Buying Your First Property in Kentucky

Buying your first property is a great step in anyone’s life. The fact that you’re using the money that you’ve made on your own, to buy a place that you’ll call your home, brings a unique sense of joy and accomplishment. Our job today is to help you with buying a property in Kentucky. The housing market, tips on choosing the right home, and advice on getting good mortgage rates are just some of the things that we’ll discuss.

Two men in suits shaking hands in front a property

Finding the Right City

The fact is, home prices are currently increasing in Kentucky. Luckily, that’s not such a big issue, as Kentucky is generally one of the more affordable states in the USA when it comes to home prices. The difference in home prices in Kentucky when compared to other states is quite large in fact. On average, the property is sold for 30-35 percent less than what is average in the USA. The average home value in Kentucky is around $140,000. And that’s pretty low. This is all very good news. Especially for someone buying their first property in Kentucky.

To help you out some more, we’ve done some research and have come up with a list of the most expensive cities in Kentucky, as well as the least expensive ones. Some of the more expensive cities in the state are:

And here are the least expensive ones:

  • Ashland, Kentucky
  • Erlanger, Kentucky
  • Lawrenceburg, Kentucky
  • Independence, Kentucky

Which City to Choose

If you’re low on cash, smaller towns are typically less expensive than larger cities. This is true across the country. However, keep in mind that even in the cities you can find less expensive options that are still in great areas.

What’s more, construction is booming throughout Kentucky. There’ll certainly be plenty of affordable homes in all of the towns that we’ve listed. That’s why the people who are buying property in Kentucky can afford to be somewhat picky. Have in mind these common errors made by sellers, and try to avoid buying the property whose owners have made these mistakes.

Photo of the Belle of Louisville, docked in Louisville, Kentuckyk
Buy a property in Louisville and enjoy the beautiful Louisville Port.

Of course, we also have to recommend Louisville as well, and not just because of “local patriotism.” Its southern vibe, combined with the charm of a “big small-town” its beautiful nature and plenty of fun activities that you can have (whether you’re into exploring the caves or checking out the great bars and an interesting art scene) all contribute to its unique appeal. Louisville also has plenty of great neighborhoods, no matter if you choose one of the more upscale ones or one of the more down-to-Earth neighborhoods.

Getting Adequate Mortgage Terms

After you’ve chosen the right town, it’s time to find some great professionals to help in buying your first property. Obviously, you’ll need a great local Realtor. But you’ll also need a mortgage specialist.

Your goal is to get acquainted with the basic terminology that you’ll need to know. Also, you’ll need to discover what are the potential pitfalls you may encounter as well. This is very important, as the mortgage terms that you get will have a great impact on your financial situation. And for a long time as well.

A lot of one-dollar bills stacked together
Get the right mortgage terms that you know you can pay off when buying a property in Kentucky.

We recommend getting fully pre-approved, as opposed to only getting a basic pre-qualification. This means that the mortgage lender will carefully analyze your finances, your credit, your income, and other relevant data. That way, he or she will be able to determine what’s the amount of money that you’ll have at your disposal for buying a property. After all, you don’t want to get the terms that you’ll have a hard time paying.

Picking the Right Property

Once you’ve gotten good mortgage terms, it’s time to pick the best property for you. Generally, it’s a good idea to try to visualize the property with your own decor. Don’t forget that the way the property currently looks could be completely different than what it will look like when you move there. So, try to be as objective as possible. Try not to let your feelings guide you too much, but rather the rational thoughts that you may (and should) have.

A mover carrying a box
Hiring moving professionals can greatly ease the process of moving

The reason we’re saying this is because personal feelings may indicate that what you’re seeing is a perfect home. However, there are some objective features that the property should be offering. So, think about all the features that you’d want to have, and don’t let your personal feelings cloud the lack of such features. It might be difficult for first-time home buyers but try to choose reason over emotion. In the long run, you’ll be glad you did.

Hiring the Moving Professionals

Whenever someone is moving, it is generally a (very) good idea to hire the services of a moving company such as Best Cross Country Movers. Sure, you can do everything on your own. However, moving professionals will greatly help you with packing and transporting your belongings. These things can be very time-consuming. Leaving them in the hands of experienced professionals will provide you with plenty of time to focus on other aspects of your life.

Of course, if you’re low on funds and feel up to the challenge, moving your possessions is always an option. Just be aware of the challenges involved. It’s not an easy job.

Be Thorough When Buying Your First Property

We’ll end this article with some very important advice: be very thorough when buying a property in Kentucky (or anywhere else, for that matter). Start with the best city for your situation. Then gather professionals to help you. Next comes finding the perfect home. Remember to hire a home inspector before purchasing. There’s much more involved but these steps should help you cover all the bases. Be thorough, and it will pay off for you.