In the hustle and bustle of life and busy schedules, there's something profoundly beautiful about the simple invitation: "Come and sit by me." It's an offering of companionship, a gesture of warmth,
Understanding the cost of real estate
Dated: April 2 2024
Views: 92
Do you ever wonder when people discuss the need for a six-figure income to own a home? Or perhaps you're puzzled by the steady rise in rent prices? If so, you're not alone. Many individuals need help comprehending the complexity of the expenses associated with housing, from construction to maintenance, insurance to taxes.
First and foremost, let's talk about building a home. There's a common misconception that constructing a house involves putting together bricks and mortar. Did you know there are approximately 177 invoices to be paid in the construction process, encompassing everything from materials to labor costs? Each step, from laying the foundation to installing the roof, incurs expenses that quickly add up. Moreover, these materials and services prices have steadily climbed over the years, driven by factors such as inflation and supply chain disruptions.
But the expenses continue once the house is built. Owning a home comes with its own set of financial responsibilities. Take insurance, for example. Homeowners insurance costs have increased, driven by increased property values and the frequency and severity of natural disasters. Similarly, property taxes have also seen a significant uptick, fueled by rising property values and the need for local governments to fund essential services and infrastructure projects.
Then there's maintenance—an often overlooked aspect of homeownership. Every service call, repair, and replacement comes with a price tag, and just like everything else, the maintenance cost has steadily increased. Whether fixing a leaky roof, repairing a malfunctioning HVAC system, or replacing aging appliances, the expenses can quickly eat into your budget.
So, why has the cost of living, including housing, skyrocketed recently? The answer lies in a combination of factors. Inflation, economic growth, supply chain disruptions, changing consumer preferences, and regulatory requirements all drive up costs. While the debate over the root causes of this phenomenon continues, one thing is clear—Oklahoma remains an affordable place to purchase and rent - compare prices. Our challenge trying to balance expenses and income. This includes what Section 8 pays for rent or allowances received to cover the increased cost of housing in a local area. Also, think of the cost of land - so why do you think there is a push to build some smaller homes for those that need a smaller place to live, that's affordable? Cottages are an option, but we need approval to build cottages for those who need a 25' lot versus a 50' lot. Thoughts of today...
Brenda Spencer-Ragland
I began the journey as a licensed REALTOR in June 2020. Prior I served as the President and CEO of the Lawton Fort Sill Chamber of Commerce for 18 months, after serving for 33 years with the United St....
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Do you ever wonder when people discuss the need for a six-figure income to own a home? Or perhaps you're puzzled by the steady rise in rent prices? If so, you're not alone. Many individuals need
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