Friday, June 26, 2015

What Is The Purpose of Rent-To-Own?

Are you thinking about buying a home, but aren't ready to make the financial commitment yet? Maybe your credit rating isn't quite where you want it to be, or perhaps you don't have the savings to provide a down payment. If either of these situations apply to you, we may have great solution for you: renting to own.


What Is The Purpose Of Rent-To-Own?
A rent-to-own agreement is similar to a car lease. Buyers agree to rent a home from the seller for a specified amount of time (generally one to three years). At the end of their lease, the buyers will have the opportunity to buy the home or walk away from the arrangement.

Typically, the agreement requires that the buyers pay a little bit more in monthly rent than a regular renter would pay, but that extra money is put towards the purchase of the home at the end of the lease. If the buyer chooses to back out of the agreement and not purchase the home at the end of the lease, the sellers will get to keep the extra money.

Rent-To-Owns Benefit Everyone
Rent-to-own homes offer unique benefits for both the buyers and the sellers that can make them an attractive alternative for people thinking about buying or selling homes at the Lake of the Ozarks. Here is a quick look at some of these advantages.

Buyers:
  • You don't need to put a lot of money into a down payment.
  • Your credit rating does not have to be as high as it would be to get a mortgage loan.
  • You already have some equity built up when it is time to buy the home (so your total purchase price will be lower).
  • If you decide to walk away from the agreement, your only consequence will be losing the extra rent payment.

Sellers:
  • If you are having trouble selling your home, offering a rent-to-own option could help your property appeal to a wider range of buyers.
  • If the buyer chooses not to buy your home at the end of the agreement, you get to pocket the extra rent money.
  • Your purchase price is already locked in, so you won't suffer if the market drops during the course of the lease.
  • Because your tenants are future owners, you can trust them to take better care of the property.

Questions? We Can Help!
Do you have questions about the rent-to-own process? Feel free to contact our Lake of the Ozarks real estate office any time - we would be happy to help you out in any way we can! Our number one goal is to help you find your dream home at the Lake of the Ozarks. We look forward to working with you!

Stay connected with Gattermeir Davidson Real Estate, LLC!

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

Wednesday, June 17, 2015

Ozarks Amphitheater GRAND OPENING

Big things are happening at the Lake of the Ozarks! This Thursday, June 18th at 7:00 PM marks the grand opening for one of the Lake Area's hottest new attractions: the Ozarks Amphitheater!


Ozarks Amphitheater Grand Opening - Thursday, June 18th

In order to celebrate their grand opening, the Ozarks Amphitheater will host a fantastic concert with FREE ADMISSION to anyone who wants to come! The award-winning blues vocalist Sena Ehrhardt will be delivering the grand performance, and local musician Shawn C will serve as the opening act. To top it all off, Ozark Distillery will be offering free tastings! Lake TV Sports Director / TV Personality William Holtz will host the event. Ozarks Amphitheater will also be accepting donations for C.O.P.S. (Concerns Of Police Survivors).

Here's a quick rundown of the evening's timeline:
  • 7:00 PM - Doors Open
  • 8:00 PM - Show Begins
  • 9:30-10:00 PM - Meet N' Greet
Admission is free, but Ozarks Amphitheater requests that you reserve a seat online to let them know that you're coming! Seating is first come, first serve, so get there right at 7:00 to get the best seats in the house.

Ozarks Amphitheater Background and 2015 Season

The grand opening is event is only one night, but this fantastic new attraction has some great shows lined up for the rest of the year. Formerly Stone Ridge Amphitheater, the all-new Ozarks Amphitheater is the only open-air performance venue at the Lake of the Ozarks with seating for more than 10,000 people. The venue was built in 1993, and since then has hosted many big acts including Blues Traveler, Willie Nelson, and Foreigner. 

Shawn C
This year, Ozarks Amphitheater has locked-in concert dates for Tracy Lawrence, The Ozark Mountain Daredevils, and major cover bands including Get The Led Out - The American Led Zeppelin, Grateful Dead Experience: The Schwag, and The Music Of Abba: Featuring Arrival From Sweden. It should be a great season!

The amphitheater is located just off of the Pier 31 exit on north highway 5 in Camdenton, near Bridal Cave. Be sure to check them out!

Want To Become A Part Of The Lake Community?
The Ozarks Amphitheater is just one of many new attractions coming to the Lake Area. If you love the Lake and plan on visiting several weekends this summer, it may be time to think about buying a condo at the Lake of the Ozarks! If you would like to become a permanent member of our great community, the team at Gattermeir Davidson Real Estate would love to help you buy a Lake of the Ozarks home. Give us a call for more information!

Stay connected with Gattermeir Davidson Real Estate, LLC!

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

Monday, June 8, 2015

4 Steps To Take BEFORE Buying A Home

The moment you very first think about buying a house at the Lake of the Ozarks, it's time to take action. Buying a home is a big step in life, and the process usually takes several months from start to finish. That said, you can never know when you will stumble across the home of your dreams, so it's a good idea to begin preparations sooner than later!

Because a house is most likely the largest financial investment you will ever make in your lifetime, it's important to take time to prepare. If you are thinking about potentially searching for homes for sale at the Lake of the Ozarks in the next few months, it's time to start taking steps to set yourself up for success.


STEP 1: Make A Budget
A house is a huge investment. There are lots of costs associated with owning your own home, such as your mortgage payment, utilities, remodels, landscaping, and any necessary repairs. In order to be confident you're not biting off more than you can chew, it's important to begin carefully tracking your monthly income and expenses several months before you are ready to buy. Getting on top of things now will enable to you to make your financial decision with confidence when the time comes.

STEP 2: Do Your Homework
There is a lot to learn about buying a house. Buyers need to educate themselves on the process and the many different elements that go into buying a home. Earnest money, the appraisal, the home inspection, negotiating the sale price, offers and counter-offers, title insurance... these are all things that every buyer must handle. Researching ahead of time will help you prepare to tackle each new step as it comes - and boost your confidence in your ability to do so. Gattermeir Davidson Real Estate has plenty of resources available to new buyers - check out our website and subscribe to our real estate blog!

STEP 3: Get Preapproved
Like buying a house, getting approved for a mortgage loan can be a big process. Your lender will have to carefully evaluate your financial situation in order to determine how much of a loan you should be able to afford and how great of a financial risk you are to their institution. By getting preapproved before you even begin shopping for homes, you will seen as much more credible in the sellers' eyes and you will be better positioned to negotiate the sale price when the time comes. 

STEP 4: Hire A Real Estate Agent
It doesn't matter whether you're planning on buying a starter home or your forever home - you'll want to be sure that you find a great house and that can settle on a fair sale price. With the guidance of an experienced Lake of the Ozarks real estate agent, you can be confident that you will be prepared for whatever comes your way. 

Best of luck to you on your home buying journey! If there is any way that Gattermeir Davidson Real Estate can be of assistance, please let us know.

Stay connected with Gattermeir Davidson Real Estate, LLC!

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

Thursday, June 4, 2015

Different Generational Buying Strategies

Everyone should want to own a house at some point in their lives. Buying a house is part of The American Dream, right? 

Yes, but it's not as cut-and-dried as that makes it sound. Recent studies show that different generations have very different motivations and strategies when it comes to buying homes. Some organizations have gone very in depth with their studies, breaking down home buying habits by each specific generation. Today, the team at Gattermeir Davidson Real Estate is here to provide an overall analysis of these different strategies by condensing them into two predominant categories: mature adults and young adults.

Mature Adults (50 And Older)

Mature adults enter the real estate market for many different reasons. Often, these individuals are not first-time home buyers, so mature adults make up a greater percentage of home sellers. When they're buying a house, mature adults tend to look for easy access to key locations such as work and the grocery store, as well as proximity to family. These individuals desire comfort, security, and good neighborhoods. As their children leave the home, mature adults are more likely to downsize in their quest for simplicity.

Young Adults (49 And Younger)

Young adults make up a much greater percentage of first-time home buyers and a much lower percentage of home sellers. Price is often a huge concern for young adults. Most young adults face major financial obligations such as car loans, student debt, and possible credit card debt, so they may have less money to put towards a down payment on their home. Despite some of these initial financial difficulties, many young adults view owning their own home as a valuable investment and a necessary step to take before having kids and raising a family.


Gattermeir Davidson - Helping All Ages!

It is important to note that these are very broad generalizations; each individual home buyer has his/her own set of unique advantages and disadvantages, likes and dislikes. Buyers, sellers, and agents alike all need to take care not to limit themselves to assumptions based on stereotypes, and instead embrace the opportunity to get to know each new person and his/her unique situations.

It doesn't matter how old you are or if you have purchased a home before - Gattermeir Davidson Real Estate is here to help every single one of you follow your dreams of buying a home at the Lake of the Ozarks. If you are ready to get started or would simply like more information about the process, check us out on our social media channels or give us a call today!

Stay connected with Gattermeir Davidson Real Estate, LLC!

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

Friday, May 29, 2015

Different Types of Home Loans

You've decided to take the plunge and you are ready to buy a home at the Lake of the Ozarks. Now all that's left to do is find the right home, get a mortgage loan, close on the sale, and move in... right?

Well, more or less. Buying a home can be a little more complicated than that, but the process can run smoothly with the guidance of an experienced Lake of the Ozarks real estate agent and mortgage lender. Today, the team at Gattermeir Davidson Real Estate is here to help you gain some background information on the different types of home loans available and how to decide which one could be right for you.

Fixed Rate Mortgages

Fixed rate mortgages are exactly what their name implies: they have a fixed interest rate throughout the entire term (typically fifteen, twenty, or thirty years). The benefit to fixed rate mortgages is that you can trust the interest rate to remain consistent the whole time you are paying back your loan - your monthly payment will never increase. The drawback to fixed rate mortgages is that the interest rate may be slightly higher than those of other mortgages.

Adjustable Rate Mortgages

Adjustable rate mortgages (ARM) have a set interest rate for the first few years (generally three or five years), but then the rate will adjust to match the current market. The upside to ARM loans is that their initial interest rates are usually much lower than those of fixed rate mortgages. The downside to ARM loans is that after the initial period, the interest rate will typically rise and the monthly payment will go up.

Conventional Loans

Conventional loans, like their name suggests, are pretty much "by-the-book" mortgage loans. They typically require a 20% down payment, and borrowers will most likely have to pay for Private Mortgage Insurance (PMI) in addition to the principle and interest if they are unable to put 20% down upfront. Because they are backed by private lenders, they generally do not require as much paperwork as government-backed loans (see below). Conventional loans are available in both fixed-rate and adjustable-rate mortgages.

Government-Backed Loans

Our federal government wants to encourage our citizens to pursue the American Dream. In order to help make this dream a reality, the government offers three types of mortgage loans: FHA, VA, and USDA.

FHA Loans
The Federal Housing Association (FHA) offers home loans for both first-time and repeat buyers. Because these lenders are backed by the government if the borrowers default on the loan, they are usually less selective about their applicants than conventional lenders. The biggest advantage to FHA loans is that home buyers may be able to qualify for a down payment as low as 3.5%. The drawback to these loans is that borrowers will still be required to pay for PMI until they have paid back 20% of the principle.

VA Loans
VA loans are funded by the U.S. Department of Veteran Affairs and are only available to U.S. veterans, active-duty personnel, and (in some cases) their surviving spouses. The biggest appeal these loans offer is 100% financing - borrowers are able to take out a loan for the full amount of the home, without providing any money upfront. Not only that, but these loans do not require the traditional private mortgage insurance.


USDA Loans
USDA loans are backed by the U.S. Department of Agriculture, and are intended to help make homeownership possible for low-income families in rural areas. Buyers who do not qualify for conventional mortgage loans may be able to qualify for USDA loans. In order to qualify, the home the borrowers are purchasing must be in a county that has been zoned as "rural," and the buyers' combined household must not be higher than 115% of the adjusted area median income. Like VA loans, USDA loans also offer 100% financing. Your mortgage lender will be able to help you determine whether or not you meet these standards.

Happy House Hunting!

We hope that this helps you in your home buying process. If you are ready to tour some of the homes for sale at the Lake of the Ozarks, give us a call -- we would be happy to show you around!

Stay connected with Gattermeir Davidson Real Estate, LLC!

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

Tuesday, May 19, 2015

Memorial Day Weekend / National Safe Boating Week

Memorial Day Weekend is almost here! If you've ever been around the Lake of the Ozarks before, you know that Memorial Day is largely regarded as the official start to the summer season at the Lake - and we always have the crowds to prove it!

This weekend, the water will be packed with boats belonging to both tourists and locals alike. It is probably no coincidence that this week, May 16-22, is also National Safe Boating Week 2015. As you prepare for a fun-filled weekend (and entire summer season) on the water, the team at Gattermeir Davidson Real Estate wants to remind you to be careful. Here are a few safety tips to keep in mind!


Always Wear A Life Jacket
It is estimated that fully 80% of the water-related deaths that occurred last year could have been prevented if the victims had been wearing properly fitting life jackets. Boating accidents can happen in a split-second, but wearing a life jacket can give rescuers time to save you. Life jackets are important for everyone, but they are especially critical for those engaging in high-speed activities (such as tubing, skiing, or wake boarding) and for those who are not strong swimmers.

Always Have A Designated Lookout
Have you ever noticed that the boat's steering wheel is almost always located towards the back of the vessel? This can make it difficult for the captain to see directly in front of the boat. Designate a "first mate" to keep watch at the front of the boat and to help the driver spot swimmers, logs or other floating debris, and other boats.

Always Have A Designated Driver
No matter what you're doing, having alcohol in your system impairs your motor skills and slows down your reaction time. Consequently, it is just as critical that you have a designated driver on the water as it is that you have one on land. If there will be alcohol on board, make sure you take the time to designate a captain before heading out.

Always Have A Red Or Orange Flag With You
Have you ever seen a boater holding a red or orange flag in the air? This flag signals that people are in the water. This is especially important for boats towing someone on water skis or an inner tube, as it is quite possible that the rider will fall off into the water at some point. The flag will catch other boaters' attention and warn them to watch out for swimmers.

And Finally... Always HAVE FUN!
It's important to always be alert and follow standard safety measures and precautions, but that doesn't mean you can't have fun while you're doing it! Summertime at the Lake is all about letting loose and having a good time. On behalf of all of our Lake of the Ozarks real estate agents, we hope you and your family have a truly wonderful Memorial Day Weekend!

If you have so much this weekend that you never want it to end, consider making a weekend at the the Lake a consistent part of your summer! Give us a call to schedule some showings of a few condos for sale at the Lake of the Ozarks. We would love to help you become a part of our great community!

Stay connected with Gattermeir Davidson Real Estate, LLC!

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

Wednesday, May 13, 2015

Why Do You Need A Home Inspection?

A you...
  • Purchase a vehicle without taking it for a test drive?
  • Buy an expensive dress or suit without trying it on?
  • Purchase a boat without making sure everything worked?
Most of us would answer "no" to every single one of these questions. Most people tend to be fairly cautious with big purchases, and rightly so. When there are so many dollars at stake, it's important to make sure that you know exactly what you're getting and that you know it will work well for its intended purposes. Buying a home at the Lake of the Ozarks is the same way; you should not buy a home without first getting a professional home inspection. The inspection report will give you important insight on the current working conditions of everything in the home.


A Home Inspection Will Examine Every Part Of The Home

A professional, high-quality home inspection will carefully examine every single part of the home for sale at the Lake of the Ozarks, both interior and exterior. For example, the home inspector will evaluate the:
  • Roof
  • Foundation
  • Exterior Walls
  • Grading Around The Home
  • Electric Wiring
  • HVAC System
  • Water Heater
  • Plumbing
  • Fire Safety
  • Bathrooms
  • And More
Keep in mind that the home inspection can only identify problems based on visual cues, so the home inspector cannot guarantee to find every potential issue in the home. However, an experienced inspector will be able to give you invaluable insight into the current state of the home.

A Home Inspection Can Highlight Current Problems

You may have walked through the home several times, but that doesn't mean you've had the chance to identify every potential problem with the home. The professional home inspection will bring to light any current issues that may need immediate attention in the home. For example, the deck may not be properly affixed to the house and could pose a serious safety risk, or the HVAC system may not have been properly installed and could require some costly repairs.

By making all involved parties aware of these potential problems before closing, the buyers and sellers can come to an agreement on how best to proceed. Often, the buyers may require that the sellers fix certain issues before closing (or that they provide the buyers with the money to do so).


A Home Inspection Can Identify Future Potential Issues

When you purchase a home at the Lake of the Ozarks, you are most likely doing so because you plan on living there for several years. Consequently, you want to be confident that your new home will last you for many, many years - not just the immediate future. A proper home inspection will be able to highlight certain areas that may not pose a problem now, but that could develop into problem areas if left unattended. 

These types of potential issues that could arise in the future do not typically impact the closing on the home, but it is still crucial that the buyer be made aware of them. Once the sale has closed and the new owners are settled in, they may wish to take precautionary measures to prevent these problems from arising down the road.

Other Real Estate Questions? Give Us A Call!
Do you have questions about real estate at the Lake of the Ozarks? Give us a call! The Gattermeir Davidson Real Estate team is here to make the process of buying and selling homes easier for each and every one of our clients. We look forward to working with you!

Stay connected with Gattermeir Davidson Real Estate, LLC!

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