Buying Your First Louisville Home

Are You Ready For Home Ownership?

As you move towards home ownership there are some considerations and preparations that must occur.  As you take on the responsibilities of a mortgage, taxes, and home maintenance you need to first take stock of your current finances and your expectations for the future.

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Questions for Prospective Homeowners

Are you ready to buy?

While owning your own home brings many joys and freedoms such as decorating the way you like and bringing home a pet, or getting courageous with some landscaping; it also includes, at times, surprise maintenance issues such as an unexpected plumbing issue or an aging HVAC system. It is key to keep in mind that part of your income and time will go towards maintaining your home.

How much can you afford?

It can be tempting to strrrreeettttchhhh your income to try and capture the house of your dreams. Remember, putting too much of your income toward your mortgage can make home ownership a burden rather than a pleasure. You will want room in your budget for fun and for the surprises we have mentioned. If need be, buy a modest home now and capture that "dream home" in a few years!

What is your debt-to-income ratio?

This will be very important to your lender. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. Work with your agent to discover the homes that fit for you within the constraints of this formula. As we have mentioned, you don’t want to get in a situation where your mortgage payment is a tremendous burden depriving you of truly enjoying your home.

What do you want?

I want a three bedroom, 2 bath, brick home, with a fireplace a walkout basement, a garage and a heliport.” Okay! We will help you find homes that meet your criteria within your budget. Maybe it is new construction, maybe an older home in the city, or a maintenance free condo; we have the expertise you need to help you narrow your search.

We Can Help

You need a great agent who will work hard to know you and your priorities and desires for your new home. Our real estate team is committed to helping you find your right home, at the best price. We want you to find the perfect match that fits your needs now and into the future.When you hire us to help you buy your first home, we partner with you and help you discover what you want and how much you can afford. We will merge these two priorities and find a residence that you will love.

Keep your objectives in mind when viewing a home. It can be easy to forget your priorities when you see a home that might appear to be your dream home.

Make a checklist of the features that you need and want in a home, and judge each home by the list in conjunction with the budget you have developed. We will help keep you on track and ensure that you visit several homes that line up with your priorities.

Engage the services of a good real estate lawyer. We will recommend several lawyers in the area at your request. Follow up with them to ensure that you get someone you can work with. They will be essential as you navigate the legalities of transferring land and home ownership.

Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". Remember, we will prepare the paperwork and go through it with you before submitting it. The seller may reject or counter your offer, so you should be prepared to continue your search. If the deal moves forward, you will probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.

Get all necessary inspections done. An inspector will check for signs of harmful materials like asbestos, lead paint and mold, evidence of pests, faulty wiring or leaks. This is an essential component of purchasing a home. It is a far better thing to pay the inspection money now than to get stuck with a major issue in the future.We would be happy to recommend someone for this task.

Do a final walkthrough before closing the deal. We will come along to make sure that everything that has been agreed upon is completed prior to the final paperwork.

We are with you to provide guidance every step of the way from when you first have interest in looking at the market right up until you have the keys to your new home in hand! We live to make the home buying process easier for our clients.

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