Isla Del Sol Condominiums: 6 Tips for Buying a Condo at Lake of the Ozarks

Imagine eagle-watching from your own deck and swimming off your dock just feet from your home. Have dinner by boat and choose between the many waterfront restaurants the Lake of the Ozarks has to offer. There are many housing options when choosing to live at the Lake of the Ozarks, but undoubtedly one of the most popular options has become condominiums. Benefits to condo living at Lake of the Ozarks are low maintenance and resort-like amenities. By following these 6 tips for buying a condo at Lake of the Ozarks, you can ensure a stress-free experience:

1. Hire a Real Estate Agent with Experience in Selling Condos

Buying a condo is much different than a residential home. The purchase contract is different than a single-family home, as contingencies are based on different factors. There are association rules and dues that need to be taken into consideration. If you are purchasing a Lake of the Ozarks condo with a slip in the community dock, there are separate dues for that. A real estate agent with experience in selling condos will make sure important documents are not overlooked.

2. Secure Your Financing

Get pre-approved for financing prior to looking at condos. This is critical because some lenders and loan products do not allow condo purchases. Some programs can be tricky, such as FHA (Federal Housing Administration) Loans. Normally, the FHA will require 80% of the units in the building to be owner-occupied and on their approved list. Your best bet is to stick with a local lender. However, they generally require a minimum of 20% down. Be sure your financing is secured before you fall in love with that beautiful new unit!

3. Find Out What The Complex Includes

Does the condo come with a private covered garage or boat slip or are these extra? If not included, do you need them? Those items will need to be negotiated with the seller or it can make the price of the unit substantially higher. The last thing you want is to find out your garage is just a parking space or the boat slip is too small.

4. Know What the Association Fees Include

As mentioned before, some of the greatest benefits to living in condos at Lake of the Ozarks is having less maintenance than a residential home. You should know what's included in your condo fees. Common fees include lawn maintenance and landscaping, snow removal, water and sewer services, trash pickup and sometimes even cable!

Amenities like pools, fitness centers, tennis courts, and clubhouses are also a part of the association fees. Make sure these are of interest to you, or you are paying for them to be offered to other residents.

5. Review Special Assessments

Understand what special assessments are. It is highly likely that the condo complex will undergo a major structural repair in the future. This will require money beyond the usual assessments. Generally the association has a reserve, but it is possible for assessments to be raised for a period of time to cover any major repairs. If there are special assessments planned, they should be fully disclosed to you as a potential buyer.

6. Find Out Who the Maintenance and Management Company Are

The maintenance company is in charge of the upkeep of the property. Know who to contact if the common areas of the community need attention. Most condos have a management company to take care of the day-to-day operations. They enforce rules and regulations, handle the finances, and should be able to answer your questions regarding the complex.

Luxury Condo Living

If you are looking for luxury condos at Lake of the Ozarks with incredible views in all directions, find them at Isla Del Sol. This is a premier island development with a lakeside pool, dog walking area, and boat docks. It is located on the 3 mile marker of the North Shore and just a short drive down Highway W. We hope to see you in your new Lake of the Ozarks waterfront condo at Isla Del Sol soon!

Come back often to see all of the exciting things happening at Isla Del Sol.

Wednesday, February 24, 2016

6 Tips for Buying a Condo at Lake of the Ozarks