found a home you love, the next step is deciding on a price. It's important to remember that a home is an investment. Your agent can give you information on other properties in the neighborhood to help you ensure you make an informed decision when it comes to price. Look to your agent to explain and guide you through the offer process.
Some things to consider when deciding on the best price point are:
- List price - Start with the price point that the home is listed at. This will give you a base when looking at the home's value.
- Market Analysis - Your agent will give you an idea of comparable home values in the neighborhood to help you decide if the price point is on par.
- Improvements - Your agent can give you a list of improvements made to the home and help you determine its market value.
Step 5: Perform Due Diligence
Your agent will provide you with improvements and challenges within your home. This way you'll know what you are getting into before you complete the purchase. Knowing what work has and has not been done to your home is important information to have in the buying process. While updates can increase your home value, damages can take money out of your pocket. Your main concern is the possibility of structural damage, which can come from water, shifting ground or poor construction. Very often a problem appears to be big, but can be fixed with very little effort and not a huge budget.
Step 6: Close
Once you've determined a price point you're comfortable with, you're in the "home" stretch! But, in order to ensure that you don't put the property purchase at risk, you have a couple responsibilities that you'll need to keep in mind:
- Staying in control of your credit and finances - Do not make any large purchases during this time. It's important to keep your financials steady throughout the buying process. Talk to your financial consultant for guidance.
- Keeping in touch with your agent and financial consultant - It's important to stay in constant communication with your Keller Williams agent and financial guide during this process. Be sure to return all phone calls and complete paperwork promptly. Also, don't be afraid to ask questions. Your team is there to help you!
Step 7: Protect Your Investment
Congratulations, and welcome home! The home-buying process is complete, which means it's time for your maintenance plan! It's now your responsibility, and in your best financial interest, to protect your investment for years to come. Performing routine maintenance on your home's systems is always more affordable than having to fix big problems later. Be sure to watch for signs of leaks, damage and wear.
And remember, just because the sale is complete, your relationship with your Team Andy Gibson agent doesn't need to end! After you buy, your agent can still help you - providing information on the real estate market, finding contractors and repair services, and even tracking your home's current value.
Team Andy Gibson is excited about your decision to buy a home at the Lake of the Ozarks, and we would love to discuss what we can do to help your real estate transaction go as smoothly as possible. For all of your real estate related questions, contact Team Andy Gibson, the most trusted real estate agents at the Lake of the Ozarks!
CONTACT TEAM ANDY GIBSON FOR ALL OF YOUR REAL ESTATE NEEDS!
Keller Williams Lake of the Ozarks Realty
858 Hwy 42
Osage Beach, MO 65065