Buy a Home Now in Lexington Kentucky, It Just Makes Good Cents!!!

By
Real Estate Agent with Rector Hayden, Lexington, Ky

With three and a half percent down you can buy many homes in Lexington for less than you can rent the same house.

An example:976 Tanbark Drive, Lexington Ky

Here is a three bedroom home with a large master on the first floor only ten minutes from the University of Kentuky.  This home is in much better condition that you will find most rental homes to be.  Even if you paid full price with three percent down your monthly payments will be $877,00 a month with an interest rate of 4.25 percent will be less than 900 a month for a three bedroom home with a large master.  That same home with a first floor master would easily rent for $900.00 a month.  

    Now consider this other advantage to owning.  You can deduct you interest and taxes from your Federal Income taxes.  Most buyers are likely in at least the 15 percent income tax bracket. Even if you are only in the ten percent you will still save at least 70 dollars a month in taxes and more than $100 a month if you are in the 15 percent tax bracket.

    A third advantage is that the money you are paying for your house is not just being given to a Landlord.  You are investing in a long term investment that historically the past 50 years has been increasing in value at 3 percent a year. That three bedroom home that you paid $164,900 dollars for five years from now will be worth almost $190,000 provided that homes continue to increase at the same historical rates of the past fifty years.

Another Example:3912 McGarry Drive, Lexington Ky

Here is an example of a five bedroom  and three bath home for sale in Lexington that is the coveted Copper Trace subdivision. If the buyer paid  the full price of $214,900 and  their payment to buy a five bedroom three bath home in a popular neighborhood of Lexington Kentucky would be $1340 a month.  To rent a five bedroom 3 bath home a coveted neighborhood like Copper Trace is going to be difficult.  To rent for less than $1,400 is going to be next to impossible.

    The taxes saved each year are going to be in the range of $115 to $200.00 a month so your net payment is going to be less than $1300 a month for a large 5 bedroom 3 bath home in Copper Trace just a few minutes from the University of Kentucky.

    If homes in Lexington continue to rise in value at the same rate of the past 50 years then your home will be worth more than $249,000 in five years.

So, I hope this blog post will have encouraged you to begin to save money so that you can buy a home in Lexington.  If you would like to meet with me I can help you make a plan to really save specifically each month  Your dream to buy can be fulfilled but you may need some help to set up a plan.  Please do not hestitate.  

Paul at 8596845890
 

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Paul Campbell

The Jubilee Team of Rector Hayden Realtors

Lexington's Green Thumb Realtor

The Jubilee Team,  Paul Campbell and Dorothy LaBar

Paul's Contact Info:  859.684.5890   pcampbell@rhr.com

Dorothy's Contact Info:  859.608.0724  dorothy@rhr.com

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