Oklahoma First Time Home Buyers | Everything You Need to Know
Are you and your partner Oklahoma first time home buyers? Don’t stress! Buying a house for the first time can feel intimidating, but we’ve got everything you need to know about buying your first home straight from the source—local real estate agents in Oklahoma! So if this is your first home-buying rodeo and you want to be prepared before signing your name on the dotted line, look no further! Here’s your guide to everything you need to know when buying a home for the first time in Oklahoma.
What to Know as a First Time Home Buyer in Oklahoma
Set A Budget
This may sound like a no-brainer, but setting a budget as a first time home buyer is more than just determining your desired price range. Before setting out on the search for your dream home, it’s important to examine what your ideal monthly mortgage payment is, determine how much money you’re wanting to bring to the table for a down payment, calculate homeowners insurance costs, look into your debt-to-income ratio, and more. Most experts recommend that you look for a home that wouldn’t require you to spend more than 28% of your monthly gross income (known as the “28% Rule”) on a mortgage payment. With all of these factors to take into consideration, it’s safe to say couples should take a deep dive into their finances before starting the search for your first home.
First Time Home Buyer Benefits
Keep in mind that as a first time home buyer in Oklahoma, you may enjoy some special advantages or benefits, which can include low- or no-down payment loans or closing cost incentives. You may also qualify for federal tax credits or even first time home buyer grants. A local Oklahoma real estate agent can help walk you through this process and help you discover what benefits may be available!
Questions to Ask When Buying a House for the First Time
The first time home buying process can be intimidating, but you can make the experience more manageable by breaking it up into chunks and asking the right questions along the way. Some questions you should pose to your realtor include:
- Why is the seller leaving?
- What’s included in the sale?
- Were there any additions or major renovations?
- How old is the roof?
- How much are closing costs?
- What’s the neighborhood and/or surrounding area like?
- What school district is the home zoned to?
- Is the home in a flood zone or prone to other natural disasters?
If buying a new home through a home builder, you and your realtor should definitely ask what incentives they have available for you.
Best Realtors in Oklahoma
Everyone deserves to feel confident and knowledgeable when they embark on their first home buying journey, so for Oklahoma first time home buyers, we recommend working with the very best!
Sarah of Sarah Millwee, Realtor®, Stetson Bentley amplifies the values of perseverance, integrity, and outstanding client service into everything she does. Using her background in social media management, digital marketing, and customer service, Sarah elevates her expertise while building genuine relationships with her clients. Reach out to Sarah Millwee, Realtor®, Stetson Bentley on her vendor profile here!
Looking for more helpful planning tools for after you say “I do?” Find more helpful articles here!