Do you want content like this delivered to your inbox?
Share
Share

The True Cost of Owning a Home in OKC Metro

Jessica Buttry

Jessica Buttry is a fourth-generation Oklahoman and is a full-time professional real estate agent with Kevo Properties...

Jessica Buttry is a fourth-generation Oklahoman and is a full-time professional real estate agent with Kevo Properties...

Jan 30 1 minutes read

The Full Picture of Homeownership Costs

Owning a home in the Oklahoma City Metro area is a milestone many strive for, but it’s crucial to look beyond the mortgage to understand the true cost. Alongside your home loan, a range of additional expenses will shape your monthly budget. By familiarizing yourself with these costs, you'll navigate the Oklahoma City real estate market with confidence and ensure you’re financially prepared for homeownership.

1. Property Taxes in OKC Metro

In the Oklahoma City Metro area, property taxes are based on county assessments and can vary, impacting homeowners in areas from Edmond to Midwest City. Your taxes could fluctuate with the real estate market, and as infrastructure develops and property values increase, so might your tax liability. In OKC, property taxes can often be folded into mortgage payments, dispersing the cost throughout the year. Make sure to discuss this with your lender for a clear understanding of your payment structure.

2. Home Insurance in Tornado Alley

Given Oklahoma’s notorious storms, securing robust home insurance is critical. This not only safeguards against damage to your property but also is commonly mandated by mortgage lenders. Ensuring your policy covers the unique weather challenges in the OKC Metro can prevent financial headaches down the line. It’s essential to review your options and find a policy that offers comprehensive protection at a competitive rate, considering both common and uncommon incidents.

3. Utility Costs in Your New Home

Homeownership in Oklahoma City means budgeting for utilities, including water, sewer, electricity, gas, trash, and internet services. Depending on the size of your home and your individual usage, these can fluctuate. Energy-efficient upgrades are popular in the OKC Metro area, providing homeowners with opportunities to reduce utility bills while also taking advantage of local tax incentives for such improvements.

4. Upkeep and the Oklahoma Elements

Regular maintenance and repair are part and parcel of owning an OKC Metro home. Given our variable weather patterns, from blazing summers to icy winters, staying on top of upkeep like HVAC servicing and roof inspections is non-negotiable. While hiring local professionals is a common route, factoring in the cost of services, supplies, and your time is important. Additionally, an emergency fund for unexpected repairs, such as storm or heat-related damage, is wise financial planning.

5. HOA Fees in Local Communities

Many Oklahoma City neighborhoods have Homeowner's Associations (HOAs) that manage community features from pools to gated security. HOA fees can dramatically impact your monthly expenses, so it's vital to understand these costs before buying. These fees are documented in your home purchase contract, clarifying the amount and any potential annual increases, and contribute toward community amenities that can enhance your living experience and property value.

6. Appliance and Furniture Expenses

Transitioning into a new home in the OKC Metro might bring the need for new appliances and furniture. Since such costs can be significant, setting aside savings for these purchases is prudent. The Oklahoma City area offers a range of retail options, from boutique furniture stores to appliance discounters, giving homeowners a variety of cost-effective choices.

7. Investing in Home Improvements

Whether it’s updating an outdated kitchen or adding an outdoor living space to enjoy the Oklahoma summers, home improvement is a common thread among OKC Metro homeowners. These projects are not just about personal enjoyment but also about boosting home value. Planning and budgeting for these endeavors can prevent financial strain and help you capitalize on your investment.

8. Security for Oklahoma Homes

Home security is another consideration for new homeowners. In Oklahoma City, where the urban environment meets sprawling suburbs, investing in security systems, including cameras and smart home technology, adds a layer of safety and can be a valuable addition to your home. Budgeting for this peace of mind is a personal choice that many in the area decide to prioritize.

In conclusion, when you’re preparing to buy a home in the Oklahoma City Metro area, make sure you look beyond the mortgage to the broader financial commitments of homeownership. By factoring in these additional expenses, you’ll be set for a fulfilling and financially sound living experience in one of the vibrant communities in and around OKC. Remember to evaluate your current budget, plan strategically for future costs, and stay informed about market conditions to protect your investment in the long term.

Thinking about selling your home?

Get in touch. We'll guide you through every step of the process to ensure a smooth transaction that meets your goals.

Let's Talk
We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info