10 •TULSA WORLD
BUYING A HOME
SATURDAY, JUNE 17, 2017
Buying a Home S P E C I A L A D V E R T I S I N G F E AT U R E
TULSAWORLD.COM/BUYINGAHOME2017
WHAT IN THE WORLD DO YOU NEED TO KNOW?
7
things homebuyers should know
1. Get pre-qualified for a home loan.
4. Choose a trusted Realtor with whom
Getting pre-qualified takes so much guesswork out of shopping for a home. You’ll know the price range you should shop for, learn the monthly costs of a mortgage and know just how large a mortgage you can afford. Pre-approval also gives you leverage when negotiating with sellers because they know you already qualify and can move quickly to purchase your new home.
you are comfortable.
Charles Chastain, senior vice president of lending with TTCU The Credit Union
Buying a house is a substantial undertaking, emotionally and financially. It’s important to work with a professional you trust. You must have confidence in your Realtor’s ability to navigate you through the ever changing market and financing options. Without that trust you can experience unnecessary stress. That’s why it’s important to choose a Realtor who will listen to your needs and work for you to smooth out the process. Denise Mink, Realtor with Chinowth & Cohen Realtors
2. Know how much house you can afford. Your borrowing capacity is based on your income, the amount of debt you are carrying and your credit score. A higher credit score can give you more bargaining power when searching for a new home loan. A good credit score gives you leverage to negotiate a lower interest rate. You can still get approved for some loans with a low credit score, but the amount will be limited. Improving and maintaining a higher credit score is beneficial. Kelly Graffis, mortgage loan originator/underwriter with Communication Federal Credit Union
3. Understand that the purchase price is just one part of the cost of owning a home. There are many items to consider carefully before making what, for most people, is the largest purchase in their lives. Annual property taxes continue indefinitely, long after the mortgage is paid off. Utility expenses can vary wildly depending on the energy efficiency of the home. An older home has more maintenance expense than new construction. Budgeting funds for improvements to personalize the home at the time of purchase is always a good idea. Peter Grant, president of the Home Builders Association of Tulsa
5. Make sure your Realtor is proficient with online marketing.
Anyone can gather online information on sales of houses. Experienced Realtors can provide all the data on local home sales that a buyer wants to see, but their experience over the years is even more vital. They know how to compare homes for each client (comparing apples to apples rather than apples to oranges). They also can tell you whether a house is over or underpriced. Johnnie Cherblanc, Realtor with Berkshire Hathaway HomeServices Anderson Properties
6. Identify what you should consider
7. Know which features are standard and which are upgrades when building a home.
When building a true custom home, there really aren’t any standard features as they are all geared to the It’s very important for buyers to recognize the design as homeowner’s wishes and budget. Several items in a well as construction features of the builder whom they home that people tend to upgrade are energy efficiency are considering. Design is what will give the buyer a items such as higher SEER ratings on air conditioners strong return when it’s time to sell. If the builder is not and foam insulation. Other items that people tend to studying, as well as visiting, emerging markets and those spend more on are appliances and outdoor living design trends, your new home could be outdated before areas that feature built-in kitchens, fireplaces, motorized you even close and may need an update before selling. screens and pools.
when selecting a builder.
Adrian Berryhill, owner of Build BIG Luxury Homes
Wayne Farabough, owner of Perfection Homes