Buy A Home In Lexington Kentucky Tips For Buyers

Buy A Home In Lexington Kentucky Tips For Buyers

I have helped many first time home buyers navigate their first purchase.  From that experience here are some tips for home buyers that they usually overlook.


  • Have a long-term plan and consider re-sale 


Are you planning to have children? Are you planning to take care of your elderly parents? You may not be planning to live in your first home for many years. In this situation, when you decide to sell your first home, who is your main target? If you happen to purchase a property in a bad school district or a home in an extremely bad street, as soon as you are ready to dispose of the property, your list of potential buyers may not be very large.


  • List down all the items to check 


The process of home buying is emotional. When evaluating your house, it’s important that you set aside all your emotions. Practically speaking, this isn’t possible. Instead ensure you have a checklist of your nice-to haves, must haves and also other essentials. Then go on and make printed copies of your checklist and have them with you; taking pictures will enable you to cross each single item off the list. If you love your house so much and your checklist confirms that none of your must-haves remain you know you are ready to make an offer.


  • Take into consideration all the expenses as you budget for the house 


As you budget for the property don’t stop with interest, principle, insurance or taxes.  The cost of commuting, utilities, and upgrades should be added. Contact your utility companies that service the property you are considering and request an estimate of what the total cost is likely to be.  Will you need to budget more for gas for your commute? Consider all of these budget expenses and decide if the house is still within your budget.


  • Before making any decision request the homeowner’s association contract 


This is especially important if you plan to rent the home in the future.  Also, if you want to build a large detached garage the HOA could prevent you from doing so.  You will be surprised what you find in HOA agreements so make sure you review it before you buy.


  • Find information on grants and other sources of finance

There are numerous ways to finance your home purchase.  Many folks think that they need a large down payment and that couldn’t be farther from the truth!  There are many programs from the Kentucky Housing Corporation that will help first time and low income home buyers.  Also, if you are looking outside of Fayette county the USDA has a no money down home purchase program.  Be sure to research what loan programs are available to you or just give me a ring and I will point you in the right direction.


  • Never sign any contract before you read and understand 

A house is often the largest investment you will ever make in your life, so ensure you understand the contract terms. If any of the terms doesn’t make sense to you, enlist the help of your real estate agent and your mortgage broker. If these people are unable to clearly explain the terms to you, it is time to find a new agent!

 

 

As always if you have any questions or would like to learn more don’t hesitate to give me a ring.

Morgan Franklin

United Real Estate Lexington

(859) 576-0801

morgan@lexhomehub.com

 

Also, be sure to check out my 4 part mini Home Buyer Seminar


Part 1 – Why you should buy a home



Part 2 – Financing



Part 3 – How to find a home



Part 4 – Contract and Closing





Morgan Franklin Headshot
Author:
Phone: 859-576-0801
Dated: April 5th 2017
Views: 14
About Morgan: Hi, I’m Morgan Franklin and I am a Realtor in Lexington Kentucky. I have lived here for over 25 ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Our Bloggers

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

LexHomeHub
2357 Hueguenard Dr
Lexington, KY
859-554-2054