Kentucky Real Estate

What should I not say to buyers?

Preparing your Kentucky home for sale and listing it with an agent is more work than many might imagine. There is an entire list of repairs to be done, schedules to keep and a host of questions you probably haven't thought about for years. It is only natural to take a little trip down memory lane but there are some thing that are better left unsaid when it comes to selling your Kentucky real estate.

Fido & Friends Final Resting Place. Avoid pointing out the pet cemetery or other sensitive family areas. Instead, set a marker or plant a permanent tree in the area to preserve the memory and avoid unpleasant surprises.

Gossip. Good or bad everyone has an opinion about the neighbors - in fact, the neighbors probably have an opinion about you too! Avoid the temptation to gossip with potential buyers. Everyone has a unique perspective on what makes a good neighbor so unless there is an absolute "need to know" for safety or security, resist small talk and keep your opinion to yourself. After all, the snob next door might be the buyer’s idea of the perfectly peaceful neighbor they have been searching for.

Family History. Selling a home often involves leaving behind many memories; from tracking the growth rates on the door post to teaching the children to ride a bike, each and every area is sure to elicit memories especially if the home has been in the family for a long period of time. Remember, potential buyers want to fall in love with the property and form their own memories - not preserve yours. Resist the impulse to relay too much information and instead, focus on the real estate for sale.

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What common irritations will I encounter with Kentucky new homes?

When it comes to buying Kentucky new homes most people simply assume there isn't anything to worry about. Unfortunately, that isn't always the case. Here are seven things your contractor or builder will never tell you:

1. Everything in the house was built by the lowest bidder - think about it.

2. This lot was purchased for a tenth of the selling price and represents the majority of the profit from the sale of this house.

3. I'm actually backed up for six months to a year and your house will not be ready on time....or worse, I have no work at all and need to keep this job going for as long as possible.

4. It took five attempts before reaching water on this lot.

5. This lot was so low we were forced to bring in load after load of fill-dirt so you will never be able to grow anything for as long as you live here.

6. Cleaning up was taking a long time so the sub-contractors just buried it instead. Year after year when you try to plant anything you will be forced to haul off large blocks of concrete and debris...but don't worry because planting is futile to begin with (see number five above).

7. The electric and plumbing failed inspection ten times before the inspector finally passed the work.

Protect yourself when buying Kentucky new homes by working with a qualified and reputable agent familiar with local builders.

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What are some General Buying Tips for Manufactured Homes

If you are considering the purchase of manufactured real estate there are a few things to keep in mind when working with an agent. Use this helpful checklist to find the right home at the right price while viewing Kentucky homes for sale.

1. Establish a budget in advance to determine what you need and what you can afford.

2. Offset depreciation of the manufactured home by allocating more of the purchase price toward the value of the land. All homes depreciate in value but manufactured homes tend to experience more depreciation than most. By allocating a greater percentage of the purchase price toward land, you will preserve the ability of the property to increase in value over time.

3. Verify the credit worthiness, stability and reputation of the manufacturer. Many manufactured homes come with a warranty but it is only as good as the company behind it.

4. Don't buy on impulse or under pressure. Some manufactured home centers offer land/home packages that may sound tempting but do your homework to make sure you are really getting the best rates.

5. Shop around before making a final decision.

6. Calculate the cost of repairs especially if you are considering the purchase of a manufactured home that requires work or updates. Don't assume the prices you see in the local hardware store represent what you will pay. Manufactured homes often require different sizes or specialized orders that can increase the cost of repairs.

7. Call for insurance quotes in advance. Insuring a manufactured home can be expensive so obtain at least three quotes before buying.

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What recalls can impact my real estate?

Bad wiring. Circuit breakers that can cause a fire. Faulty pipes prone to leaks. These are just a few recent examples of major recalls that could impact your Kentucky new home or manufactured real estate. It is a good idea to brush up on recall information before shopping for Kentucky real estate so that you are able to spot potential problems and calculate the cost of repairs.

To learn more about recent recalls or sign up for new recall alerts sponsored by the federal government visit www.Recalls.gov.

To stay up to date on industry sponsored recall information visit www.pueblo.gsa.gov.

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How to Read a Mortgage Statement

If you are contemplating the purchase of Kentucky real estate then chances are you will also be considering different mortgage packages to finance the purchase of the home or manufactured real estate. First time home buyers and others unfamiliar with how to read a mortgage statement will find the following helpful when comparing different types of mortgages and repayment schedules.

APR or Annual Percentage Rate. When you are quoted an interest rate it is also a good idea to obtain the APR or Annual Percentage Rate. The APR for the first year is often higher than normal due to additional charges so be sure to compare the total cost.

Grace Period. A grace period is simply the number of days you are allowed to pay the bill before it is considered late or new interest begins to accrue. Not all mortgages allow a grace period.

Escrow. Many mortgages establish an escrow account to pay taxes and insurance each year. Since taxes and insurance charges are variable and subject to re-set annually, the monthly amount is also subject to change each year so plan accordingly.

PMI or Private Mortgage Insurance. If you financed more than 80 percent of the value of the property then you may have PMI charges added each month. This is a type of insurance that provides protection to the mortgage company in the event you default.

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How can I afford to buy a home in Kentucky?

First time home buyers, low income residents and others may be eligible for down payment assistance, grants, low income loans or other special programs designed to make Kentucky new homes or pre-existing Kentucky homes for sale more affordable. Visit these helpful Kentucky real estate resources for more information.

• Kentucky Housing Corporation. KHC works in conjunction with the Habitat for Humanity and other programs throughout the state to provide affordable housing alternatives for residents searching for a new home. To apply or learn more about the different programs visit http://www.kyhousing.org/.
• Federation of Appalachian Housing Enterprises, Inc. or FAHE helps build affordable housing for low income and first-time home owners in the greater Appalachian area including parts of Kentucky. To find out more about available homes visit http://www.fahe.org/.
• United States Department of Agriculture or USDA provides direct and indirect assistance to those seeking to purchase homes in rural areas of Kentucky including farms or single family homes. To learn more about the program visit http://www.resales.usda.gov/properties.cfm.

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