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.
Hi, I’m Morgan Franklin and I am a Realtor in Lexington Kentucky. I have lived here for over 25 years and have an intimate knowledge of the city. I was drawn to real estate because I love to study markets and find ways to help my clients win. Whether it is helping a buyer purchase their home under market or a seller get more than the going market price. Studying the market is something I obsess over. (Yes I really enjoy it!) In addition to being knowledgeable about the market I am also a mortgage expert and previously held a mortgage license in Kentucky. This is really important because understanding how financing works is key to a smooth and successful transaction. I am also a published photographer and when I’m not photographing listings you will find me shooting Kentucky landscapes and my son Hudson. Lastly, I have operated several e-commerce business and understand how to market online. This wide array of experiences make me a great realtor.
Why work with me?
– Customer Service: When you call I am the one who picks up the phone and pride myself on follow up
– Market Knowledge: I have lived in Lexington for over 25 years and answer your questions about neighborhoods.
– Marketing: I have a deep knowledge of how to market online
– Media: I am a published photographer and all of my listings are accompanied by professional photo and video
– Data: I provide detailed reports to help make my clients make informed decisions
Super Secret Shoe Closet!Listing details: http://bit.ly/2oIwNvzLexingt
"Morgan helped us buy our first house. Located a bunch of great options for us and we finally settled on a house. He made the buying process smooth and was always there when I had a question or concern and still is in fact."