After the housing bubble popped in 2008, new homes are being built smaller and smaller. With the real estate market hitting rock bottom, more and more people are downsizing to reduce mortgage payments or are looking for ways to add real value to their existing homes. If you’re planning to invest in a new property in Oklahoma City, there are many local home builders to choose from. Here are some things to consider:
Type of Property: Building a home is not as easy as it once was, especially in the prevailing real estate market. The most important thing to keep in mind is the type of property that you wish to construct. The market is full of different types and styles of property. When making your design decisions, consider how many people are going to stay there, and how often you expect guests.
Two or three bedrooms is a good starter home for a new family; and four or more will be needed when the kids become teenagers. Is yard space going to be important? Will one or two stories work better for daily living? Bear in mind that a shared full bathroom can make cohabiting difficult, so it’s always wise to get at least one half bath.
Location: The perfect lot may just be in the worst location. Start your search near those places most important to you and your family. Check out school districts, nearby shopping, hospitals and emergency services, distance to work, and even ease of access from major roads. Moreover, building a home in a budding area may boost its value over time.
Property Value: Does the contractor quote make sense when you compare it to comparable homes in the area? Will you be able to afford the mortgage for as long as it takes to pay off? There are so many factors that you need to take into account when you consider the cost of building a home. We always recommend that you visit multiple home builders in your area so that you get the opportunity to compare the cost and prevailing market rates before you invest.
Documents Required: When buying a plot to build on, check out all the documents, get them verified by your lawyer and then proceed. Depending on where you plan to build, you may be required to get a city permit or comply with zoning regulations. Do your due diligence and don’t be afraid to ask reputable professionals for help.
If you choose a home builder in Oklahoma City, they will do all the running around for you, giving you the peace of mind that all your legal issues are taken care of. But, we still insist that get all the documents checked by your legal expert and ask him to look into the entire affair including the money transaction.
Once you consider all these factors, you will be able to make better decision about building your own home. If a new home still doesn’t sound like a good option. Upgrading your current house follows many of the same guidelines.
Take into account the repair budget as well. Don’t go overboard. If the current market trends are anything to go by then property rates are going to fall more if the world economy does not improve soon. Hence, decide accordingly and then make the purchase or upgrade!