Your Guide to Buying a Home in Kansas

In a housing climate that feels uneasy, it’s time to make sure you know all the ins and outs of how to buy a home. If you want the financial benefits while fulfilling all the necessary requirements, it’s time to consider the process of getting your new home in Kansas today! Buying a home might seem overwhelming, but the moment you go to an open house and envision yourself with the keys will be the moment you find the drive to pursue owning a home. Landmark National Bank wants to provide you with the information and some simple steps to make the process that much easier.

Financial Factors To Consider When Buying a Home

The first thing to consider before buying a house is ensuring you are aware of the property taxes and the cost of living in Kansas. Having a budget is necessary, and maintaining it means learning about the varying financial factors.

Cost of Living in Kansas

Overall, the cost of living in Kansas is lower than the national average of 100 by 12%, making it a wallet-friendly state. Using the city of Wichita, Kansas as an example, it is 31.17% lower than the cost of living in New York City.

Property Taxes in Kansas

Property taxes in Kansas average about 1.34%, according to the Tax Foundation, which is slightly above the national average. Taxes are based on the value of the property, which is determined by the county appraiser, meaning there could be an adjusted property tax depending on where you live in Kansas.

Consider Home Owner Programs

After becoming aware of the financial factors to consider, a homeownership program can help first-time buyers purchase their first home. A homeowner program in Kansas can assist in the initial down payment process making owning a home more affordable. There are a number of programs to choose from that can fit varying needs.

Home Possible: Recipients of this program may obtain fixed-rate mortgages with a term of up to 30 years for one-to-four-unit properties, condominiums, manufactured homes, and planned united developments.
Kansas Housing Assistance: For eligible applicants, you can apply for a low-interest loan and receive up to a 5% grant for cash assistance on a down payment or closing costs.
Federal Home Loan Bank Housing Assistance Program: This program is structured towards low-income households, and helps to finance purchases, construction, and rehabilitation.

Great Locations to Live in Kansas

After the financial factors are settled, the homeowner programs are considered, then making a decision on location is the next matter. Kansas has several metropolitan areas that are family-friendly and popular for buying a home.

If you’re considering moving to Kansas, it’s important to research the areas you could live in. If you want more of an art scene, maybe excellent healthcare, potential academic opportunities, or possibly an opportunity to work in agriculture, Kansas has a variety of cities to pick from. Here are a few favored options.

Topeka: The capital city of Kansas, Topeka has a lower cost of living compared to other cities in the state with a population of 125,000 people.
Overland Park: The 2nd biggest city in Kansas has the scenic Indian Creek Trail, live country music venues, and family friendly community making it popular among young families.
Lawrence: The University of Kansas is based in the city of Lawrence, filling it with a vibrant area that has a strong cultural scene, arts, shops, bars, and restaurants.
Wichita: The largest city in Kansas, Wichita has a growing economy that includes fields such as aviation, healthcare, and agriculture, which makes it a great city to settle down in for professionals.
Manhattan: With a population of 50,000, Manhattan, Kansas is a smaller city housing Kansas State University, and maintains a strong community with excellent academic opportunities.

The Process of Buying a Home in Kansas

Now that you have the information that will play a role in buying a home, it’s time to go through the process of how to buy a home. Read these general steps to help you understand all the necessary components.

Apply for a home loan. It’s important to get approved so you have an idea of your budget for a home.
Get a real estate agent. An agent will help you find properties that fit your needs and budget.
Begin searching the housing market. Once you have your budget and your agent, you can make an informed decision on pricing, sizing, and condition with varying properties.
Get an inspection. Once you’ve found your home, it is important to identify potential issues for the future, and if you’re committed to something you might have to fix later on.
Send in an offer letter with the help of your real estate agent. Your agent will help draft a letter outlining the purchase price, contingencies, the closing date, and possibly the earnest money deposit. He or she will then send the letter to the seller’s agent.
The escrow period. Escrow (closing on a home) is the final step. Once your offer is accepted, a third-party agent will hold and manage the funds for both parties involved until the conditions of the transaction are met. An agent will place the funds in an escrow account while all of the conditions of the sale are verified before closing on the home. You will then walk through your home, sign the documents, and get your keys.

Get Your Home Loan at Landmark National Bank

You’ve got all the information you need, and now it’s time to apply for a home loan to buy your house in Kansas. As a top home loan lender, Landmark National Bank can provide you with your home loan. You can give us a call or find your nearest Landmark branch for more information about home loans and find out if you qualify.