First Bank of the Lake: Unexpected Costs of Buying a Vacation Home

It's 2018 and you've decided to buy your first vacation home - congratulations! You can have so much fun with your family and friends and there are so many great memories to be had. Before, you start looking for condos or houses though, make sure you have your finances in order first. For example, consider the following unexpected costs of buying a vacation home. Some people may not realize everything you have to pay for when you own a vacation home and your bank at the Lake of the Ozarks is here to give you the 411 on those costs. If you are interested in acquiring a mortgage to pay for your vacation home, call First Bank of the Lake at 573-348-2265 today or visit our website for more information at www.FirstBankLake.com.

Unexpected Costs of Buying a Vacation Home

HOA fees

HOA fees are the fees associated to take care of commonplace areas within the association. For example, if you are buying a condo here at the Lake of the Ozarks. Your HOA fees may cover maintenance to the gym or pool, or upkeep of the exterior of the building, such as roof repairs or painting. HOA fees vary from HOA to HOA so just be sure to ask your real estate agent about this when looking at your dream vacation home so you aren't surprised later on.

Closing Costs

Closing costs can consist of the following:

Appraisal Fees
Taxes
Assessments
Title Fess
Flood Zone costs

Closing costs are not limited to these costs, but these are examples of unexpected costs you may have to pay when buying a vacation home. Sometimes, the seller will cover the closing costs, but not always, so be sure to ask your real estate agent about this when looking for vacation homes.

Insurance

You must buy insurance for a vacation home to cover unexpected damages. Weather related damages or theft can happen there just like they can at your main home, so be prepared to look for insurance quotes while searching for your vacation home too.

Need a Mortgage for Your Vacation Home?

Visit with our loan officers at our bank in Osage Beach. First Bank of the Lake is your local community 5-star bank. We make all of our financial decisions with compassion and the knowledge we have from being a local bank for over 30 years. When you work with a local bank, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with our customers, and who understand local needs. Our goal is to find the right product or service to meet your financial needs. We're sure we have the perfect account to meet your needs. Visit with us at 4558 Osage Beach Parkway, Suite 100 or give us a call at 573-348-2265. We hope you find the vacation home of your dreams!

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