What Costs Do First-Time Home Buyers Miss in the Greater Tulsa Area?

Most of the costs of buying a first home aren't really hidden. They're just unfamiliar. Beyond the down payment and closing costs, first-time buyers most often overlook the inspections, the appraisal, the insurance and property taxes collected at closing, mortgage insurance, and the cost of actually moving in.

Whether you're buying in Tulsa, Broken Arrow, Jenks, Owasso, Collinsville, Coweta, Glenpool, or Catoosa, the list is the same. And here's what surprises my buyers most often: the amount they actually need for a down payment is sometimes less than they thought.

I'm Christina Shortsleeve, a REALTOR® with REMAX Results, and I help first-time buyers across the Greater Tulsa Area. I share these costs with every buyer up front, so they have a plan before they ever make an offer.

Because most first-time buyers focus on two numbers: the price of the home and the down payment. Everything else shows up later in the process, one item at a time, and if nobody has walked you through the full list, each one can feel like a surprise.

When you see the whole list at the start, it stops being a surprise and becomes part of your plan.

Inspections are paid during the process, before closing, and they aren't part of your loan. What you'll pay depends on the type of inspections you order and the size of the home.

• A general home inspection. A professional looks at the home's overall condition, from the roof and foundation to the electrical, plumbing, and heating and air systems.
• A wood-destroying insect inspection. I typically recommend one for every buyer, unless the home is brand-new construction. At this time, a VA loan requires a termite inspection.
• A mortgage inspection report. This is required by your lender. It shows the property's boundaries and, typically, utility easements.

Depending on the age of the home, I may recommend additional inspections. Together, we'll walk through which ones are the best fit for your home.

If you're using a loan, your lender orders an appraisal to confirm the home's value supports the price. In the Greater Tulsa Area, an appraisal costs approximately $600 to $850. It's paid by the buyer up front and, in most cases, isn't rolled into the loan.

Most homeowners have an escrow account that holds money for homeowner's insurance and property taxes. At closing, you'll pay into that account, along with your homeowner's insurance, and those amounts are part of your closing costs. After closing, a portion of your monthly mortgage payment keeps the account funded.

Because this is included in closing costs, it's easy to overlook when you're estimating what you'll need. Your lender's written estimate shows it clearly.

• Mortgage insurance. Depending on your loan type and down payment, your monthly payment may include mortgage insurance. Your lender will show you whether it applies.
• HOA dues. If the home is in a neighborhood with a homeowners association, there may be monthly or yearly dues.
• Utilities. Setting up electricity, gas, water, trash, and internet in your name, sometimes with deposits.
• Moving. Movers, a truck, or help from friends, plus boxes and supplies.
• Move-in basics. Window coverings, a lawn mower and yard tools, and small repairs that come with owning a home.

The down payment, but often in a good way. Many first-time buyers assume they need 20% down, and many need far less. FHA loans start at 3.5% down, conventional loans typically run 3% to 5%, and VA and USDA loans can allow 0% down for buyers who qualify.

My article on how much money you need to buy your first home walks through the down payment on a real Greater Tulsa price, and if credit is on your mind, my article on buying with less-than-perfect credit covers that too.

1. Talk to a lender early. Their written estimate lays out your closing costs, including insurance and taxes.
2. Set aside money for costs paid before closing, like inspections and the appraisal.
3. Ask about mortgage insurance and HOA dues for each home you're serious about.
4. Budget for moving and move-in basics.
5. Keep a cushion for the small things that come up in the first few months.

This is part of my Buyer Confidence System: I listen first, explain things clearly, match the pace to how you make decisions, guide you through each step, and follow through after you're in your home. Every buyer I work with knows these costs before they make an offer. You can see the full home buying process in Oklahoma, step by step.

• Budgeting only for the down payment.
• Forgetting that inspections and the appraisal are paid before closing.
• Skipping a wood-destroying insect inspection to save money.
• Spending their cushion before closing, or taking on new debt that can affect their loan.
• Overestimating the down payment and waiting longer than they needed to.

How much does an appraisal cost in Tulsa?

In the Greater Tulsa Area, an appraisal costs approximately $600 to $850. It's paid by the buyer up front and, in most cases, isn't rolled into the loan.

How much does a home inspection cost?

It depends on the type of inspections you order and the size of the home. Inspections are paid during the process and aren't part of your loan.

Do I need a termite inspection in Oklahoma?

I typically recommend a wood-destroying insect inspection for every buyer, unless the home is brand-new construction. At this time, a VA loan requires a termite inspection.

What is a mortgage inspection report?

It's a report your lender requires that shows the property's boundary lines and easements.

Are insurance and property taxes part of closing costs?

Yes. At closing, you'll pay your homeowner's insurance and money into an escrow account for insurance and property taxes, as part of your closing costs.

You don't have to figure out every cost on your own. Start with my page for first-time buyers in the Greater Tulsa Area, and when you're ready, send me a message. I'll walk you through the full list for your situation, so you have a plan before you make an offer.

This article describes my general process and is not legal, tax, or lending advice. For guidance on your specific situation, talk with your lender, attorney, or tax professional.

Christina Shortsleeve is a REALTOR® with REMAX Results in the Greater Tulsa Area, helping first-time buyers and downsizers buy and sell with a clear plan. She has sold 125 homes since 2020.