Louisville KY Real Estate Blog

Features that Home Buyers DON'T Want!

Features that Home Buyers Don't Want or Appreciate!

Everyone talks about the features in homes that are most attractive to Buyers.  Ever wonder what features Buyers really don't want in their next home?

The National Association of Home Builders conducted a survey to see which features added the least value --  or maybe even detracted from it.  Here's a sampling of their results:

  • Elevator (63% don't want one!)
  • Pet washing station (54%)
  • Wine cellar or Golf Course (53% each -- golf course is sort of a surprise)
  • Daycare Center in the community (52%)
  • Dual toilets in Master (44%)
  • Two-Story Foyer (40% -- probably because they take up space that could be used on 2nd level)
  • Laminate counter tops (40%) -- this one definitely depends upon the price of the home.

Bottom Line -- Don't install or buy any of these features thinking that EVERYONE will love it!  Many of these vary greatly by the type of neighborhood/price of homes.

Just for your information!

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How Much Money do I need to Buy my First Home?

Thinking of Buying Your First Home, but concerned that you don't have enough money saved up to make it happen?  Here are a few statistics....

1. You DON'T have to have twenty percent down, or even ten.

2. For some types of loans (FHA loans are very common for first time buyers), you need as little as 3.5% of the purchase price.

3. Depending on your income and family size, there are "down payment assistance" programs available.  In most cases, these programs will loan you $5,000-$6,000 toward your down payment, and each year for the next five years, 20% of that amount is forgiven (meaning if you stay in the home five years, you don't have repay downpayment assistance loan).

4. If you're a veteran with an honorable discharge, you can use a VA loan with competitive rates and NOTHING down.

5. Some parts of the Louisville market and surrounding counties are eligible for Rural Housing loans, which are underwritten by the US Dept of Agriculture.  These loans also require as little as $0 down -- and no, you don't have to farm or do anything related to agriculture to qualify.

6. There are now "conventional" loans which require as little as 3% down, and do not require mortgage insurance (call if you need an explanation of mortgage insurance).  Rates are slightly higher than other loans, but sometimes these are still the best for your situation.

Getting a loan is like buying a car -- there's no "right" answer and one size definitely doesn't fit all!  Please call us for a recommendation to a good lender who can discuss your options confidentially with you.  You may be in a much better position to buy a home than you think!

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Who Are First-Time Homebuyers Today?

Every year, the National Association of Realtors creates a Profile of Buyers and Sellers.  This year, it indicated that married couples were the largest group of first-time homebuyers, followed by single women, then by single men -- most with average ages around 30-32.

Take a look at a summary of this study here, thanks to the good folks at Keeping Current Matters!

Call us at 502-608-4941 and we can schedule a meeting or send you information about buying your first home!  We can make it easy for you -- guiding you through the process every step of the way!

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