Tulsa Real Estate Agents | First Time Buyers
Renting versus buying a lot of first-time homebuyers-and you know some of the questions that they ask me: why are we should I buy? Should I continue to rent to you is? Are you ready to buy? You need to really look at the whole picture, be asleep versus renting. You are building equity in a home when you purchase a home. I always tell people that when you are renting a home, you are pretty much paying somebody else’s mortgage and you’re, not investing your money into to you. So you know it’s just it’s easier to rent because you don’t have to deal with the upkeep of your property. If something were to break go wrong, you can call your landlord. You know and there’s the spirit if I buy a house that I’m going to be responsible for all the upkeep in the maintenance. If the air conditioner stops working, if the hot water leaks I mean yeah, there is a lot to buying a home, but a good Tulsa Real Estate Agents is always going to tell you that or not tell you, but they are going towarranty for sure for your first year and what I like to do for my clients, especially first time home buyers, is I like to negotiate that home warranty and the offer. So when we make the offer to the seller, we are actually asking the seller to pay for their first year warranty. You know, at least that gives you the unison comfort your first year. Knowing that has something were to go wrong. I have a warranty and place and I know you’re not going to have a costly expense. If something were to go wrong because of the warranty. Another thing that a good Tulsa Real Estate Agents will do is they will advise their client to get home inspection. You know you don’t want to buy a piece of property without knowing and detail of, what’s wrong with it. There are so many things that could be wrongthe seller might not even be aware of and structural issues. They don’t know what to look for, and neither will a buyer. So a good Tulsa Real Estate Agents is going to walk there, buyers to not process in and help them understand and educate them on what they need to be looking for and what type of steps they need to take in order to protect themselves. So number 1, yes, I always say that it’s better to buy versus rent because of the fact that you are building equity becoming a homeowner is worth it. It’s it’s building, equity into your home. Investing your money is a something that you actually I own. You know when you purchase a home and you’re buying down your mortgage overtime, you’re, taking your mortgage paymentsequity in my house, and it’s very possible 10 to 15 years later. You could sell that home and make a profit of 30 $40,000. That’s that’s a big deal renting a house. We are not going to do that, you’re pretty much paying somebody else’s mortgage, so yeah I’m going to be better, but that is if you are prepared you know you do have to take into consideration that things are going to go wrong. Do you have a savings? Do you have a cushion that you can fall back on if you do need to spend a couple hundred dollars here or there because yeah, you know if the ac goes out, you are going to be responsible for having having that repair done. Even if you have a home warranty, there are still going to be so fees that you have to pay, and you do have to keep in mind that you will have to pay a small fee and you have to useno more than you ever you choose to get your warranty through. You will have to use their preferred contractors. So if, let’s say your air conditioner goes out, how you decide to call shows ac service and did not call your warranty place. First, joe’s ac service might not be on their preferred contractors list. So therefore, you’re home warranty will not cover that repair. So it’s very important that it’s possible estate agent is going to advise you the right way and educate you on what you need to do if something were to go wrong and how to use your home warranty the correct way. So another thing that you know is get to move into a place that you choose. You get to choose the neighborhood that you want to live in, get to say goodbye to paying somebody. A security, depositwhen, you’re, moving i, know expecially with apartments. It seems to be a pretty big issue when you move out, apartments always want to charge you extra fees and they always look for anything and everything they can and I’d to get more money out of you or not even return your security deposit. So you don’t have that looming over you anymore. Once you buy your first house so going into a first-time home buyer situation. You know a good Tulsa Real Estate Agents is going to explain to you the whole processed, and do you like about your interview with you and educate you on every step? One of the biggest things that I always want to educate my buyers on is you know the cost. It’s that it’s going to take. It’s not free to buy a house and it’s free to use a real estate agent when you’re bythe house, but you do have loan cost so and there’s different types of loans that you can get and majority of those loans are going to require a downpayment anywhere between 3% to 20%. There are some loans that are 100% financing, which would be rule development, loan and fha and development roll development. So he got to figure out where you’re at what you are able to do financially when it comes to a down payment and then determine which route you’re going to take with your loan, and that is a subject that you would discuss with your lender, who, whoever is going to loan you, the mortgageso.
We can either research lenders on your own. Sometimes real estate agents will be able to or sometimes tulsa real estate agents will be able to refer you to other than the down payment. The next step would be closing cost, so the seller and the buyer are both at closing cost at the end of the day and a good Tulsa Real Estate Agents is going to work on the behalf of their buyer and try to negotiate those closing cost into the contract, where we ask the seller to pay for the buyers, closing cost at least proportion, if not all, of those closing cost. So we have the down payment, we have the closing cost and other than that we have earnest money. So you tip please a lot of Tulsa Real Estate Agents will ask for 500 up to 1% of the purchase price of the home on earnest money. So when you submit an offerare, you also submitting earnest money showing that you sent this offer to serious that earnest money is kept in an escrow account until we close-and it is always a credit back to the buyer, other costs that occur during the process. Your home inspection, your home inspection, can start at $300 and it goes up depending on the size of the house, and then you have your termite inspection, which is average around $100 and then other than that. You have an appraisal which is around $500 as well, and the winter does require an appraisal they do require. Most lenders will require termite inspection depending on what kind of loan you get home inspections. There are going to be optional, so, but on average, what you’re? Looking at upfront out-of-pocket, you know before you close on your house is roughly about $1,500, but a good Tulsa Real Estate Agents will advise you and educate you before you get under contract and explain the process of what it’s going to cost and how things are going to work so that you are comfortable so that a buyer is comfortable going into the whole process of making the offer and going into contract in buying a house. So that’s just a little bit of information to those who are renting and maybe design deciding that they want to buy a house and I would highly advise that you give find a good Tulsa Real Estate Agents someone who’s going to educate you and advise and help you along the way Tulsa Real Estate Agents