For a first time Oklahoma City homebuyer, buying a home elicits emotions of fear and excitement. Buying is a long-term expensive venture. You need to be well prepared in order to make a wise investment decision and arm yourself with important knowledge on real estate pricing, bank regulations and mortgage requirements in order to make a wise investment choice.

Here are some tips that can help you along.

Don’t settle for less

Price is not the only factor to consider when it comes to a purchasing a home. The quality of the home is a very important consideration. You may be tempted to get a better deal as you are shopping but if the house has problems that you really aren’t equipped to handle then you’re not really getting much of a deal anyway.

Read everything before you sign

It is common for first time Oklahoma City homebuyers to simply skim through any paperwork that appears complicated and lengthy. Don’t be one of them. If it takes you half an hour to go through the paperwork, take the time. Be sure to ask any questions you have as well. It is your responsibility to know and understand everything you sign and if anything happens later you cannot use the excuse that you did not read a document. A lawyer and real estate agent can help you understand the technical aspects of any documents.

Present your Case

The circumstances of every Oklahoma City homebuyer are different. The bank or lending institution should consider this carefully. Is the buyer purchasing the home for his own occupation or for a rental? This helps the bank decide on the interest rate and how best to handle the homebuyer.

Mortgage Analysis

The bank will offer you a mortgage based on many different factors. They may pre-approve you for a loan based on an amount they feel you can afford to pay back. Remember that this is the bank’s assessment of what you can afford – not yours. Don’t pick out a house based on what the bank says you can spend on one. Crunch some numbers and come up with a reasonable amount on your own and then start looking.

Hidden Charges

A first time Oklahoma City homebuyer should be quick to note any hidden charges relating to a mortgage. Insurance, commissions, lawyer’s fees etc are additional costs to the mortgage. There are certain costs that you may be able to negotiate and your real estate agent can let you know which ones can be worked with.

Replacement and Repairs

A homebuyer should take into consideration the need to repair and replace certain things in the home that are broken. The buyer and the seller have to agree on who takes care of the bill relating to these items. These can be broken locks, windows, doors or any other outpoints throughout the house. These are all additional costs to the cost of purchasing the home. Any repairs to be undertaken by the seller should be completed before the purchase is finalized.

These tips will help you know what to expect and help you be better prepared when planning your first home purchase. The more you understand about buying a property as a first time Oklahoma City homebuyer the more control you’ll have, and you may end up saving some money in the process.

Every homebuyer should take a final walk-through of their soon-to-be new Oklahoma City property before signing the closing papers. This is done to ensure that there is no damage to the property and that everything that is supposed to be included is in place and has not been removed.

This gives the homebuyer one last chance to make sure that everything is intact. This is your time to verify that everything is a go at your end and nothing looks different. At this point, if you do see anything that looks different it is your opportunity to point it out and ask questions. Don’t panic if you do notice something awry – usually there is a very simple explanation for it that makes total sense.

Take a careful walk around the exterior of the house and make sure that the windows, gutters and foundation all look fine. Walk around the interior as well and test the doors, toilets, lights and anything else in the house that you can see. Don’t forget to test a garage door or garage door opener as you are doing your walk around.

This is also your chance to meet your house before you own it. You can take this opportunity to give it some kind of blessing if you are religious or give it some kind of positive energy for your future ownership.

This is really an exciting time for you. This is your last time walking into the house as a guest and the next time you enter the home it will be as the new owner. Enjoy this final walk around and take in the significance of being in the home this one last time as the potential buyer. Soon it will be your new Oklahoma City property.

Once you have determined that everything is in place as it should be and in proper working order you can go ahead and sign all of the closing papers. This final walk-through gives you the certainty you need to put pen to paper and own this new Oklahoma City property. It also gives you clarity and the peace of mind of knowing that you have made the right decision and feel good about acquiring your new acquisition.

If you are buying a home in Oklahoma City you are going to be looking for the best deal possible. One of the biggest parts of landing a real estate deal lies in the art of negotiations. You need to hire the best agent to negotiate on your behalf when offers are being presented. As a buyer, you need to know a few basics about the negotiating process because you are ultimately in charge of making the final decision. You need to know that you are walking away with the best deal possible.

Here are the basics of the negotiation process and what you need to understand about it.

1. Be flexible

If you have your heart set on one house and are completely stuck on it, this “must-have” feeling will be picked up by the seller and his agent. It’s hard to disguise the “need to have it” mentality, and you may not end up with the best price because of it. Try to keep things calm and remember that finding one house you love means that there are probably a lot of other houses out there that you could love as well.

2. Hire a negotiator

Find out what type of skills your agent has as a negotiator. The Oklahoma City agent you choose will be acting on your behalf to get the best price. You need to know ahead of time exactly what you can expect when buying a home in Oklahoma City.

3. View the seller objectively

The seller is doing the same thing as you are – trying to get the best price at his end. He may have lived in this house for many years and be facing a hard time letting it go. The house probably means a lot more to the seller than you could ever realize. A lot of memories may have been made in the dwelling that are priceless. If you find that the seller does not want to negotiate as much as you’d expect, keep these things in mind. Work with your Oklahoma City real estate agent to avoid frustration. Your agent has worked with many reluctant sellers before and knows exactly how to deal with them.

4. Find out why the offer was rejected

If you are buying a home in Oklahoma City and your offer has been turned down, don’t give up right away. Find out more about the rejection and see if there are any other concerns other than price. Sometimes your price can be just slightly lower than an offer that they would accept. Your agent will be able to find out more for you.

5. Give reasonable offers

It is really insulting to send an offer that is extremely low to the seller. When you are trying to find the best price when you are buying a home in Oklahoma City, you have the right make offers that are low, but they still should be reasonable. An offer that is too low to be considered reasonable is simply a waste of time for everybody concerned.

Remember that there are two sides to buying a home in Oklahoma City. The buyer wants to buy the home and the seller wants to sell it. Both sides will have an agent working on their behalf and the outcome should have both sides agreeing on an offer and happy with it.

Carrying out crime rate research is very important when you are planning to purchase Oklahoma City property or move to a particular neighborhood. There are different approaches you can use when doing your research. Here are some good ideas to help you find relevant and helpful information.

The Internet

The Internet is a good place to start your information search. Find out if there are any statistics listed for communities around Oklahoma City. You’ll then have to compare these stats to narrow down the list of safe communities. You can also read newspaper reports online to get a general idea about a certain area of Oklahoma City that you may be considering for a home purchase. Use a search engine to do more research and find other websites that provide similar information.

Talk to People

You can talk to a few people on the streets or strike up a conversation with a shop attendant as you make a purchase. Get first-hand information from the very people who live in that neighborhood if you are at all serious about buying a Oklahoma City property there.

Take a Drive

Armed with relevant information and statistics, take a drive around the areas of the city that you are interested in. The things you see on the streets will tell you a lot about that neighborhood. Are there groups of people idling in the streets? Can you hear loud music blasting from homes? Are there any graffiti paintings on the walls? All these signs will indicate whether crime is rife or controlled. Select a time of day like the late afternoon or early evening when the neighborhood is more alive to see for yourself what life is really like in that part of town.

Ask your real estate agent

An agent will know the crime rates in various areas of town and can point you in the right direction. Your agent has your best interests at heart and does not want to put you in a compromising position.

The Education System

This can give you an idea of the neighborhood and its future potential. Take note of the upkeep of the schools and colleges. Any neglect and poor upkeep may point to a future deterioration of that neighborhood.

Do your homework thoroughly and make an informed decision. Buying Oklahoma City property is a long-term decision and one you’ll have to live with for many years to come. You cannot afford to go wrong when selecting a neighborhood in Oklahoma City and you’ll be thankful that you took the time to do a bit of research first on the crime rate.

Here is a very basic checklist that you should use before buying a Oklahoma City condo. This checklist should be put together before looking at any units and making a decision based on emotion instead of logic. By sticking to this checklist you be able to find the perfect condo that you love and meets all of your criteria.

1. What floor do you want to live on?

Some people like to be as high as possible while some people don’t want to leave the safety of the first floor. If you’re looking at a high rise condominium you’ll need to figure out first whether you want to be up high, down low or somewhere in the middle.

2. What is your price range?

Whether you’re buying a house, townhouse or condo, you’ll always need to figure out how much you can afford ahead of time and then be determined to stick to this price. It is a good idea to let your real estate agent know that you only want to look at a Oklahoma City condo that fits into your budget and don’t want to be informed of any others.

3. What are the neighbors like?

When you have this written down you’ll remember to find out about your immediate neighbors. If all of your neighbors have children and you are looking for peace and quiet, you’ll need to keep searching for another condo that fits the bill better. When you live in a Oklahoma City condo you will be in very close proximity to your neighbors and you should find out everything you can about them before moving in. Don’t be afraid to knock on their door to find out their opinion of the complex and introduce yourself as a potential neighbor.

4. Where is the condo situated?

Again, having this written down beforehand will remind you to take a good look at the condo’s location in the building. If it is right in front of the elevators, for instance, you may be bothered by the noise and the lack of privacy. If the Oklahoma City condo is beside the garbage chute, that could be an inconvenience as well.

5. What are the rules and regulations?

You’ll need to take a look at the rules and regulations for the complex you’re interested in. Every condo has its own set of bylaws and some you may be able to live with while others may pose a problem.

6. How big you want the condo to be?

Try to get an idea of how large an area you would like to live in and how many bedrooms you’d like to have. Let your agent know how big the condo should be and whether this is flexible or not.

Use this checklist for buying a Oklahoma City condo to stay on track and not get distracted by any beautiful units you may see that are very tempting. By narrowing down your choices you and your real estate agent will be able to work together to find the perfect condo for you.

Interest Rates are currently hovering between 4.25% and 4.5%.  If you buy a $350,000.00 house today with a 4.25% rate and 20% down your payment on a 30 year fixed rate mortgage would be 1377.43 per month(Principal and Interest).  Add in taxes at $3000.00 per year and insurance at $1600.00 per year and your total payment would be $1760.77.  If you are interested in what that will buy you click here.

 There is a growing trend for home builders to build green home plans or at least implement green home design in their new home plans.  They are doing this because their is a growing demand for green homes.  So, what is a green home?  A Green Home is a home that is usually certified based on criteria set up by a third party program such as ENERGY STAR or the NAHB NATIONAL GREEN BUILDING PROGRAM.

Why would someone want a green home?  The answer to this question falls into two camps depending on what you want to save.  Some want to save the planet while others just want to save money.  During our current recessionary times I think most are focused on the latter while saving the planet is just a perk.

Currently I am marketing a green home for sale at 8604 SW 57th ST.  (embarrassing plug I know OPEN HOUSE SAT & SUN 12-5 PM).  This home is being certified by both of the aforementioned programs.  Some of the money saving features are low-E windows, Energy Star appliances, energy efficient HVAC, and energy efficient tankless hot water heaters. Some of the planet saving features are the use of indigenous materials and low VOC carpet.   It gives the best of both worlds. Save the planet and save money.  The save the planet push is important to many people and may and should endure but I think we can agree that all people are interested in saving money and that the desire to save money will definitely endure.  This is an idea that is definitely here to stay.  As an example the green home mentioned above was designed to cut utility bills by one half of what they would be on a non-green home.  At 3300 SF it is assumed the bills would be about $500.  If you save half of that you would be saving $250 a month.  The additional cost to make this home green is about $9,000 which financed in the purchase would equal about $50 a month.  So you are spending $50 a month to save $250 a month plus you are helping your environment and your health.  Not a bad deal at all. 

I believe this trend will endure and at some point will become the standard.  If you are buying a new home you should definitely consider buying a green home.  Else, you may find yourself spending money to update your home to green just to be able to sell it.