Should I Rent or Buy a Home?
Should I Rent or Buy a Home? Some Highlights While renting may be less expensive in some areas right now, there are two big benefits homeownership provides that renting can’t. Owning a home means you get to say goodbye to rising rents and hello to stability. It also gives you the chance to gain equity as home values rise over time. If you’re ready to learn more about the perks of owning a home, let’s chat.
How to Buy a Home in Oklahoma - For First Time Home Buyers.
Are you thinking of buying a home but don't know where to start or how much it may actually cost. Here is the step by step process as well as how much it's actually going to cost you to buy a home. Here in the great HIGHLY AFFORDABLE State of Oklahoma! Step 1: Hire an Agent. Let's be honest. Yes! you could buy a house without a Realtor. You could also cut your own hair, represent yourself in court and do your own taxes but should you... probabably not. In oklahoma it does not cost buyers to use a realtor BUT it could cost you a lot more not to. So please use a qualied professional to help you with the largest purchase you'll likely make in your life. You will thank me later. Step 2: The Pre-Approval I highly recommend speaking to a lender BEFORE you start the home search. Ask your real estate agent for some recommendations! The lender will be able to guide you as to what type of loan is best for you, how much mortgage you can afford, what the actual costs of buying a home will be and where those funds can come from. Most lenders will have specific requirements such as a minimum credit score and a max debt-to-income ratio. As a general guideline assume a min 580 credit score and a DTI under 45%. But there are loan programs to help buyers who may not meet those requirements. DTI & Mortgage Calculator What Are The Actual Costs of Buying a Home? Down Payment: 0--20% if you are a first time home buyer you will likely qualify for an FHA loan which requires only 3.5% down VA requires 0% down Conventional - typically requires atleast 5% down but also has a 3% down for some first time home buyers USDA - some rural homes may qualify for 0% down Your lender may also offer down payment assistance. Closing Costs: 1-3% (avg $8k on a $300,000 home) These costs include items such as pre paid home owners insurance and taxes as well as lending fees. Depending on the current market you may be able to ask the seller of the home to pay these costs for you. There are also some upfront costs when purchasing a home. Earnest Money - 1% of purchase price This is applied to down payment / closing costs on closing day and is less money you need to bring. Appraisal - $600 average This is typically paid upfront by buyer. Home Inspection - $350-500 this is optional but HIGHLY remommended. Additional Inspections - Vary you may be purchasing a property that has additional features such as a shop, pool or well that you may want to also have inspected. Termite Inspection - $125 This is optional except for VA & FHA loans Step 3: The Home Search The fun part begins! Here are some tips to help make the best of your home search. Use search filters but don't go crazy. You don’t want to restrict your search so tightly that you only have a handful of homes to view. Keeping your wants vs. needs list in mind, expand your geographic search, and add 25-50K to your max price since there is sometimes wiggle room with pricing and negotiations. If you find something that catches your eye. Look them up on google street view. Pictures can be deceiving, so a virtual ‘walk down the street’ will give you a better sense of the house and surrounding area. Jot down the MLS number and give it to your agent. They will gather pertinent info not available not available on Zillow. While at showings keep an eye out for: Your wants & needs Take pics & videos to jog your memory later Consider lot size & location (these can't be changed) Look for signs of structural integrity (water damage, cracks, sloping floors) Pay attention to noise levels Examine roof for leaks or other damage Consider layout & space Look past decor & staging Consider potential resale value You've Found the One.... Now What?! Step 4: Writing an Offer Lean on your trusted Realtor to help write a compelling offer. Include your Pre-Approval letter Put your best foot & price forward Limit inspections to health & safety. This will show the seller you're not going to be nit picky during inspections. Step 5: You're Under Contract Provide earnest money. This is typically 1% of the sales price and due within 3 days of going under contract. This deposit shows your commitment to buying the property and is held in an escrow account until the closing and then is credited to your balance. Schedule Home Inspection – Inspections are optional but I highly recommend. Once the home inspection report comes In, there may be repairs that you’ll want to negotiate with the seller. Order Appraisal – Your lender will order the appraisal Ito ensure the property's value matches the sale price. If the appraisal comes in low, you may need to renegotiate with the seller or come up with additional funds. Title Search – A title company will conduct a title search to ensure there are no liens or legal issues with the property’s ownership. Final walk-through – Shortly before the closing date, you'll have the opportunity to do a final walk-through of the property to ensure it's in the agreed-upon condition. Closing Day – Sign all necessary documents, pay remaining closing costs and the down payment. The title is officially transferred to you, and keys are exchanged. Step 6: Closing Day Overall you can expect the home buying process to take 30 days On Closing day you'll show up to sign documents and bring your down payment & closing costs as previously discussed with your lender. You'll get the keys! (to a vacant house ready to become HOME) I hope this guide helps answer some of your home buying questions. If you live or are relocating to the Oklahoma City Metro (Yukon, Mustang, Edmond, Gutherie, Moore, Norman & surronding areas) and still have questions or need assistance please feel free to contact me. No pressure and absolutely FREE. I am here to help you achieve home ownership! -Sabrina Adams
Spring Market Affirmations for Buyers & Sellers
Pssst: you’ll want to save this post for later 👇 Staying calm and focused when buying and selling can be as simple as rehearsing why you started this journey in the first place and what you know to be true in your life right now. When I see clients feeling out-of-sorts, I love the chance to share affirmations like these. Go on. Say them out loud, ok? For buyers: 'I am confident in my ability to find the perfect home for me and my family.''I am grateful for the options available to me and trust myself to make the right choice.''I am worthy of a home that brings me joy and happiness, and I trust that this process and these people will lead me to it.' For sellers: 'I am proud of the work I have put into my home and am excited to share it with others.''I am worthy of a smooth and successful selling experience, but I will embrace the challenges that come with it.''I trust the process, my agent, and the timing of it all. I know that the right buyer will come along at just the right time.' Have you bought or sold a house in the past year or two? What mantra helped you stay grounded and at ease start to finish? Drop it in the comments!
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