First Time Home Buyer in Heritage Hills: 6 Things to Know

First Time Home Buyer in Heritage Hills: 6 Things to Know

  • Jennifer Kragh
  • 02/23/23

Established in 1903 and located in the heart of downtown Oklahoma City, Heritage Hills is a historic neighborhood that connects the charm of the past with the excitement of the future. Oklahoma City's downtown area is one of the nation’s best urban revitalization success stories, offering Heritage Hills residents proximity to modern shops, great restaurants, and entertainment spots.
Walking the streets of Heritage Hills, you’ll find a charming mix of historic, modern, and contemporary homes, enchanting the area with a mood that is both authentic and sublime.  Along with its tranquil neighborhoods, Heritage Hills is also home to some of Oklahoma City's most beautiful parks, including Alice Harn Park and Winan Park.
This Midwestern gem offers the excitement of a larger city without the expensive costs of urban living. Oklahoma City’s crown jewel, Heritage Hills, is one of the city’s most sought-after neighborhoods, so it's essential to understand the home-buying process before considering purchasing property here.
If you are interested in Heritage Hills, OKC, real estate, read on for some tips and resources to help you succeed as a first-time home buyer.

Make a strong offer

Heritage Hills is a highly sought-after neighborhood, so you’ll need to give yourself a leg up to make yourself stand out to sellers who likely have a lot of offers on the table. Here are a few things you can do to stand out against a sea of other buyers:
  • Get pre-approved: A seller's worst nightmare is getting to the end of the closing process to learn that the buyer does not have the necessary finances to finalize the sale. Reassure the seller’s fears by getting pre-approved for a mortgage loan before you even begin looking at specific properties. If you’re at the beginning of your search, getting pre-approved can also help you save time because you’ll be able to narrow down your search by crossing off homes that are out of reach.

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  • Wave contingencies: In home buying, a contingency gives the buyer the right to renegotiate or cancel the deal if certain circumstances arise, such as the buyer not being able to sell their current home or if a lender declines to finance them. Contingencies give buyers an upper hand during the negotiation, but if a seller has multiple offers, they might be more inclined to go with an offer that doesn’t have any other pesky strings attached.

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  • Shorten the option period: After your offer is accepted, you enter what is known as an option period, which is the timeframe where buyers have the right to inspect the home further to look for deficiencies and also retain the right to back out of the sale. If you’re competing against multiple other buyers, shortening the option period might give you an additional edge over other buyers.

Team up with an expert real estate agent

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If you’re a first-time buyer, you want a reputable agent to be your eyes and ears in the community, especially if you're moving into a new area. You can find the best agent for your needs by reading reviews from former clients and asking them for references. Your agent will be well-versed in everything the local area has to offer and can advise you on a neighborhood that will best fit your lifestyle, interests, and future plans.
A first-time home buyer in Heritage Hills should work with an experienced agent who knows the community well and can connect them with other professionals, like home inspectors or attorneys, that they might need to consult during the process further down the road.

Tips for your downpayment

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Many people assume you need to make a downpayment of at least 20 percent, but first-time home buyers would be shocked to learn that you can actually get away with only putting down 3 percent. In fact, it’s often wise to make a smaller down payment upfront and then put the additional funds towards other expenses, like closing costs or attorney fees. No matter what, it’s essential to be financially prepared for homeownership.

Be prepared to pay property taxes

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Living in Oklahoma has many economic perks, and low property taxes is among them. The average property tax is just 0.85%, which is one of the lowest in the nation.

Research your loan options and the OHFA

If you’re buying a home for the first time in Oklahoma, consider yourself lucky, as the state has numerous special programs to assist individuals who are first-time home buyers in Heritage Hills. Check out the Oklahoma Housing Finance Agency (OHFA) website for special mortgages and cash to fund your down payment.

Complete a Homebuyer Education Course

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Do yourself a favor and sign up for a first-time homebuyer class, which will cover all the information you need to know to be successful at every step of your home buyer's journey. If you want additional education and support, consider hiring a home-buying counselor who can help you better understand the home-buying process, identify which loans you qualify for, and understand how to find homes that fall within your budget.

Discover more tips for being a Heritage Hills homeowner

The home-buying process can be overwhelming, especially if you’re searching for a new property for the first time. If you want more top tips for navigating the path as a first-time home buyer in Heritage Hills, consult one of the experienced agents at the Jennifer Kragh Group.
Jennifer’s seasoned team of agents is well-connected to Oklahoma City’s most desirable, high-end neighborhoods and communities. Let Jennifer and her top-notch team be your guide to all that the beautiful Heritage Hills neighborhood can offer. From connecting you with gorgeous homes for sale in Heritage Hills, OKC, to negotiating offers and providing insight into the local community, the Jennifer Kragh Group is here with expert advice at every turn. Reach out today to get started.

*Header photo courtesy of Jennifer Kragh

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Jennifer has assembled a team of agents and other experts who ensure prompt, thorough communication and white-glove service. Jennifer pairs her attention to detail and expertise with the unparalleled distinction of Sotheby’s International Realty.

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