If you have shopped for a home in the Louisville area, then you have probably at least driven through the quaint and yet distinguished Louisville suburb of Anchorage, Ky. It’s a beautiful
First Time Home Buyer Guide Top 5 Questions To Ask Yourself Before You Buy
First Time Home Buyer Guide – Top 5 Questions to Ask Yourself – Before You BuyBy Jill Pawlicki Schmidt
Thinking of buying a home?Yes, you have been thinking about buying a home. This is an exciting chapter in the lives of all homeowners-to-be. For some this is a long-time dream we know is soon to come true. For others, this is a recurring theme on our wish-list but we just aren’t sure how to go about making this a reality. Many First Time Home Buyers have lots of questions about the entire process, (I know I did). Whether you are relocating to Louisville, KY or making a local move to buy a home in Louisville, this is the resource to help you achieve your real estate dreams! A great place to start? Right here with the Top 5 questions to ask yourself – before you buy.
1: What kind of home is right for me?There are many different options when it comes to residential living and home-ownership. There are options for single family residence, condos, townhomes, garden or patio homes, etc. Each kind of housing offers its own list of pros and cons. It is up to you to decide which is right for you. A good way to help flesh out your perfect idea of “home” is to consider what exactly you are looking for in a home. Decide on the criteria of your wants and needs, your must-haves & would like to haves, figure out the locations you would like.
2: When do I want to be moved into my new home?This is an important question to ponder when timing your move into your first home. You want to start with the end game in mind and work the timing out from there. There are different things that factor into how and when you time your move such as: a lease. You will need to consider when your lease is up, or if you will choose to rent on a month to month basis after your lease is up, or if you will be living with a relative or friend or find some other alternative short-term living arrangements until you find your home and are able to move into it. Just like question 1, there are pros and cons for every option to this question, so you will want to take careful consideration. Once you have determined when you want to be moved into your new home, remember to factor in the time for getting pre-qualified (more on that in question 3 below) & the time to go search & find the right home for you, negotiate the terms & to close on it.
3: What is the best mortgage program for me?This is one of the most important initial steps to take when buying a home. Surprisingly enough, many consumers tend to put this crucial step off for as long as possible and spend their time trying to look at houses first, which is a major disservice to yourself and your home-ownership dreams. One of the best pieces of advice I can give you is that you really have to talk with a lender first. A good loan officer helps you determine your purchasing power & will let you know how much house you qualify for. Hot Tip: A great loan officer will work with you to find the absolute best financing program for you & get you the best possible terms and rate for your situation. Side Note: If you have concerns about credit, there is an upside to talking with a loan officer. It is just as important (if not more so) to get in touch with a loan officer as soon as possible, especially if you are worried your credit may not be up to par: In the category of great loan officers, who are really care about helping you achieve your real estate dream of home-ownership: They have programs to help with your credit and they can advise on actions you can take to repair your credit!
4: How much can I truly afford?Okay, so now you have worked with a loan officer & you are now pre-approved (also called pre-qualified) for a mortgage for up to X amount of dollars. This is a great number to start with in your home search, though you’ll want to consider the total costs of home-ownership and work within a budget that is comfortable for you. Some actors that fall into consideration of this question, are the cost of maintaining the home, utility costs, homeowners association fees if any, real estate taxes, insurance, etc. Knowing what works best for your budget will help you zero in on how much home you can afford.
5: Who will help me through a successful home search & purchase process?Now that you have answered some great questions for yourself, you are ready to start looking! This is the exciting part right? Right! Also, this is when everyone needs a professional real estate consultant to help them through the process. A lot of people start their search online. That is a great place to start & if you haven’t checked us out already, we have a great resource for you right here at LouisvilleHomeCenter.com Now here is the tip that will give you the advantage over most other buyers out there: Work with an agent from the start of looking (even online) all the way to the finish of closing the property so you can move in. The importance of having a Realtor working for you from the start is that they will be able to help you by searching the entire market & may even find some options available that you may not have found on your own. Your agent will work with you to find the right home for you. Remember that communication is key in getting you into the home for you. A good agent will help you through this initial search. Once you find the right home for you, your agent will work on your behalf and help you negotiate the terms of your offer until you have a an accepted contract. A great agent will keep you informed of the process and help you to navigate each step of the process from contract to closing by informing you of what to expect, navigate with you through each phase of escrow and work to make sure your road to home-ownership is smooth and successful. Your agent works on your behalf with your loan officer, title attorneys and all other parties involved in your home purchase.
1: What kind of home is right for me? – You know yourself better than anyone else.
Okay, First Time Homebuyers – Let’s Recap! The Top 5 Questions to Ask Yourself – Before You Buy:
2: When do I want to be moved into my new home? – Define your timeline.
3: What is the best mortgage program for me? – Know your purchasing power.
4: How much can I truly afford? – Make sure your goals align with your financial comfort zone.
5: Who will help me through a successful home search & purchase process? – Have a great Realtor working on your behalf from the very beginning of your home search throughout the process to close of your new home. Ready? Let’s Get Started! Let me help you right here on our site: LouisvilleHomeCenter.com
The journey to home-ownership is exciting, rewarding, and very involved. Stay tuned for more Louisville real estate home buying tips!
Where ever you are moving, feel free to us this guide & apply these principles to your local area. If you need help finding a great agent in your area, we have connections all over the country ready to help you, so just ask! Bonus: To our readers who are moving to or within the following states, our preferred lender can help you there as well: KY, IN, TN, VA, GA, FL, IL, MN, NC, CO, CA.
Thoughts, Questions, Comments? Happy to hear from you!
(Image Courtesy of jscreationzs and freedigitalphotos.net)
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