Home Builders In OKC: Our Top 7 Tips For Buyers

Buying a home is an exciting prospect, and as home builders in OKC, we do all we can to make the process as easy as possible. Purchasing a home can be a huge step, both financially and mentally, and the following tips can ensure that you are ready and confident to make this decision.

1. Assess Your Financial Health

Review your credit score, debt-to-income ratio, and overall financial situation to determine your readiness for homeownership. A higher credit score can lead to better mortgage terms.

While you are in escrow, shopping for a home or getting ready to shop for a home, it is important to avoid making any big purchases on credit or expanding credit. For instance, purchasing a new car or opening new credit card accounts can impact your credit score and make it more difficult to secure a home loan. If possible, wait until after closing to buy a car, appliances on credit, etc.

2. Establish A Realistic Budget

As home builders in Oklahoma City, we strongly encourage buyers to consider all of the costs associated with buying and owning a home. You’ll need to factor in the downpayment as well as the closing costs and the costs of any inspections.  For monthly budgeting, keep in mind that in addition to the mortgage payment, you also must pay monthly insurance premiums as well as yearly property tax and possibly HOA fees.

Additionally, you will want to factor in the cost of utilities (electricity, water, gas, trash, internet, etc.). The length of your commute also might alter your monthly budget, as a longer commute might necessitate higher fuel costs. It’s important to add up all of your monthly expenses to ensure that the mortgage payment is manageable.

3. Explore Down Payment Assistance Programs

While you might be excited about looking for new homes in Oklahoma City, it can be tough to come up with the standard 20% down payment. We encourage potential home buyers to explore various down payment assistance programs.

Oklahoma offers programs like the Oklahoma Housing Finance Agency’s (OHFA) Down Payment Assistance, which provides grants to eligible buyers. There are also federal down payment assistance programs available, so take a look at those, as well.

4. Research Mortgage Options & Get Pre-Approved

Compare the differences in monthly payments and interest between 30-year fixed, 15-year fixed, and other types of conventional loans, but don’t forget to look at additional loan options such as FHA, VA, and USDA loans —to find the best fit for your financial situation. It’s also wise to obtain a pre-approval letter from a lender to understand your borrowing capacity and demonstrate to sellers that you’re a serious buyer.

5. Create A List of Wants & Needs

When it comes to buying a home, there are things we want and things we truly need. For instance, you might need a specific number of bedrooms to accommodate your family or perhaps you work from home and need a private, designated office space. Perhaps you want to keep your kids in their current schools and need to remain in a specific area. These are factors that might be non-negotiable.

On the “want” side, there are many features that you might desire or some you don’t like, but these might be a bit more negotiable. For instance, perhaps you have your heart set on a home with granite countertops or hardwood floors. These are great features, but you should not write off any house simply because some of the design features aren’t to your taste.

Design can always be altered, but the floor plan and the size of the home typically cannot be altered. Additionally, you may find that the homes you visit don’t tick off 100% of what you want, and some compromises will have to be made. This is why it’s good to have a short list of elements you absolutely need and a longer list of elements that would be wonderful to have but aren’t deal-breakers.

To be honest, unless you opt to hire custom home builders in OKC and start from scratch, there’s almost no feasible way to get 100% of what’s on your wish list. However, opting for new home communities in Oklahoma City often allows you the opportunity to select the design features you truly want, which can be a huge bonus for new versus existing construction.

6. Check Out Model Homes & Open Houses

This is especially important for first-time home buyers! If you’ve purchased a few homes in the past, you may already have a good idea about what you want and where you wish to purchase. However, for first-timers, exploring model homes and open houses can give you a good idea about what’s available and what you prefer.

As Tulsa home builders and home builders in OKC, we have the largest collection of model homes in Oklahoma, and we encourage you to visit as many as possible. Not only will this give you a solid look at the quality of our construction, but it will help you narrow down what you truly prefer when it comes to home amenities.

7. Choose The Right Neighborhood

Finding the ideal neighborhood looks different for every buyer. When searching for new homes in OKC, it’s important to think about your ideal neighborhood. Consider factors such as proximity to work, the school districts and community amenities to ensure that the area aligns with your lifestyle.

As a new home builder, we offer homes in several cities within the OKC metro area. Whether you’re shopping for new homes in Edmond OK or perhaps new homes in Guthrie or Piedmont, we have options to suit just about any home buyer, all within easy driving distance of downtown Oklahoma City.

Trust Shaw Homes: Expert Home Builders In OKC

Shaw Homes is a family-owned business that has served Oklahoma home buyers since 1985. If you’ve been searching for new home builders in Oklahoma City, we encourage you to browse through the communities on our website and visit our model homes. Feel free to contact us at any time to ask questions about our homes and don’t forget to ask about our current buyers’ incentives.