Thinking of buying?
Whatever the reason – a recent “life event”, upsizing, downsizing or tired of paying rent
– it’s a great time to achieve your homeownership goals!
Pre-Tip: Get a Rector Hayden Agent to assist you.
#1. Determine your limits
Financial experts often say that you shouldn’t spend more than 28 percent of your total income on housing, but it really varies for each person. Keep in mind that your current credit score will be a major factor in how much money you can borrow.
You can determine your general range by playing around with online mortgage calculators, but it’s best to work with a lender to get pre-approved for a mortgage. Why? Well, the difference between a $200,000 and $250,000 home can be stark, and it’s best not to get your hopes up before you know what you can afford. Your Rector Hayden Agent will be invaluable in guiding you to the best lenders in town – including Rector Hayden Mortgage!
#2. Begin the hunt
Now the fun stuff – the online search! Just 20 years ago, buyers had to search through thick, printed listing books to find homes that matched their price and location. Luckily today, your search can begin from your couch……or while in line at Starbucks.
Rector Hayden’s top home-search website and exclusive home search app have every available MLS listing in Lexington and Central Kentucky – updated at the top of every hour — so you can perform the most accurate and up-to-date searches! Set up an account on either and save and share homes with your family and friends – as well as connect with your agent so they can see your likes and dislikes as well!
#4. Finalize your needs
You may find yourself falling in love with homes in different locations, with varying styles, prices and features. That’s actually a good thing in today’s seller’s market — to get to the closing table, it may be necessary to keep your mind open to several options.
Work with your Rector Hayden Agent to determine your top needs, and then keep in mind the qualities and amenities that are unlikely to change versus those that you can alter. For example, a neighborhood’s walkability is pretty set, but you can always tear up carpet to put in hardwood floors, or refinish a kitchen to get the farmer’s sink you love. Once you have an established set of needs, it’s time to begin looking in earnest.
#5. Tour inside homes…and think resale
Your Rector Hayden Agent will set up the showings for you – and as you view the homes and get the overall “feel”, if can be beneficial to think of yourself as an inspector. Pay attention to when upgrades were done, or if appliances have been replaced recently. It’s important to take note of how much work your eventual home will need.
It’s also good to talk with your Rector Hayden Agent about the potential resale value of the home. At this point, you may not have any thoughts about ever selling – but it’s wise to ensure that your investment will be a good one in the future, should you ever decide to sell.
Want to learn more about the Home Buying Journey? Walk through our online e-journey to get a feel for all of the steps toward buying your next home. But remember, a Rector Hayden Buyer’s Agent is your BEST resource on your home buying journey!