Thinking About Buying a Home in Southwest OKC? 7 Questions to Ask Before You Start Looking

If you’re thinking about buying a home in Southwest Oklahoma City, you may be wondering where to begin.

Maybe you’ve been watching homes come on the market in the 73170 area of Southwest OKC. Maybe you’re considering the Moore School District, looking at new construction homes in Newcastle or other nearby communities, or simply trying to figure out what you can afford before you make a move.

If you’re hoping to buy within the next 30 to 60 days, there are a few things I would encourage you to think through before you start seriously looking at homes.

Buying a home is a big decision. You don’t need to have every answer figured out before you begin, but having a good understanding of your finances, your priorities, and what you want from your next home can make the process much easier.

Here are seven questions I think every buyer should consider before starting a home search.

1. What can I comfortably afford?

One of the first things I talk about with buyers is the difference between what you qualify for and what you actually want to spend.

A lender may approve you for a certain amount, but that doesn’t necessarily mean you will be comfortable with that payment every month.

Your housing expenses may include your mortgage, property taxes, homeowners insurance, HOA fees, utilities, and the ongoing cost of maintaining your home.

Think about your entire budget, not just the purchase price.

If you are approved for $400,000 but would be much more comfortable with a $325,000 or $350,000 home, that is important information. Your home should fit into your life, not make you feel like your entire paycheck belongs to the house.

It is also worth thinking about what you want your financial life to look like after you buy. Do you want to continue saving? Do you have children or other family expenses? Are you planning for a major purchase or lifestyle change in the next few years?

Those things matter when deciding what price range makes sense for you.

2. Have I talked with a lender and been preapproved?

If you’re planning to buy in the next 30 to 60 days, I would make this one of your first steps.

Getting preapproved gives you a better understanding of your purchasing power and lets you know what financing options may be available to you.

It also makes your home search much more productive.

Instead of looking at every home that catches your eye online, you can focus on homes that make sense for your budget.

There is another reason I recommend doing this early. When you find the right home, you don’t want to still be trying to figure out your financing.

A preapproval isn’t a guarantee that you will get the loan, but it puts you in a much better position to move forward when you find the right property.

If you haven’t bought a home in several years, don’t assume that your previous experience tells you what you qualify for today. Your financial situation may have changed, and loan programs and lending guidelines can change as well.

A conversation with a good lender can answer a lot of those questions before you ever walk into a house.

3. Where do I really want to live?

This may sound like an easy question, but it can take some thought.

Southwest Oklahoma City and the communities around it offer a lot of different options. Depending on your needs, you may be looking at 73170, Newcastle, Moore, Tuttle, Mustang, Blanchard, or other nearby areas.

And sometimes buyers start with one location in mind and end up somewhere completely different once they understand what their budget will buy in each area.

Think about your daily life.

Where do you work? How important is your commute? Do you need to be close to certain highways, shopping, restaurants, medical care, or other services? Is school district important to you? Would you rather have a newer home with fewer immediate projects, or an established home with a larger lot or mature trees?

There isn’t one right answer.

The right location is the one that makes sense for your particular situation.

If you’re considering 73170, for example, you may find yourself comparing homes that are technically in Oklahoma City with homes in nearby communities that offer a very different setting. That’s where having someone who knows the area can be helpful.

4. What do I actually need in my next home?

This is one of my favorite conversations to have with buyers because it can save a lot of time.

Before you start looking at homes, make a list of the things that really matter to you.

Maybe you need four bedrooms because you have children. Maybe a home office is important because you work from home. Maybe you want a three car garage, a large backyard, or a particular school.

Then think about the things you would love to have but don’t necessarily need.

That distinction becomes important once you start touring homes.

It is easy to get distracted by beautiful finishes, a gorgeous kitchen, or a backyard that looks like it belongs in a magazine. But those things don’t necessarily make a home a good fit for your family.

I also encourage buyers to think about their deal breakers.

What would make you walk away from a house even if you loved other things about it?

Knowing those things before you start looking can help you make a decision based on what is actually important to you instead of getting caught up in the excitement of a beautiful home.

5. Am I financially prepared for the costs beyond the down payment?

The down payment is only one part of buying a home.

Depending on your loan and your situation, you may also have closing costs, inspections, an appraisal, prepaid expenses, moving expenses, and other costs associated with the purchase.

Then there is the part that comes after closing.

When you own a home, you’re responsible for maintenance and repairs. Sometimes those expenses are small. Sometimes they aren’t.

That doesn’t mean you need to have an enormous amount of money sitting in the bank before you can buy a home.

There are different loan programs and assistance options available to qualified buyers. Your lender can help you understand what may be available based on your circumstances.

The important thing is to know what you are getting into financially before you make an offer.

I would much rather see a buyer understand their numbers before they find a house than discover after they are under contract that they hadn’t planned for an expense.

6. Am I ready to make a decision when the right home comes along?

Being prepared doesn’t mean you should rush.

I don’t believe buyers should purchase a home simply because they are afraid they will miss out.

At the same time, if you know you need to move within the next 30 to 60 days, it helps to have your ducks in a row.

Know your financing situation. Know your general price range. Know which areas you are willing to consider. Have a good idea of what you need in a home and where you’re willing to compromise.

Then, when the right house comes along, you can slow down enough to evaluate it properly.

Does it fit your budget? Does the location work? Is the condition of the home appropriate for you? Does it meet your needs now and for the foreseeable future?

Those are much better questions to be asking than simply, “Do I love this house?”

7. Do I have the right people helping me?

You don’t have to navigate the home buying process on your own.

A good team may include your lender, Realtor, home inspector, insurance professional, title and closing company, and others depending on the property and your particular situation.

Your Realtor should be more than the person who opens the door and sends you listings.

You need someone who will listen to what you’re trying to accomplish, help you understand the market, point out things you may not have considered, and help you work through the decisions that come with buying a home.

That’s especially important when you’re comparing different communities or buying in an area you’re not familiar with.

My goal with my buyers is to help them understand what they’re buying and why it makes sense for them.

Sometimes that means helping you find the right house.

Sometimes it means telling you that I don’t think a particular house is the right one.

I’d rather help you make a decision you feel good about than simply help you get under contract.

So, are you ready to buy a home in Southwest OKC?

You don’t have to have everything figured out before you get started.

If you’re thinking about making a move in the next 30 to 60 days, now is a good time to start having the conversations that will help you get prepared.

Start with your budget. Talk with a lender. Think about where you want to live and what you really need in your next home.

Then find a Realtor you trust and feel comfortable asking questions.

You don’t have to be ready to make an offer tomorrow.

Sometimes the best first step is simply talking through your situation and figuring out what needs to happen between where you are today and where you want to be.

Thinking about buying in Southwest Oklahoma City or the surrounding area?

If you’re considering a home in 73170, Newcastle, Moore, Tuttle, Mustang, Blanchard, or another nearby community, I’d be happy to talk with you about what you’re looking for.

Whether you’re already preapproved and ready to start looking or you’re still trying to figure out if the timing is right, we can start with a conversation.

If you’re thinking about making a move in the next 30 to 60 days, let’s talk about what you’re looking for and what your next step should be.

About Kimberly

Kimberly Spencer is a REALTOR® with Dillard Cies Real Estate serving buyers and sellers throughout Central Oklahoma. With nearly 20 years of real estate experience, Kimberly believes buyers deserve more than a list of homes. They deserve someone who will help them understand the market, ask the right questions, and make a confident decision about their next move.