Can I Afford to Buy a Home?

These are many of the same questions I hear from prospective home buyers who are considering buying a home in Oklahoma City and want to know if they can afford to buy a home. You can buy a quality Oklahoma home, but you want to make sure you can afford it and that your motives for buying a home are in line with your short-term (five-year) career and lifestyle goals. Job change on the horizon? Marriage? Family relocation? These are all considerations you need to make when asking whether you should buy a home and how much home you can afford.

As a professional Oklahoma City real estate agent, I get asked these ‘should I buy’ and ‘ can I afford to buy a home’ type questions at social events, new buyer meetings and civic club functions. While it is hard to make a universal answer in many of these circumstances, I have had the pleasure of being able to schedule a more in-depth meeting with serious home buyer clients and dig into their actual motivations and financial situations when it comes to discussing buying a new home. In most discussions, the overwhelming consensus is that buying a home is a good thing for that client and that they can afford to buy a home.

Here are some of the topics I have covered with clients to reach a conclusion on their ability to buy a home and whether they can afford it:
How long will you be living in the home?: Buying a home is a good solid financial move if you plan on staying in your home for more than 3 years. This time frame allows you to build some equity in your home and make desired home improvements that could increase the value of your home.
What is your current financial and career situation?: Can you afford a home? Discuss your financial and career situation with family and a trusted financial adviser. I have a solid team of mortgage and home loan professionals who can help you assess your ability to buy and determine a safe range of prices in homes that you qualify to look at and consider buying. You should always get pre-approved for a home loan, not only to make you a stronger home buyer when you make an offer, but to allow you to know realistically what price range of home you can afford when you buy a home.
What is your tax bracket and taxable income status?: Home payments are largely deductible home loan interest when you first buy a home. You will realize tax benefits from this deduction that you don’t get from renting.
How do you feel about renting? Are you happy with the restrictive lifestyle options in renting an apartment?: Pride of ownership is a non financial facet of owning your own home. Don’t discount how important your emotional well-being and community pride will be enhanced by becoming a homeowner.
Lifestyle Freedom and Making Your Home Your Own: Use and enjoyment of your home is something you can’t really have when renting an apartment. Affording to buy your home is more than dollars. Look at your lifestyle, your ability to customize and decorate and make your home your own.

Can I Afford to Buy a Home? | Buying a home is a big decision in your life

All things considered, buying a home in Oklahoma is a good thing for you and your life. Always take note of the discussion topic points above and discuss with your real estate agent the nature of your financial situation, job plans and family considerations. Get good advice from qualified home mortgage professionals. Start checking out the Open Houses each weekend in your local real estate market area. Educate yourself and find a quality local Realtor who can guide you on making the best offer on your future dream home here in this Oklahoma City homes for sale real estate market!

Have you ever considered buying a home and did not know how much home you could afford? Did you ever let your doubts on how much home you could afford hold you back and keep you renting long beyond the time that you thought you would wait to buy a home? Did you see any reasons listed above that could motivate you to seek advice and guidance on making the move to become a home owner?

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