If you've been weighing the options of purchasing a vacation home at Lake of the Ozarks, now is an amazing time to capitalize. During the offseason, you'll be met with numerous advantages that are typically found this time of year such as, motivated sellers/builders, tax incentives, as well as potentially reduced home prices. Today, Team Lasson is here to provide some essential tips for buying a second home at Lake of the Ozarks during the offseason.
Wednesday, December 2, 2020
5 Off-Season Vacation Home Buying Tips
When you're buying a vacation home, it's important to keep the Summer months (or the months that you plan to visit your second home) in mind. As you are purchasing it during the offseason, you may overlook certain items that will be vital for the Summer months that you are enjoying the property. Things such as the air conditioner, which will likely not be run much while you're away but will be essential during the Summer. Outdoor features of the home are also important. While you may not want to "chill" on the patio during the Winter months that you are buying the home, you'll love these spaces during the hot Summertime. Docks are another important aspect of lake life during the Summer months, so ensuring that you have a well-maintained boat dock with the property is critical during the Winter buying season. Imagine all the fun Summer experiences you'll want to enjoy when searching for your vacation home at the Lake.
While it can be enticing to focus on location to work, your favorite restaurant, or some other amenity that you'll be enjoying, we think buying for the view is even more important. Unlike your primary residence where these features will be more prominent throughout the year, you are going to your vacation home for one reason, to experience the joys of vacation. Buy a home with a view that "wows" you every time, rather than settling for an okay view because it's conveniently located. The best thing about a home at Lake of the Ozarks is that you can have the best of both worlds, a spectacular view in a prime location.
There are of course pros and cons to every season - base your decision off which time is best for your situation. In the Winter, the weather is much colder, and conditions could delay showings or make moving yourself a little more tedious. However, the Winter season also offers less competition for Lake real estate, offering better pricing incentives. As well as offering more availability for a professional moving company to assist you in the moving process. Each season holds its own unique benefits for buying real estate, don't be deterred just because of a particular season.
When you purchase real estate on or before December 31st, you can benefit by being able to deduct interest and property tax portions of your mortgage payment, any points on the mortgage, as well as interest costs from your taxes. These end-of-year tax benefits can offer you some extra power in negotiations as well as help you save some reserves financially.
One of the final tips to remember when considering buying a vacation home at the Lake during the offseason is to think of this, "Who will watch my home while we're away?" Since you'll be occupying your second home much less than the primary, it's important to factor in who will be around to keep up maintenance, house checks, and ensure that your home is in good condition, free of any criminal activity, and deferred maintenance that may arise during your absence. If you don't have a family member or friend in mind that you trust, the Lake has many local companies that would be honored to assist you in doing so.
Team Lasson loves Lake of the Ozarks and enjoys assisting others in making their dreams of homeownership at the Lake come true. We hope that you have found these tips for buying Lake of the Ozarks real estate during the offseason valuable. If you're looking to purchase a second home at Lake of the Ozarks to experience the lake life for yourself, we'd be honored to assist you in obtaining your Lake of the Ozarks mortgage.
Senior Loan Officer
NMLS #: 493712
4655 B Osage Beach Parkway
Osage Beach, MO 65065
**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.