Are you looking to purchase a house in Missouri? Buying a home can be stressful, especially in a new place or if it’s your first time. You probably don’t have any clue where to start. The first thing is understanding the housing market of the area.
Missouri housing market is a field that is growing so fast. The best time to buy a house is now, in the next few years the price will be high.
This article will help you buy a house in the quickest time possible with less stress. Buying a home does not only require the money but the tips too. Here are some tips to get you started on buying a house.
Find a buying agent
Yes, I know you are trying to avoid a lot of expenditure, but you will need a buying agent who knows the housing market better than a buying agent from Missouri? They know the houses in the market, the most affordable area, and they are also at a better point to negotiate.
At times, it’s natural to get confused, and it’s okay. Getting an agent helps you come up with various ideas of your ideal home.
Make sure you find a trustworthy person — someone who will put your needs first. Their aim should be to get you your dream house. Make sure you give them a timeline of when you wish to have your home. For you to get the right agent find a recommendation from people; make sure the agent is based in Missouri.
When is the right time to buy?
As there are cheap seasons to travel, there are also times when buying a house is a bit cheap. In Missouri, specifically, if you want to get a good deal, buying a home in February is the best time.
The season is also a determining factor. During extreme weather conditions could be a great time to make the purchase. An example around winter is a good time. Nobody wants to start moving in the middle of the semester; buying a home when students are in school will land you a good deal.
Buying a house is probably the biggest purchase you have ever made, or you will ever make in your lifetime, a lot of money is involved, a lot of paperwork too. Some little ignorance can cost you big time. You may be asking,” I have a real estate agent; why do I need to get my hands dirty? Am I not paying him or her a huge commission?” As much as you are paying the agent, you also need to put in some work for you to get your ideal home. Put in mind that even as the agent may want the perfect home for you, they also have their commission to think about.
Things you need to research on
Make sure you know the property tax of the area you are buying your house. Different states have different property taxes. Some have taxes as high as 1.39% while others have a property tax of as low as 0.50%; it all depends on where the property is. Missouri, in general, has a bit low average property tax of 1% compared to the national average property tax of 1.19%.
Having high property taxes doesn’t mean the house is terrible; it’s even better. In some cases, it may mean the facilities there are better than in other places. In case you are on a tight budget, the property taxes may make a huge difference.
When buying a house, if you are not buying cash, scout for friendly mortgage options. Make sure you get a mortgage that has better-paying plans. Put in mind your income stream.
Go for a mortgage that has less interest. Consider VA and FHA loans or any other option. Make sure the mortgage providers don’t use ChexSystems because you may find yourself not being able to open an account and could probably mess up your credit score when you default. Get a lender who has flexible payment plans.
3. Closing cost
Closing costs are the fees the lender charges when you are buying a home. It includes the cost of transferring titles, property taxes, insurance costs. At some point, it may include some mortgage interest that you are required to pay.
In Missouri, the closing cost is a bit low as the title transfer is not taxed, so the average transfer cost is around 0.93% to1.86%. The closing costs in Missouri from one county to another. Make sure you get an estimate of the closing costs of the house before making the final decision.
The idea of getting a house is exciting. Proper research needs to be done before you settle on your ideal home. This article will help make the process as exciting as the idea. All you need is to follow the above tips, and you get your ideal house.