5 Home Buying Mistakes To Avoid

Buying a home is a very exciting event, but it unfortunately comes with its fair share of pitfalls. Inexperienced home buyers may fall victim to common mistakes that can create added stress and frustration down the road. If you're getting ready to buy your first home at the Lake of the Ozarks, the team at Gattermeir Davidson Real Estate can help you avoid these pitfalls.

Mistake #1: Not Getting Preapproved
It's very common for first time home buyers to want to jump straight into touring different homes, before talking to a mortgage lender. When they do this, though, home buyers can get their hearts set on a certain property before they know for sure if they will be able to afford it. Do yourself (and your agent) a favor by getting preapproved for a home loan first so you will only visit homes you know you will be able to realistically consider buying.

Mistake #2: Spending Beyond Your Means
There can be a big difference between the size of loan you can qualify for and the size of loan you should actually get. Before you get too far in your home search, track your income and your spending for at least two to three months. Once you have an accurate picture of where your money is going and how much you have left at the end of the month, you'll be able to determine what monthly payment makes sense for your budget.

Mistake #3: Overlooking Hidden Costs
If you're a first time home buyer, you may not realize that the asking price is not the only cost you will have to cover when buying a home at the Lake. You will also have to pay for the home inspection and the home appraisal. Once you've purchased the home, your mortgage payment is not the only payment you'll have to make. Home insurance, property taxes, homeowner association dues, and home repairs can add up very quickly. Before buying a home, talk to your Lake of the Ozarks real estate agent to get an idea of what other costs you will have to cover as a homeowner.

Mistake #4: Getting Your Heart Set On A Home
It's easy to understand why home buyers get their hearts set on a piece of property before its officially theirs. Just because you've put in an offer and the sellers have accepted it, though, does not guarantee that the home will be yours. Information revealed in the home inspection or hitches in your loan approval process can cause the contract to become void. While it's certainly easier said than done, we encourage you to try not to become emotionally attached to a property until the sale is complete.

Mistake #5: Not Knowing The Area
Keep in mind that when you buy a home, you also buy a piece of the surrounding neighborhood, suburb, and/or city. You don't want to move into your brand new home and then find out that you now belong to a subdivision with strict rules regarding what you can and cannot do with your property, or that the sheriff's office is just down the street and you can hear sirens wailing at all hours of the night. Save yourself unnecessary stress down the road by talking to the new property's neighbors and your real estate agent to learn more about your future home's surroundings.

Gattermeir Davidson Real Estate can help you avoid these mistakes! If you're thinking about buying a home in the next few months, contact one of our experienced real estate agents. We would love to help you find the home of your dreams! 

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2011 REALTOR Salesperson of the Year

Missouri Association of Realtors

Gattermeir Davidson Real Estate, LLC

752 Bagnell Dam Blvd., Suite A

Lake Ozark, MO 65049

Office | 573.365.1555

Fax | 573.365.1766