So, you have been renting homes for a while, and you want to take that next step. How exciting! Buying your first home can be a scary experience, but it doesn't have to be that way. We have lots of tips for you to make that experience as exciting as it should be.
When considering buying your first home:
1. The first priority is time frame. Write down the date by which you would like to move in to your new home, keeping in mind it may take 30-90 days (or more) to locate the right home, secure financing, and complete the home buying process.
2. Make a list of all the features you want in a home. Do not worry about going crazy with this, these are your dreams! Go wild! Want 7 bedrooms with 14 walk-in closets? Want a mansion in east Louisville? Hey, it's your dream! Get specific with what you want.
3. Now it's time to get realistic. Put a star by the features you absolutely must have in your first home, or a comment if you wish to change your first statement.
4. Make one more list of all the features you do not want in a home. (If you have an agent, give all 3 of these lists to the agent.)
5. Did you know it normally costs nothing to the buyer to be represented by a professional Realtor®? Are you aware that being represented by your own Realtor® can actually save you thousands of dollars? (We'll show you how!)
6. Get pre-approved by a bank or mortgage company. If they determine your credit score needs improving, they can help you with ways to do just that.
7. Pick out at least one or two great neighborhoods you'd like to live in. In Louisville, this might be Worthington Place, Craigs Creek, Copper Ridge, etc., or perhaps a more general area, such as St. Matthews, Middletown, or J-town? If you are local, do a drive-by at different times during the day and evening, as well as different times of the week, to gauge the traffic, noise, and other factors. Don't be afraid to talk to people who live there about the neighborhood. A good Realtor® will have a wealth of information about neighborhoods. How close is it to shopping, dining, schools and other factors important to you?
8. You'll need to have money for escrow or "good faith deposit," which is normally $500-$1,000 on a first home, so make sure you have this or start saving for it now.
9. Once an offer is accepted, we recommend a thorough home inspection by a professional. We also recommend as a home buyer that you be present at this inspection.
10. You can begin your home search now! For Louisville, Oldham County, and surrounding areas in Kentucky (this includes Shelby, Henry, Bullitt, Spencer, and Hardin Counties) NOW! Search the Louisville MLS for free at http://www.HomesLouisvilleKyEast.com.
Once you decide to buy a home, navigating the negotiations, forms, and inspections, appraisals, title companies, and closing. can be a lot to handle. Why don't you give our buyer's agent Anita Krebs a call at 502-593-8249? She will be happy to assist you through the process. We can't wait to see you in your first home!