Ready to Buy Your First Home?

Buying your first home is a big step. Homeownership is a substantial commitment, and it's important to make sure you are truly ready before taking the plunge. Whether you are buying a house with a partner or flying solo, there are certain signs that can indicate when you are ready to buy a house at the Lake of the Ozarks. Here is a quick look at a few of them.

You Are Weighing The Costs Of Renting Versus Buying
When you were first starting out, renting was likely the obvious solution. Buying a home seemed completely unfeasible financially - and even if you could have afforded it, you probably wouldn't have wanted to since you weren't ready to be tied to one place. At a certain point, however, the balance will start to tip. You'll find yourself imagining having a place of your own and beginning to research the true costs of buying a home in your area. While the desire to own a home in and of itself is not enough to indicate whether you are financially ready to buy a house, it is a good indicator that on a mental and emotional level, you are ready to make the commitment.

You Plan On Staying Local For Several Years
Some people are surprised to learn that owning a house is actually cheaper than renting one. While this is generally true, it typically only applies if you plan to stay in your home for a minimum of 3-5 years. If you plan to only live in your home for 1-2 years, renting may be a better option for the time being. There are several upfront costs associate with buying a house (inspection, appraisal, closing costs, down payment, etc), so it takes a few years for these extra expenses to be balanced out by the proportionally lower monthly payments.

You Have A Stable Job
When determining whether or not you are ready to buy a house, job security is a key factor. You'll build your budget for homeownership according to your current income, but if that income decreases (or stops altogether) once you have purchased a home, significant financial challenges can arise very quickly. While it is impossible to predict the future, you'll want to be reasonably confident that your employment is stable and secure before you buy a house.

Your Finances Are In Order
Buying a house is a pivotal financial move in your life. It can either set you up for long-term financial success, or it can create multiple challenges. Homeownership is a great way to build equity and wealth, but it involves a lot of financial responsibility. When the need for unexpected maintenance arises, attending to it will be solely your responsibility. If you are having trouble paying your bills as it is, the time may not be right for you to buy a home.

You Have Money Saved For A Down Payment
Certain types of loans (such as USDA loans and VA loans) may allow buyers to put 0% down, but most mortgage loans require buyers to provide a certain percentage as a down payment when they take out their loan. Taking money out of investments or retirement accounts to use as a down payment generally isn't wise - it is typically best to wait until you have saved enough money to provide your down payment out of pocket. Even if you qualify for a loan that allows for 0% down, having a nest egg is a smart way to cover the upfront costs, closing costs, and any unexpected repairs down the road.

Remember Arrowhead Title, Inc. When Buying At The Lake
While these factors are not guarantees that you are legitimately ready to buy a house, they are good indicators that the right time may be approaching. However, it will ultimately be up to you to decide when the timing is right for you.

When you are ready to take the plunge and buy a house, we hope you'll consider our Lake of the Ozarks title company to assist with the transaction. We can help protect your investment by ensuring that your title is free and clear prior to purchase and insuring your title against hidden hazards that may arise in the future. For more information about our title services at the Lake of the Ozarks, visit our website: You can also call us directly at 573-302-1950. We look forward to serving you!

The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!

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750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


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