Five Steps to Buying a Home in Lexington and Central Kentucky in 2020.
1. Get Pre-qualified. This is still a strong seller’s market. When you make an offer you need proof that you are qualified to buy that home. Have a letter from your lender to present with the offer.
Some lenders I suggest you call:
For first time home buyers. Jesse Hardin
Veteran home buyers. Wayne Baker
USDA nothing down loans outside of Fayette County. Aaron Mason
Renovation Loans – Buying a home that needs some TLC or updating. Bryan May
Buying a home in Scott County – Call Scott Porter
Need a bridge loan so you can buy your new home and then sell your old home. Jeff Ball 8593382675
For a blanket loan contact Mark Evans. 859 556 2962 The blanket loan may be better than a bridge for some buyers.
2. Commit to a realtor.
Most home buyers are making the largest financial purchase of their life time? Make sure you have a realtor that has experience buying and selling homes. Choose someone who not only helps people buy but choose someone who has been buying and selling homes most of their lives. Choose a realtor that cares about your money more than they care about making money for themselves. Choose a person who will fight for you like a pit bull but do it with grace and kindness. Choose a really energetic gracious pit bull. Of course I hope you choose me. However if you want someone different here are some of my favorite best qualified realtors to help you:
Monty Fraley – an expert in downtown properties
Tom Thomas – an expert in Scott County
When you find your realtor commit to that person by signing a Buyer Representation Agreement. This means you are willing to show loyalty to the realtor you have chosen. It also means the realtor has agreed to serve you with diligence, accuracy and faithfulness.
3. Set a Maximum Price Point and do not budge!
Just because you are approved for a $250,000 home don’t necessarily make that your maximum. Count the real cost of owning a home.
What are your utility bills going to be? Check this site to see how electrical energy cost compare to other states. If you are moving into Kentucky from another state there is a good chance your electricity bill will be lower. However is it lower than gas when it comes to heating a home? There are other considerations also. A gas furnace will last much longer than a heat pump. A gas furnace will also heat your home faster.
My home is 2700 square feet. We have a gas furnace, a gas dryer, a gas hot water heater, a gas cook stove and a gas fireplace. Our gas bill for November of 2019 was 91 dollars. Our electric bill was 50 but that was just for the lights. I suspect gas is cheaper than electricity in Central Kentucky.
What are the commuting cost to and from work and church and other regular destinations? Have you considered not only the money but also the time spent commuting to work or other important destinations.
Yes, this is only 3 steps in buying a home. I will continue with a second post.