Ten Tips For Buying Missouri Real Estate

• 1. When comparing the price and value of a property, compare it to other comparable properties in the immediate area - NOT properties in your previous location.

• 2. Ask for a property disclosure. While these aren’t mandatory in Missouri, many sellers complete them. In addition you may wish to ask the current owners for a printout of their last year’s bills from the utility provider. While this isn’t a guarantee of future bills, extremely high useage may indicate a potential problem.

• 3. Many counties in Missouri do not have building codes and zoning regulations. Ask your Realtor about zoning and other codes in the areas you are considering.

• 4. Have a home inspection done by a qualified inspection firm. Your Realtor should recommend three firms. Be sure a termite inspection is a part of the process. Ask for a copy of the survey of the property. If the current owner doesn’t have one and the property is a part of a platted subdivision, the recorder’s office at the county seat will have a copy of the survey. If the property has never been surveyed you may want to have a survey done (either at your expense or that of the seller) to determine that you are indeed buying what you think you are.

• 5. If the property information suggests that a future boat dock or slip is possible, verify that information with the proper authorities - the Corp of Engineer’s office for a private dock and the dock owner/association in the case of a public or community dock.

• 6. If the property is in a development, obtain a copy of the Covenants & Restrictions and By-laws so you know what the rules are, i.e. are nightly rentals allowed, what are the Home Owners Association or Condominium Owners Association fees, are special assessments anticipated, etc.

• 7. Make sure the property is insurable. Is the property in a flood plain, has the previous owner had excessive claims, etc.

• 8. Residential real estate taxes are usually based on 19% of assessed valuation. Remember that assessors’ offices usually do not have actual sales data as sales prices are not always public information in Missouri. A home’s square footage, condition, etc. are what determines the assessed valuation. Assessors do not go inside the home.

• 9. If you are considering new construction or having a home built for you, ask the builder for the names of three customers he has previously built for. Visit the Property Owners Association office if applicable and ask for their list of allowed builders. Ask if there is ongoing or past litigation involving any of the builders. Contractors are not required to be licensed in the State of Missouri.

• 10. Hire an agent with education and experience because (a) they either know the pertinent information about the area or know where to find it, (b) they know what active comparable properties are priced at and the history of comparable solds, (c) they know current real estate conditions (average days on market, average per square foot cost, ratios of list-to-sold prices, etc.)

Posted: May 13th, 2009 under Uncategorized.
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