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What You Need to Know Before Purchasing Summer 2019

What You Need to Know before Buying this Summer

With consumer confidence high and mortgage rates low, our local home-buying market is hot!  Here are some essential tips to get prepared and stay ahead of the pack as multiple offers and quick sales will rule the summer.

Get pre-approved

The first step in the home-buying process is getting pre-approved with a top lender.  That way, you’ll be all set to make a strong, serious offer when you find the right property.  Contact out in-house lenders at Prosperity Home Mortgage for great rates and service!

Be the first to know

With homes selling quickly, you’ll want to be the first to know about new listings as they hit the market.  Rector Hayden’s top local home search website – RectorHayden.com – is updated at the top of every hour, as is our mobile home-search app.

Do smart searches

It’s easy to do your home search, no matter where you are or how you like to get your information. Download the Rector Hayden Home Search app for iPhone, iPad and Android to get access to every home for sale on our Central Kentucky MLS. Our mobile app allows you to search based on plenty of different criteria. Use our app and find homes that fit within two different commute times (ex: close to work and close to school!).

Download our mobile app here on Google Play or here and here on Apple Store. You can save searches and receive alerts for homes that match your criteria!

Get to know your ideal location

As you narrow things down, visit your preferred neighborhoods and talk with neighbors and local businesses. To learn more about current issues and any concerns, contact the local neighborhood association.

Open House season is upon us

It’s an exciting time of year to explore your options. Check out our upcoming Open House list anytime at RectorHayden.com.

Make your first offer your best offer

It’s a seller’s market. You’ll want to discuss with your Rector Hayden Agent how to tailor your offer to appeal best to a seller.   An experienced agent can make all the difference in your negotiations!

Estimate the Value of your HOME

Click here to see an estimate or call your Realtor at Rector Hayden to get a more specific home value report.

Know your Market

Ask your Realtor to investigate our neighborhood, community trends, and give you a market report. You can also see the month of June’s market trends here!

 

curated by Keith Rector

 

 

Categories
Home Buying Tips Home Insights Newsletter Featurettes

Considering Buying a Condo or Townhouse?

Here’s what you need to know

Any homeowner shoveling several inches of snow, or addressing roof damage caused by a storm, has probably experienced thoughts of buying a condo or townhouse. The principal benefit of these types of properties is that much of the maintenance is handled by an Association — or in other words, someone other than you!

Should you decide to buy a condo or townhouse, you’ll want to review all the Association rules, policies and all documents carefully. Here are a few insights on what you should look for.

Look for potential costs of owning the unit

The freedom from certain maintenance obligations doesn’t come free of cost. Here are some things you should look for to better understand those costs:

  • Check the documentation to see what the regular Association fee is, and the due date. Typically, fees are charged monthly.
  • See if there are any plans for large improvements or repair projects. A share of these costs could be assessed to you in addition to your typical monthly fees.
  • You should be given a current budget for the Association. Review the budget to determine if there are sufficient reserves to handle unexpected maintenance costs.
  • Understand what the Association is required to maintain, and what is considered your responsibility as an owner.

 

Look for rules that may affect how you wish to use your home

Unlike a traditional single-family home, there may be restrictions on how you can use your townhome or condo. Some key restrictions may include:

  • A prohibition or limitation on pets
  • Restrictions on how your unit can be altered or improved
  • Limitations on renting the property
  • Not allowing the property to be used for a home business

The documents you receive as part of your townhome or condo purchase contain vital information.  Be sure to take the time to read them, so you can ensure that you’re able to use the residence as intended.

 

 

Get an idea of what your perfect condo or townhouse may look like!
Browse Rector Hayden’s current condo and townhouse listings:
http://www.rhr.com/condos-and-townhouses-for-sale.aspx