A Few A – Words To Keep In Mind When Buying Your First Louisville Home
Posted in: Louisville Homes Information, Louisville Real Estate, Real Estate News, Author: Younger Group (February 22, 2012)
The real estate market generally heats up with the temperature. This year after a mild winter, however, the springtime of real estate is starting now for first-time buyers in Louisville. Are you planning on being in the number this year who buys your first home?
If so, you have a lot of things to think about, starting with your finances. With interest rates low and housing prices reasonable, you have a good chance of being a homeowner if your credit score is good, you job is stable, and you have access to the down payment. What should you look for in your first house? Here area few “A” words to keep in mind.
Affordability. If you’re buying your first home, you may be in your 20s and 30s, establishing your career, maybe planning to start your family. Unless you are independently wealthy, aim for a starter house that may be smaller and in a less costly neighborhood then you hope to original eventually own. As your parents are probably quick to tell you, you don’t need to start at the top. None of this means that you should buy a house you hate that is next to a landfill, but it translates into buying a place you can afford – regardless of what the bank says you can afford.
Appeal. Even if your first home is not your dream home, you should be happy with the layout, most features of the home, and its potential. Can you see yourself living there for a few years? What would you have to do to the home to make it closer to what you want?
Acceptability. You may want to upgrade the home you buy, but if you’re like most young buyers, you find that your remodeling plans exceed your funds. Your best bet may be to find a home with a recently renovated kitchen and bathroom, that allows you to make a few improvements you’d like to make and save the more upscale improvements for your next home. You do not want to transform your shack into a castle if you hope to keep the value of your home comparable to the prices of other homes in your neighborhood.
Adaptability. You might be thinking that you will only stay in your first house for 3 to 5 years, but current stats indicate that first-time buyers tend to stay put for 7 to 10 years. Why? Stuff happens. Your income doesn’t grow. Homes in your neighborhood aren’t moving, so neither are you .Will the home that you pick accommodate your predicted needs for a few years and beyond? Few homes come equipped with a crystal ball, but if you’re planning on having a big family, have a hobby or business that requires home storage, really value a yard, etc., look for a home in line with those goals. An open floor plan tends to be more flexible if your needs change.
Amenities. Even if your home is smaller than you’d like, nearby amenities will offer you a larger living space. For example, if you live near a park or an urban garden, you may be able to satisfy your love for outdoor activities and feeling the soil between your fingers without having much property. If home is small, but the neighborhood features green space, a community pool, a rec center, and other facilities to accommodate your family, you will feel less confined in your home.
Access. That old real estate adage “location, location, location” translates into what is convenient for you. If the home is near work, church, school, highways, and perhaps other things you value such as shopping, nightlife, sports facilities, entertainment, you will be satisfied there for a longer time frame – and have an easier time selling it when the time was right.
Fortunately, in Louisville you will be able to find a first home, at an affordable price, with many of the features you’d like in a neighborhood. Just contact me, Mollie Younger . My team and I at Younger Group Real Estate can list your home and show you affordable homes in Butchertown, St. Matthews, The Highlands, and other great Louisville neighborhoods that are close to work and school. Give us a call. We know Louisville.








