Purchasing a home can be a fantastic investment — or a foreclosure waiting to happen. When contemplating such a large purchase that affects every aspect of your life, carefully review all facets of home ownership. Following a simple checklist can help you and your family get started on the road to buying a new home:
- Create a wish list. How bedrooms and bathrooms are required for your family? Do you want a turnkey home or a fixer-upper? Consider all of your and your partner’s requirements and decide what is negotiable.
- Consider amenities. Do you need a garage? Does a pool sound like a dream come true or a maintenance nightmare? Amenities are nice but generally not necessities. Be willing to be flexible.
- Location, location, location. When choosing a neighborhood, factor in schools, a quiet or busy street, the neighbors and safety. Consider which location maximizes re-sale value.
- Set a budget. No one wants to be house poor. Be realistic about your home buying budget. Since the majority of home buyers require a mortgage, use a mortgage calculator to figure out your estimated monthly payment based on a down payment, property taxes and maintenance.
- Factor in all extra costs. Utilities, property taxes, upkeep costs and Homeowner Association Fees, if applicable, are huge expenses. Consider all additional costs when buying a home. Always keep a “Rainy Day” fund for unexpected repairs.
- Hire an agent. Shop around for a buyer’s agent who represents your best interests. Give him or her your wish list and budget requirements. Let the agent help you determine what is realistic for your parameters.
- Find a qualified real estate attorney. Oklahoma real estate lawyers help you work with mortgage lenders, tax deeds, real property issues, draft contracts and overseas closing. Hiring the right attorney ensures the process run smoothly.
Don’t let the complications of the home buying process deter you from achieving your goals. Consult with a team of Oklahoma City real estate attorneys to help contemplate your options and determine an appropriate course of action. Soon, your dream of home ownership will become a reality.