As a first time Louisville home buyer you may not know exactly what to expect when it comes to house prices or types of homes. It may come as quite a shock to find out exactly what you can afford and what is out of your price range when you’re just starting out.
Many Louisville homebuyers have a mansion in mind when they can really only afford a quaint cottage. This is something that every Louisville homebuyer must address and it’s better to tackle it from the start in order to set reasonable expectations. For more on this topic, check out 8 Tips for New Homeowners.
Setting a Price
If you are searching for your first home it’s really best to first set the price range. Meeting with a loan specialist is crucial to understanding current rates, closing costs, taxes, homeowners insurance, etc.
Putting all this together brings us to what will be your monthly payment. Then we’ll know what you can afford and what is out of reach financially.
A good Realtor can recommend several loan specialists for you to choose from.
Once the price range is set, you and your agent can then consider what parts of Louisville you prefer, and the kind of home you’re looking for, with regard to size, amenities, and lot.
Listing Priorities
A great practice is listing your home priorities. Write them down or type them up! Either way, you’ll have a much better idea of what to expect as a first-time homebuyer.
Talk these over with your Realtor to narrow down your goals for a house. Certain home criteria compete with one another, while others are complementary.
If you create this list of home priorities before looking at a single home when the time comes to make a decision you can objectively compare the leading Louisville home contenders with the priority list you’ve made.
More Rural Areas
If you are willing to commute into town, you can explore your real estate options on the outskirts of Louisville. You can find more houses for less money the further you travel away from the city.
It’s a trade-off between time spent commuting versus the convenience of having everything you need nearby. This is just one of the many priorities it is helpful to discuss with your agent.
Conclusion
As a first time Louisville homebuyer you will have some important decisions to make. You will probably own this home for many years to come so don’t rush into a buying decision without total clarity.
Use the guidance of your Realtor to help with this decision. Ask as many questions as come to mind. After all, that’s your Realtor’s first responsibility.
