If you’re curious about buying property in the Kansas City Metro Area, you may be interested in the many advantages of this community, including historic Westport, Harry S. Truman Museum, Nelson Atkins Museum, Kansas Speedway, The Crossroads District and the Legends Area.
But how do you buy real estate in this area? And is buying real estate a good investment in Kansas City? There are many opportunities, and we’ve created this list of tips for buying real estate in the greater Kansas City area to help you.
7 Tips for Real Estate Investment in Kansas City
Whether you’re interested in real estate investing for beginners or you’re a seasoned investor, these tips can help when you start buying real estate in Kansas City:
- Hire an agent: Real estate agents are licensed to help buy and sell properties. If you are interested in real estate in Kansas City or surrounding areas, a local real estate agent can assist. They will understand the market, listen to your needs, help you find properties that interest you, answer your questions and assist with the process of making an offer and buying.
- Budget for closing costs: Closing costs are expenses buyers and sellers incur when closing out a real estate transaction. If you are buying property, your closing costs can include loan origination, lender, credit report, appraisal, escrow, title insurance and document preparation fees, along with other expenses. The exact amount will vary depending on the purchasing process and the property’s price, but closing costs can add up to over a thousand dollars or a few thousand dollars.
- Get pre-approved: Pre-approval establishes your eligibility for a mortgage before you get a purchase contract. The process involves completing a mortgage application. The lender will then verify your information and run a credit check. If you do get pre-approval, you will receive a letter stating you have been pre-approved for a specific amount. This letter is an offer to provide you with a specific mortgage amount, though it’s not a commitment or guarantee you will get the loan. Getting pre-approved before you shop for property in Kansas City helps you understand how much real estate you can afford.
- Figure out a house-hunting system: Your system may include dedicating a specific amount of time each day to house-hunting and a specific day of the week for attending open houses. Staying consistent with your search and having a system keeps you moving closer to your goal.
- Think about how you’ll grow into the property: Buying a property is just the start. Consider how your life will function once you move in. If your family has children, for example, consider schools in the North Kansas City, Blue Springs, Lee’s Summit and Liberty school districts, as well as Johnson County, KS schools. Find specific amenities and features you need in your community.
- Secure insurance: Talk to insurers to find out what you might expect from premiums and what house features could end up costing extra in insurance. If you’ve never had a waterfront property and are considering property near Longview Lake, Smithville Lake, Lake Winnebago or another waterway, for example, consider how such a property may impact your insurance costs.
- Consider the location: Think about your daily routine and the convenience of any location you’re considering. If you’re close to downtown, for example, you may be near many amenities, including gyms, art galleries, stores, restaurants and other businesses that can help you live the lifestyle you want.
Contact Us at Cates Auction to Get Started Today
If you’re considering buying real estate in Kansas City and surrounding areas, contact Cates Auction & Realty Company. Our award-winning technology and innovative approach offer a premiere alternative and complement to the traditional real estate market.