How Much Louisville Home is Affordable
How Much to Budget on Maintenance Expenses
Depending on the age of your Louisville home and how well it has been maintained will dictate how much will be needed to budget for home maintenance issues. However, experts commonly agree that it is likely for you to spend about 1 percent annually of your home's market value on repairs and maintenance. As your Louisville Realtor, please contact me if you need a referral to any trades professionals. That is part of the ongoing service that I provide for my clients.
The Standard Debt-to-Income Ratio
Knowing what you can afford is the first-step to buying a Louisville home; which, of course, depends on your current income, debt, amount of cash for down payment and closing costs, and mortgage type and interest rate. Most lenders appreciate the opportunity to pre-qualify you for a home loan. If you would like a referral for a good lender, please don't hesitate to ask me. We have included a mortgage calculator on this Louisville real estate website for your convenience.
Benefits of Home Ownership
There are multiple benefits of home ownership, including tax breaks and more family stability. However, before you purchase, it is important to assess whether you will be in the home long enough for the appreciation to cover the costs of the transaction of a Louisville home.
Bankruptcies and foreclosures can remain on a credit report for 7 to 10 years. Some lenders may consider a borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible.
Where do I Get Information on Housing Market Stats?
As your Louisville realtor, I am always happy to provide information on the Louisville housing market. Please just let me know how I can help.