Real Estate

Affordable Housing in Oklahoma City

Affording a home of your own on a limited budget seems to be getting harder and harder. The cost of housing continues to increase faster than most people’s paychecks. This includes both to rent and to purchase. Part of this is the constant increase in taxes and insurance. In addition, as people continue to move here it increases the demand for housing. As demand rises the cost of housing goes up. So, what is a person to do. In most cases buying is still less expensive than renting provided you are planning on living here for a length of time. If you are planning on living her 3 years or less, renting may be a better option.
When trying to maximize your buying budget, find a Realtor who knows the market and can help you know a good value when you see one. You may be able to get a better deal on a home that needs some cosmetic updates versus one that has been all dolled up and staged. Be careful of large projects if you are unfamiliar with construction repairs as those could cost you more than you originally budgeted for.
Look around for insurance. Call three or four different insurance companies and get a quote. You may want to transfer your car insurance in order to get a multipolicy discount. Ask the agent how that would affect your policy. Make sure that you review your policy yearly. You may need to change insurance companies if the rate is going up too much. Just make sure you know your roof will be covered if you change. It would be awful to change carriers for $100 a year difference and then find out that the hail damage your roof received should have been covered under your old insurance company.
Review the property taxes. You will get a new assessment of the homes value every year, generally around March. Look at it. Does the county believe your property has gone up or down in value? This is the taxable value and not the amount of money someone will pay you for it. The county does get it wrong sometimes. I saw a lady’s taxes fluctuate year to year significantly because she lived near a golf course. The years when the homes that backed up to the golf course sold her taxable value would go up $10,000-$15,000. The next year homes on the gold course wouldn’t have sold and her taxable value would hold or go down a few thousand dollars. She was living on a small income and was having a hard time with the payment due to the increase in property taxes over the years. I advised her to review her assessment yearly and protest the increases with the county. You cannot wait until you get your tax bill in November or December to talk to the county. Do it when you get your assessment. You only have 20 days to protest. She was also older and would shortly be eligible for a senior freeze. This would freeze the valuation so that it would not continue to go up yearly.
Being diligent in reviewing your taxes and insurance is one way to help keep your payments affordable. If you have real estate questions or are looking to buy or sell or invest in real estate, I would love to visit with you. Feel free to contact me at 405-213-2992 or visit my website. http://www.equityhomesteam.com

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