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Buying Louisville Property

The Homebuyer’s Guide To Real Estate in Louisville, KY

Whether you plan on building a home in Louisville KY to your own unique specifications, buying a new-built home or purchasing an existing home, here are a few helpful tips to guide you on your homebuying quest.

So you’re thinking about moving to the Greater Louisville area? Let us be the first to welcome you to one of America ‘s best places to live (and that’s not just a hometown opinion – Places Rated Almanac ranked Louisville the 14th-best place in North America to live in its Special Millennial Edition).

In all likelihood, one of the first things you’ll need to do is find a place to call home in your new city. Whether that’s an older home in an established neighborhood, a home in one of Louisville ‘s many new subdivisions, or one you have custom- built for you and your family, this guide is designed to help you in your search by taking you step by step through the things a homebuyer must know to become a homeowner.

CHECKING OUT THE REAL ESTATE PRICES

Defining what you can afford is an obvious, but crucial, first step toward home ownership. Since the Greater Louisville area offers a wide range of home prices, you will want to do some initial exploring to find out where you can find real estate in your price range. The best place to start is at a reputable financial institution that can help you tailor your financing plan to fit your needs.

Keep in mind that the cost of property taxes and homeowner’s insurance for your new home will figure into the calculations of your monthly payments. However, remember also that the tax deductions from the interest on your home loan also play a role in determining what you can afford.

Here is just one example: The monthly payment on a $90,000, 30-year mortgage that carries a 7 percent interest rate is about $600. But, for a married couple living in Kentucky that files joint tax returns and earns $50,000 per year, the savings from the mortgage-interest tax deductions lowers the effective monthly principal-and- interest payment to $485 and the effective interest rate to 4.7 percent.

A qualified loan advisor at any bank or mortgage company can analyze your current debt and tell you how to eliminate some of the financial obstacles you may encounter along the way.

After you’ve gone through all the financing options with your loan advisor, you can often be pre-approved for a loan on a home in the price range you desire.

LOCATION, LOCATION, LOCATION

The next step in your home search is to look at specific locations. You’ll quickly learn that metro Louisville offers a wide range of neighborhoods, all within a reasonable distance from the heart of the city.

You might want to consider some practical questions as you narrow your search: If your job entails a lot of flying, check the driving time to Louisville International Airport from various neighborhoods. Will you be making frequent trips downtown? Or will you be commuting outside of the Greater Louisville area on a regular basis?

Nothing will give you a better feel for Greater Louisville than just driving around the metro area. Be sure to use an area map and take notes so you can eliminate areas that don’t appeal to you. And remember to do a little sightseeing while you’re on your quest so you’ll get a more balanced view of what the different parts of Louisville have to offer.

CHOOSING A LOUISVILLE NEIGHBORHOOD

Once you’ve chosen the area of Greater Louisville that best suits you, it’s time to start investigating the neighborhoods and subdivisions within that area.

You’ll find that some subdivisions offer acres of woods, while others feature lakes or golf courses. No matter what combination of amenities you’re looking for, chances are you’ll be able to find something that will fit your lifestyle and budget.

As you drive through the communities that interest you, make a checklist for each neighborhood noting its proximity to shopping, public transportation, recreation, places of worship, schools, day-care centers and medical facilities. Find out what the property-tax rate is (Greater Louisville has dozens of small cities within its boundaries, each of which sets its own property-tax rates), and who provides police and fire protection for the area. You’ll also want to inquire about the availability of garbage collection services, city water and sewer hookups.

FINDING YOUR DREAM HOME IN LOUISVILLE

Now that you’ve successfully negotiated three of the six steps, you’re halfway home (so to speak).

This is the time to sit down and make a list of your needs, wants and dreams for your new house in Louisville KY.

One option to consider is a custom-built home, which can incorporate all of the unique features that you’d like to have in your dream home.

Touring newer homes is a great way to get ideas for your own custom-built home, so take the time to walk through several homes. If you’re in Louisville between July 17 and August 1, 2004, definitely make plans to attend the annual Homearama tour of new homes, which can give you some great ideas for features you might want to incorporate in your home.

Another valuable shopping resource for homebuyers is the ” Louisville ‘s Best New Homes” television program, which each week features builders, developers and new-home professionals. The show, sponsored by the Home Builders Assocation of Louisville, is broadcast each Sunday at 10:30 a.m. on WHAS-11 and is rebroadcast on Cable Channel 21 at 5:30 p.m. Monday – Friday, and 9:30 a.m. on Saturday.

STAKING A CLAIM

Once you’ve found a financing plan, a community and the type of home that fits you, it’s time to put some stakes in the ground. This is the time to do some walking around the properties that most attract you.

Observe the natural setting of your potential home site. Pay attention to the direction the sun rises and sets on the horizon. Do you want a large back yard or more space in the front? Do you prefer a wooded home site or would you rather have a view of the 10th green on a golf course?

If you’re looking at an undeveloped lot, keep in mind that the home probably will sit higher than the current ground level because of backfill and topsoil that goes in before your new home is finished.

YOUR BUILDER

Whether you’re building a new home, buying an existing new home or buying an older home, you’ll want to do business with someone you can trust. But how do you determine that?

Fortunately, there are a number of local resources you can consult. If you’re going to build or buy a new home, take time to talk to the builders. Ask about their company’s business philosophy, see if they’ve won any awards or special commendations for their work. Try to talk to other people who have done business with them.

For information about builders or remodelers, the Home Builders Association of Louisville is one of the most valuable resources you can consult. Many members of the association are Registered Builders, a designation that is granted only to builders who meet specific qualifications. Only full-time professionals who derive their principal income from construction or related real-estate activities are eligible to become Registered Builders.

They must meet other qualifications as well. Their recent work must be inspected by the Home Builders Association of Louisville, they must have an acceptable credit history and they must agree to take part in continuing education. All Registered Builders agree to adhere to the Home Builders Association of Louisville’s Code of Ethics and to use a conciliation process in the event of an unresolved complaint from a customer. We highly recommend you take a look at the R L Owens Homebuilder website for beautiful custom homes in Louisville, KY: Custom homebuilders in Louisville

YOUR REAL-ESTATE PROFESSIONAL

If you decide to buy an existing home that’s being sold by a previous owner, the best way to assure a smooth and professional transaction is to work with a local REALTOR® . REALTORS® are members of local, state and national associations whose members abide by a strict code of ethics. They have the expertise, resources and dedication to guide you through a real estate transaction and they understand contracts, finances and the laws that apply to sales and purchases.

Pam Owens Realtor ? , Hall of Fame knows the Louisville and Northern Kentucky area real estate market and has served her clients here for over seventeen years.
She provides excellent customer service, offers useful Louisville real estate information for those buying a home or selling a house. She provides essential education for her clients to keep them well informed for the important decisions they have to make.

Pam is a top-producing realtor with RE/MAX 100 She owes her professional success to superior market knowledge, ensuring smooth transactions, and striving for complete client satisfaction. She utilizes two office locations to serve you at your convenience.

View Pam’s Louisville KY real estate listings now

FIRST VISIT TO FINANCIAL ADVISOR

  • Income-tax returns for last two years
  • Record of any current debt such as car payments, credit-card balances, alimony, etc.
  • Records of employment

SECOND VISIT TO FINANCIAL ADVISOR

  • Copy of signed contract
  • Proof of homeowner’s insurance
  • Proof of home inspection
  • Proof of pest inspection

QUESTIONS TO ASK A BUILDER OR SELLER

  • Is the builder a member of the Home Builders Association of Louisville?
  • Does the builder or seller offer a warranty?
  • Does the attic have adequate ventilation?
  • What is the home’s foundation-wall thickness and is there adequate drainage around the foundation?
  • What is the R-value of the home’s insulation?
  • What is the water heater’s capacity?
  • What is the capacity of the home’s air-conditioning unit(s)?
  • Are the appliances of high quality and in good condition?