Lake Living at the Ozarks
Part-Time Paradise
Thinking of spending your days on the water and your evenings watching the sun set from your back deck? Now is as good a time as any to purchase a second home, with the Lake’s solid real estate market. Here’s how to make that dream come true.
BY
Melissa Ferry
PHOTOGRAPHY
iStockphoto/Fred Hall

Financing
Purchasing any home should begin with financial groundwork. Start by establishing your purchasing power with local lending institutions because they’ll be more familiar with features and properties at the Lake.

“We have many customers who come to us after becoming frustrated with the process through their hometown lender,” says Greg Gagnon, president and CEO of Central Bank of Lake of the Ozarks (CBOLO). “They might be knowledgeable and reputable lenders, but they are not familiar with situations unique to our area.”

“We also do a great number of construction loans for those who decide to build their custom home,” he adds. “Our knowledge of the topography and the builders in the area allows us to do this with confidence.”

Although money is available for financing a new home, it’s not as easy as it was a few years ago to secure a loan. Carrie Judas, manager of U.S. Mortgage Group in Osage Beach, says the days of 100-percent mortgages for second-home buyers are a thing of the past. “Today, a second-home buyer needs a credit score of 720 and a down payment of 10 to 20 percent. The requirements for lending on condominiums also have tightened.”

“The industry is changing daily,” says Sabrina Parlin, mortgage consultant with Manhattan Mortgage on Highway 54 in Osage Beach. “You want to be sure you are working with a knowledgeable lender who is placing your interests first. The best way to determine this is by paying close attention to the questions being asked and how well the person listens to your answers. With so many different types of loans available, your lender needs to get to know you in order to find the best program for you.”

Finding
Your real estate professional will be your ultimate guide, leading you through the hundreds of options available. Again, finding someone local is imperative. A referral from an agent in your home town should get you started. “No one can be expected to be an expert in every market,” says Conda Davidson, broker/owner of Light House Real Estate in Lake Ozark.

With an agent ready to serve you, you’ll have to narrow your future home’s location and type. “There is a lot of lake to choose from and not all is for everyone,” notes Lynn Farrell, broker/officer of John Farrell Real Estate Company in Osage Beach. “Lots of conversation is definitely required before we hit the road.”

Jane Kelly, team leader of Team Jane Kelly of Re/Max in Osage Beach, agrees. “I try to get to know my clients’ personalities so I can match them with one of the multiple personalities the Lake has to offer,” she says. “I ask them about their personal preferences and what they see themselves doing while they are at the Lake.” When it comes to the type of home you want, Conda starts with mandatory features like number of bedrooms and bathrooms then adds preferred amenities to the criteria list.

To find the right location, you must consider if you want waterfront property or if you’re fine with second-tier property or elsewhere. Is your preference to be close to shopping, dining and nightlife, or would you rather be in a quiet cove miles away from the hustle and bustle? Are you looking for a place where you can putter in the yard or where no exterior maintenance is required, such as with a condominium? These are all considerations you will go over with your agent while developing a list of properties to tour. Otherwise, you could wear out yourself and your agent with excessive driving time and looking at homes that don’t fit the bill.

Closing
Once you’ve selected your new home, you’ll be on your way to the closing table. Paul Curran, manager of Lake of the Ozarks Land Title Company, says you can relax at this point and let the professionals handle the final details. “We research the property to ensure it is conveyed to you properly and handle the final documents,” he says. “Your real estate agent will be there to represent you through the entire process and answer your questions. If you have legal questions, you should seek the help of a real estate attorney.”

Even after the purchase is complete, your real estate agent should continue to offer services. “We are available to help with whatever is needed, especially since our clients are usually a minimum of three hours away,” Lynn says.

Nancy Porschen, broker/vice president of Gaslight Properties and GMAC Real Estate in the Lake of the Ozarks area, doesn’t just drop out of the picture once the deal is done. “I give my clients a list of names and numbers they might need, including utility companies and various services in the area from handymen to decorators, and check back to be sure they have everything they need,” she says.

Using
The first days after moving in and realizing you’ve achieved your dream can be quite fulfilling. Not only will you have a home to enjoy but possibly some new friends to enjoy it with.

Lynn says she often stays in touch with clients after the sale. “Normally we have become very good friends and continue to go out to dinner or get together when they are at the Lake,” she says.

“Selling second homes at the Lake is really about selling recreation and dreams to the client for them to share with their family and friends,” Jane concludes.