Is Now the Time to Buy? Find Out Here!

If you have been thinking about buying a home at the Lake of the Ozarks, you may be wondering if now is a good time to buy. Arrowhead Title is the best title agency at the Lake of the Ozarks, and we are here to help you answer that question today. While no one can tell you 100% whether or not it is right for you, we have some questions to help guide you to your right answer. Keep reading to learn more!

How Long Will You Live There? 

If you are thinking about buying a house, it's important to know that you should only do so if you plan on living there for at least five years. While some will recommend more or less time, five years is a good estimate to determine if your initial investment will have paid for itself by that time. Closing costs, lender fees, down payments... All of these amounts could significantly drain your accounts if you plan to move frequently. So, if the town you are living in truly is home sweet home, then it could be time for you to plant roots and buy a house of your own!

Can You Afford It? 

This is somewhat of a loaded question. If you are thinking about buying a home, you have probably already visited websites that help you calculate what your monthly payments will be. But keep in mind that this may not be the whole picture. If you are unable to put 20% down on your new home, there will also be mortgage insurance added on to your monthly payment. Home insurance is also quite a bit higher than renters insurance. Last, but definitely not least, is the cost of owning a home. When you are renting, the landlord has the responsibility of fixing anything that breaks. If the air conditioning gives out, they are the ones that pay the cost of repairing or replacing the unit. When you are a homeowner, the cost lies solely with you. It's a good idea to make sure there is room in your budget to set aside funds in case something like this happens to your new home.

What is Your Style?

If you are someone that doesn't need to put your own mark on the place where you live, then renting could be the right choice for you. However, if you want to paint the walls, hang artwork, remodel the back deck, or make any alterations to the property, then that could mean it's time to buy a home of your own. Owning a house gives you the freedom to make it be whatever you want! Just keep in mind that some neighborhoods have Homeowner's Associations that control lawn decorations, paint colors, etc.

Buying a Home at the Lake of the Ozarks

While there is still a lot more to consider, these questions could help you get started thinking about whether or not now is a good time for you to invest in a home. If you are thinking about buying at the Lake, Arrowhead Title is here for you! We are the best closing company at the Lake of the Ozarks, and we would love to help you navigate title insurance, escrow services, and all the details of closing on your new home. Give us a call to learn more and schedule your closing!

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750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


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