Initial Expenses Involved in Buying a Home

When purchasing a home, there are a few upfront out-of-pocket expenses. This includes Earnest Money, Inspection Fee, and Appraisal Costs. The earnest money is a deposit made by the buyer to demonstrate their serious intent to purchase the property. It is a good faith deposit, typically 1% of the home’s purchase price, that the buyer provides to the seller when submitting an offer. The earnest money is held in an escrow account and is later applied toward the buyer’s down payment and closing costs. If there is no down payment or closing costs, then the buyer will receive money back at the closing table.

Having a home inspection is a crucial step in the home-buying process, ensuring that your prospective investment remains free of any unforeseen issues. A home inspection provides a thorough examination of the property’s structural and mechanical components, identifying potential problems that may not be evident during a standard walkthrough. By investing in a home inspection, you gain valuable insights into the condition of the home, allowing you to make informed decisions and negotiate repairs or adjustments with the seller before finalizing the purchase. The costs of a home inspection can range from $350-$900.

Your mortgage lender will require an appraisal to be done on the property to ensure that the amount of money being borrowed aligns with the actual value of the property. The appraiser evaluates various factors, including the property’s size, condition, location, comparable home sales in the area, and any unique features. The primary purpose of the appraisal is to provide an unbiased and objective valuation of the property. This is crucial for both the buyer and the lender, as it helps determine the fair market value of the home. The cost of the appraisal can range from $600-$800.

What Are Reserves?

Lender-required reserves refer to the amount of money that a mortgage lender may require a borrower to have in reserve, beyond the down payment and closing costs, as a financial safety net. These reserves act as a cushion to cover future mortgage payments and other housing-related expenses in case of unexpected financial challenges.

Money-saving accounts and 401(k)s may be eligible sources for lender-required reserves. Money-saving accounts, such as savings or checking accounts, are straightforward options. Lenders often prefer liquid assets that can be easily accessed if needed. These accounts demonstrate a borrower’s ability to cover mortgage payments and other expenses.

Budgeting & Saving Tips

1. Establish a Monthly Savings Goal: Based on the total savings target and the timeline for purchasing a home, help your clients set a monthly savings goal. Divide the total amount they need to save by the number of months before they plan to buy.
2. Create a Separate Savings Account: Encourage your clients to open a separate savings account dedicated to their homebuying fund. This helps them track their progress and prevents the funds from being easily spent on other expenses.
3. Cut Unnecessary Expenses: Identify areas where your clients can cut back on unnecessary expenses. This might include dining out less frequently, reducing entertainment expenses, or renegotiating subscription services. Redirect the saved funds to their homebuying savings.
4. Increase Income if Possible: Explore opportunities for your clients to increase their income, such as taking on a part-time job, freelancing, or exploring side hustles. Supplementing their income can accelerate the savings process.

5. Take Advantage of Windfalls: Advise your clients to allocate unexpected financial windfalls, such as tax refunds, work bonuses, or monetary gifts, toward their homebuying fund. This can significantly boost their savings.

6. Regularly Review and Adjust the Plan: Regularly review the savings plan with your clients to ensure they are on track. If there are changes in their financial situation or homebuying timeline, be ready to adjust the plan accordingly.

Home Ownership Is A Journey

Homeownership is a journey that deserves careful consideration and patience. Rushing into such a substantial financial commitment can lead to potential pitfalls and regrets. Taking the time to thoroughly research, plan, and assess one’s financial readiness ensures a more informed decision and a smoother journey. Patience allows prospective homeowners to explore various options, weigh the pros and cons, and make choices aligned with their long-term goals.

Oklahoma Realtor

Erica Garvin

The post Mastering Your Money: Insider Tips for Future Homeownership Success first appeared on Ivy Key Team .

Reasons To Consider Buying A Home:

One key benefit is the opportunity to build equity over time as you pay down your mortgage. This equity can be a valuable asset and can be accessed through home equity loans or lines of credit. Owning a home provides stability and a sense of security. You have control over your living space and don’t have to worry about landlords changing rental terms, offering a more stable and secure living arrangement. Owning a home can also be a part of a long-term financial plan. As you pay off your mortgage, your housing costs decrease, offering financial security, especially in retirement.

Homeownership also allows you to personalize your space according to your preferences. You have the freedom to make home improvements and renovations, creating a living environment that suits your lifestyle. With a fixed-rate mortgage, your monthly payments remain stable over the life of the loan. This predictability can make budgeting and financial planning easier, providing peace of mind. Homeownership often fosters a sense of community. You become part of a neighborhood, and the connections formed with neighbors can contribute to a strong sense of belonging.

Your Home Buying Journey

• Interview and enlist the help of a licensed realtor. Your realtor will have direct access to mortgage lenders and other vendors needed to make your home-buying journey seamless.

Contact A Realtor

• Apply for your home loan with a mortgage lender. This pivotal step opens the door to insightful conversations about options, monthly payments, considerations for the down payment, and understanding the necessary closing cost requirements. A tailored game plan will be made to strategically navigate your home-buying journey.

• Find your perfect home with the help of your savvy real estate agent. She/he will help you navigate inspections, surveys, and/or appraisals. They will also assist in coordinating things between the title company, lender, and the listing parties.

• Prior to closing on your home, your realtor will help coordinate utilities and other pre-closing needs. Once you close you will be handed the keys to your brand new home!

2024 Housing Market Predictions

If you are considering purchasing a home in 2024, be sure to analyze your financial situation to ensure that the pros outweigh the cons. The housing market outlook was once bleak, but better days are on the horizon.

Erica Garvin

The post 2024, The Year of New Homeowners first appeared on Ivy Key Team .

Tulsa Insider is our newest launch in guiding current and future residents an inside look at Tulsa. You can expect to:

Explore Tulsa Life: Discover the hidden gems, local favorites, and the latest happenings in the “Oil Capital of the World.” From historic neighborhoods to emerging cultural districts, we’re here to guide you through every facet of Tulsa’s lifestyle.

Embrace the Culture: Dive into the rich cultural tapestry of Tulsa. From art exhibitions to live performances, we’ll keep you in the loop on the city’s thriving arts scene. Explore our diverse heritage, festivals, and traditions that make Tulsa unique.

Savor the Cuisine: Tulsa is a culinary paradise with a delectable mix of flavors from around the world. Whether you’re a foodie looking for the best local eats or a home cook seeking inspiration, our community shares the tastiest tips, recipes, and restaurant recommendations.

Community Connection: Connect with fellow Tulsans, both newcomers and long-time residents, who are passionate about this city. Share your experiences, ask questions, and make new friends who share your love for Tulsa.

Insider Insights: Our members are the true insiders of Tulsa, and they’re here to share their knowledge and insights with you. Whether it’s housing tips, event recommendations, or insider secrets, you’ll find it all right here.

Stay Informed: Stay up-to-date with the latest events, festivals, and community gatherings happening in Tulsa. Never miss out on what’s happening in your city again!

Thinking About Moving To Tulsa?

It’s no secret that in the last 5 years, Tulsa has seen an explosion in growth, so much so that many east and west coasters are flocking here. Our team of realtors is dedicated to helping make your move to Tulsa and surrounding areas seamless. We are well versed in cross-country moves, helping you sell your property in a different state and settle here, or even assisting with rentals whether that be short-term or long-term. Contact us today to get started on your move to Tulsa.

The post Tulsa Insider: Lifestyle, Culture, & Cuisine first appeared on Ivy Key Team .

Write Down The Vision

If you have not done so already write down exactly what your goals are. It is hard to get to where you’re going if you don’t know where you’re supposed to be. When you write down your goals be very specific. Write down your dream home. How many bedrooms does it have? Baths? Does it have an open-concept kitchen? What type of backyard does it have? You can even take the time to draw it out and even create a Pinterest board! The key is to be as specific as you can. Don’t forget to write down a date of when you plan to be a homeowner. Store this in a place where you can meditate and pray over it daily.

Examine Your Current Situation

It is also hard to get to where you’re going if you don’t know where you’re at. If you have not done so already take the time to look over your finances and bad habits. If you are not sure what those are I recommend journaling for at least four weeks. Take this journal with you and record what you spent your money on and how much you contributed to your savings. Also, write down your income and bills that were paid. Perhaps you are driven by emotional spending, this journal will help you to see if you’ve picked up on unnecessary spending habits. In this same journal record your credit score and analyze your credit for any outstanding debts, collections, and/or negative impacts on your credit score.

Form A Healthy Relationship With Money

Practice forming a healthy relationship with money. Know that money will always come and always go. The best way to treat money is to assign a purpose for each dollar before you spend anything. Give yourself enough wiggle room for unexpected costs and don’t forget to give yourself reasonable allowance. Keep reminding yourself that you are working on something bigger, especially in times when you want to spend money unnecessarily.

Gather The A-Team

The biggest part of your success is the team you will put together that will be supporting you through your home ownership journey. If you haven’t done so already I recommend interviewing realtors in your local area. Get a feel for how they work, their resources, and their personality. You will need someone who will check in on you, believe in your vision, and push you even when you don’t feel like it. If they are a savvy realtor they will have a list of lenders, title companies, and other resources for you. This will be your team from start to finish.

Execute Your Plan

Your A-team should have helped you to create a plan to give you a realistic idea of how soon you will be ready to purchase your own home. This plan will involve setting the right expectations for improvements needed so that a lender can approve you for a home loan. Your trusted real estate agent has gone over the requirements needed by the lender with you, analyzed your finances to let you know how much you need to save, and is fully aware of your vision and supports you. He/she is checking in with you monthly to give you a boost of encouragement so that you know you are not in this alone. When creating your plan break it down into yearly, monthly, weekly, and daily if you need to. Do not underestimate the importance of an accountability partner as more people find success with one than with

This is Your Unique Journey

Sometimes when we want something so bad we tend to look over our shoulders at someone else who appears to have exactly what we want. In the age of social media, this is right at our fingertips. Trust that God has something specifically for you and keep yourself focused on your own journey to homeownership. What is meant for you will be for no one else. Continue to do the work and it will be blessed.

• Facebook
• Instagram
• TikTok
• YouTube

• Hiring A Homebuilder? Here Are 10 Questions To Ask
• February 2024- Oklahoma Market Update
• Building A New Home Vs Buying An Existing One: What You Need To Know
• Mastering Your Money: Insider Tips for Future Homeownership Success
• January 2024- Oklahoma Market Update

The post What To Do Now, To Buy A Home In 2024 first appeared on Ivy Key Team .

5. Broken Arrow

Broken Arrow is a thriving city with a community feel. On average, the city has seen a 2% population growth year after year and has gained over 30,000 residents since 2010. That number is steadily rising (census.gov). This growth coupled with low-cost housing compared to other major cities has created a strong economic outlook for investors wanting to create a rental portfolio here. The best news is that those that take up residence here tend to stay here long-term due to a supportive community. Here are a few other factors to consider which make Broken Arrow a strong contender for those looking to invest:

1. Quality of Life: The city has a reputation for offering a high quality of life. It has good schools, parks, recreational opportunities, and a sense of community. A strong quality of life can contribute to the attractiveness of the area for both residents and businesses.
2. Proximity to Tulsa: Broken Arrow is located just outside of Tulsa, Oklahoma’s second-largest city. This proximity provides residents with access to the amenities and opportunities of a larger urban area while still enjoying the benefits of a smaller community.
3. Job Opportunities: The presence of diverse industries can provide job opportunities for both skilled professionals and entry-level workers, which in turn can contribute to the demand for housing and overall economic health.

4. Edmond

Edmond is home to some of the top schools in the city, parks, and houses a diverse economy. It is Ideal for families and investors seeking urban amenities with a peaceful vibe. There is much history and charm just like its neighbor, Oklahoma City. The city itself is a hub for diverse businesses ranging from healthcare to tech and houses many universities such as https://www.uco.edu/ which creates a strong attraction for future educators and a skilled workforce. Here are a few other factors that make Edmond a great place to invest:

1. Proximity to Oklahoma City: Edmond is located just north of Oklahoma City, the state’s capital and largest city. This proximity provides residents with access to the amenities, job opportunities, and cultural experiences of a major urban center while still enjoying the benefits of a smaller, more suburban environment.
2. Infrastructure and Development: Edmond’s well-maintained infrastructure, including transportation networks and public services, can contribute to a conducive environment for businesses and residents. The city’s ongoing development projects and investments in infrastructure can also create opportunities for investors.
3. Low Crime Rates: Edmond has historically maintained relatively low crime rates compared to some other areas, which can enhance its appeal to families and businesses looking for a safe community.

3. Norman

Home to the University of Oklahoma, it blends the vibrant energy of a college town with the comforts of a suburban community. Known for its educational and cultural offerings, Norman offers a range of academic programs, research opportunities, and events. Here are a few other factors that should have you flocking to Norman to invest:

1. University Influence: Norman is home to the University of Oklahoma, which brings a vibrant academic and cultural atmosphere. This can attract a diverse population of students, faculty, and researchers, creating potential opportunities in areas like rental properties.
2. Quality of Life: Norman offers a high quality of life with a mix of cultural events, recreational opportunities, and community engagement. A desirable living environment can attract residents and businesses alike.
3. Proximity to Oklahoma City: Being close to Oklahoma City provides access to a wide range of amenities and job opportunities while allowing residents to live in a smaller, more suburban setting.

2. Tulsa

Tulsa is known for its diverse economy spanning energy, healthcare, technology, and more. With a rich history as an energy hub, the city offers opportunities in various sectors. A flourishing arts scene, educational institutions, and revitalization projects contribute to its vibrancy. Tulsa’s mix of urban amenities, affordability, and supportive business environment make it an attractive destination for residents and investors alike. Tulsa also has:

1. Affordable Real Estate: Compared to larger urban areas, real estate prices in Tulsa have historically been relatively affordable, potentially offering investment opportunities in both residential and commercial properties.
2. Diverse Economy: Tulsa’s economy encompasses multiple sectors, including energy, healthcare, technology, aerospace, and finance. This diversity can help create a resilient economic environment and provide various investment opportunities.

1. Oklahoma City

Oklahoma City is known for its diverse economy spanning industries like energy, aerospace, and healthcare, the city offers affordable real estate opportunities. With a growing population and a mix of cultural attractions, educational institutions, and job prospects, Oklahoma City is a vibrant destination that blends urban amenities with a cost-effective lifestyle.

1. Affordability: Oklahoma City’s real estate market has been relatively affordable compared to many other major U.S. cities. This affordability can attract buyers and investors looking for cost-effective opportunities.
2. Economic Diversity: The city’s economy is diverse, with sectors including energy, aerospace, healthcare, and technology. A stable and diverse economy can contribute to consistent demand for housing and commercial properties.
3. Population Growth: Oklahoma City has seen steady population growth over the years, driven by factors such as job opportunities and quality of life. Population growth can lead to increased demand for housing.
4. Job Opportunities: The city’s various industries provide job opportunities, which can drive demand for housing, particularly rental properties, and influence the real estate market positively.
5. Pro-Business Environment: Oklahoma City is known for its business-friendly policies and incentives, which can attract companies and entrepreneurs, potentially leading to increased demand for commercial real estate.
6. Infrastructure Development: Ongoing investments in infrastructure, transportation, and urban development projects can enhance the overall appeal of the city and its neighborhoods, potentially increasing property values.
7. Cultural and Entertainment Offerings: The city’s cultural amenities, entertainment venues, and recreational options can enhance its overall attractiveness to residents and potentially lead to increased demand for housing.
8. Educational Institutions: The presence of universities and colleges can attract students and faculty, creating demand for rental properties in the vicinity.
9. Quality of Life: Oklahoma City offers a mix of urban amenities and a lower cost of living compared to larger metropolitan areas. This combination can be appealing to both residents and investors.

Notable Mentions: Vinita & Glenpool

We can not write this list and not include a few other notable mentions.

1. Vinita– On July 2023 news was released that a 2 billion dollar project for an American Heartland theme park is set to be built in 2026. If it comes to fruition this not only would bring nearly 40,000 jobs but also investments that could make Vinita a cash cow.
2. Glenpool– Long-term rentals thrive in this city and are often overlooked by investors. is its small-town atmosphere with a strategic location near larger urban areas. This allows residents to enjoy a close-knit community while having access to the amenities and opportunities of nearby cities like Tulsa.

The post 5 Best Places To Invest In Oklahoma in 2024 first appeared on Ivy Key Team .

Tulsa is home to so many thriving businesses. You will find hidden treasures such as summers filled with local festivals, a metropolitan that comes alive with bands at night, and a whole host of things to do! A few of our favorite places include https://www.philbrook.org/, https://www.gatheringplace.org/, & https://tulsazoo.org/. There is no shortage of fun for the entire family. Tulsa is a very historical community with roots that run in the oil industry, it is culturally diverse & rich and home to some of the best private universities. The iconic Route 66 and Greenwood (Black Wallstreet) is a few of the historically rich neighborhoods. In recent years Black Wallstreet has received media attention for the tragic 1921 Black Wallstreet Massacre which Tulsans have rallied together to rebuild, raise awareness, and grow the most prominent & prosperous African American community.

What is Tulsa Remote?

Tulsa Remote was launched in November 2018 and is an innovative approach to help stimulate and grow Tulsa’s economy. The thought process is that by having new businesses move here the economic growth will soar as they spend their money in our existing businesses. To be eligible for the program you must be a full-time remote worker that has not lived in Tulsa in the past year. This does mean that if you previously lived in Tulsa, you are still eligible as long as you have been away for at least a year.

What Are The Benefits?

Along with the $10,000 stipend for being accepted into the program there are added benefits. You have access to a free downtown coworking space at 36 degrees north: https://www.36n.co/ for 3 years! Those that are accepted into the program may be eligible for a healthcare stipend to help cover insurance costs. On top of that, you have access to a whole host of networking opportunities to increase your brand & company awareness.

We Are Tulsa Remote’s Preferred Realtors

You heard it here first We are Tulsa Remote’s Preferred Realtors! We take a hands-on approach to welcoming each and every new Tulsan to the area. As Tulsa Remotes Preferred Realtor, our commitment to your home-buying journey extends beyond just finding the perfect property. We take great pride in introducing you to the vibrant city of Tulsa. From the moment we connect, we embark on a personalized exploration of Tulsa’s neighborhoods, cultural gems, and local hotspots that resonate with your lifestyle. Our in-depth knowledge of the city’s history, arts scene,

culinary delights, and outdoor havens allows us to create tailored experiences that give you a genuine taste of what Tulsa has to offer. Whether you’re drawn to the historic charm of Brookside, the artistic vibe of the Brady Arts District, or the tranquility of Midtown’s parks, we ensure you not only see homes but also understand the unique character and ambiance of each area. Our goal is to help you envision your life in Tulsa, making an informed decision that aligns with your preferences. Additionally, our curated guides go beyond real estate insights. We provide you with comprehensive resources that delve into Tulsa’s local businesses, schools, community events, and recreational opportunities. These guides act as your compass, empowering you to make confident choices not only in your home search but also in becoming an integral part of Tulsa’s vibrant community.

At Tulsa Remotes Preferred Realtor, we believe that finding the right home is intricately tied to falling in love with the city itself.. Welcome to a new chapter of life, uniquely embraced through our personalized approach.

• Instagram
• Facebook
• TikTok
• YouTube

• Hiring A Homebuilder? Here Are 10 Questions To Ask
• February 2024- Oklahoma Market Update
• Building A New Home Vs Buying An Existing One: What You Need To Know
• Mastering Your Money: Insider Tips for Future Homeownership Success
• January 2024- Oklahoma Market Update

The post Tulsans Are Happy, Get Paid 10k To Move Here Now first appeared on Ivy Key Team .

Will Tulsa, Oklahoma Pay You To Live There?

The answer is Yes! Tulsa offers an incentive of $10,000 that pays non-residents to launch a business for at least one year with no obligation to stay. If you decide Oklahoma is your new home they are also offering another $10,000 in down payment assistance towards your home purchase. Here are the eligibility requirements: https://tulsaremote.com/. Tulsa has awarded 2,300 businesses so far and that number is steadily rising. Once here many programs will help you with the capital needed to grow your business: Build In Tulsa, TechStars, Female Founder Pitch Night, to name a few.

What is Community Like In Tulsa?

Two words: diverse & hospitable. Tulsa gives major city vibes without the hustle & bustle of major cities. Diverse communities thrive within Tulsa’s borders that align with Oklahoma’s well-known southern hospitality. There are many historical places such as Black Wall Street centered on Greenwood, and a downtown metropolis humming with hotels and businesses. Take a stroll to the most well-known park in the Midwest; https://www.gatheringplace.org/. On the weekends you can attend the many festivals, dance the night away to artists performing at the BOK center, catch the latest broadway show at the Tulsa {erforming Arts Center, or take a tour of the most well-known universities in the country

Relocating & Purchasing A Home In Tulsa

With the Ivy Key Team, you can expect us to go above and beyond to provide assistance to individuals and families looking to relocate or move to Tulsa, Oklahoma. Here are some ways we can help make your transition smoother:

1. Personalized Consultation: We begin by conducting a personalized consultation to understand your specific needs, preferences, and priorities for your new home in Tulsa. Whether you’re seeking a quiet suburban neighborhood, a vibrant downtown area, or proximity to specific amenities, we take the time to listen and tailor our services accordingly.
2. Extensive Market Knowledge: With our in-depth knowledge of the Tulsa real estate market, we stay up-to-date with the latest trends, pricing, and availability of properties. This allows us to present you with a wide range of options that match your criteria, ensuring you have access to the most relevant and desirable listings.
3. Property Showings and Virtual Tours: We arrange property showings and virtual tours, providing you with an opportunity to explore potential homes remotely or in person. Our agents accompany you during these visits, offering valuable insights, answering your questions, and helping you evaluate each property’s suitability.
4. Neighborhood Guidance: We understand that choosing the right neighborhood is crucial when relocating to a new city. Our team is well-versed in the distinct characteristics of different Tulsa communities, including school districts, amenities, transportation options, and cultural attractions. We provide detailed information to help you make an informed decision.
5. Negotiation and Transaction Support: Once you’ve identified your ideal home, we leverage our expertise in negotiation to help you secure the best possible terms and price. We guide you through the complex transaction process, ensuring that all necessary paperwork is completed accurately and efficiently.
6. Relocation Services: We recognize that moving to a new city involves more than just finding a home. We can connect you with trusted professionals for services like moving companies, utility setup, and local resources to simplify your transition.
7. Post-Move Support: Our commitment doesn’t end once you’ve found your new home. We remain available to address any questions or concerns that may arise after your move. We strive to build long-term relationships with our clients and provide ongoing support even after the transaction is complete.

Check out our relocation services here & schedule a consultation today: https://ivykeyteam.com/relocation/

The post Moving To Tulsa? What You Need To Know first appeared on Ivy Key Team .