Seven New Year’s Resolutions For Buying A Louisville Home In 2014
Is buying a new home on your list of resolutions for 2014? You might not want to face Louisville's bitter cold and snow right now, but it's a good time to think carefully about what is on your list of "must haves." Based on what we've picked up from watching The Property Brothers, Love It Or List It, and other TV home shows here are a few things to keep in mind.
7 New Years’ Resolutions To Remember When Buying A Louisville Home
- Keep in mind that Louisville offers good housing values, but as the real estate market recovers, prices are increasing a bit. You want to get a deal, but the seller wants a fair price for their home too. Just as we counsel sellers to be realistic about their asking prices, as buyers, you need to offer a fair price as well.
- Your perfect home may be out of your price range, but is often attainable if you're willing to do some renovations. By obtaining a 203 mortgage rehab loan, you can have much of the work done before you move in. The total amount for the property and the renovations cannot exceed what your lender will offer you. If you have a long list of renovations, choose the ones that will make the house functional and that will be more difficult to add later.
- Another way to get the home you want is to be flexible with where you live. While you want good schools, convenience, and amenities, you may be able to find a good mix of these assets in a neighborhood a few blocks away from your dream location.
- Compromise is usually a part of settling on a new home. In the process of compromising, however, be aware of what you need. If you or your spouse make most of the family income from home, you need a decent office that offers privacy and quiet. This means that you should not settle for a home that offers just a little office space in the master bedroom or in the midst of the family room or other noisy location. If you have five kids, a two-bedroom home is not for you. Not to be repetitious here, but if you can get the space or layout you want in a slightly different neighborhood, consider what is available. Your kids will survive a change of schools, especially if they are young.
- If you choose to renovate your home before you move in, plan ahead and if possible, delay possession of your old home until your new one is ready. Along with the costs, the top reason most people do not like renovations are that they are disruptive to normal life. If you either stay in your old home or work with a friend or relative until the house is ready, you will find the process more bearable. This takes planning as it may mean having a month or so of double payments, but it is worth it.
- Be aware that when you're renovating an older home, there may be hidden problems that you must attend to, at the expense of something else you'd rather do. Make sure to work with a designer and contractor who will help you to prioritize what needs to be done and who involves you in the process of deciding what needs to be put off when funds are limited.
- If you want to get new appliances or new furniture, watch your timing. You can jeopardize your loan if you put these things on your credit card before you close. Lenders check your credit report before closing to make sure that your circumstances have not drastically changed from when they approved the loan.
I’ll Help You Keep Your Resolutions