Straight answers to the questions I hear most from buyers and sellers in Southern Middle Kentucky. Don't see what you're looking for here? Reach out directly and I'll get you an answer.
How do I know if I'm ready to buy a home?
Affordability is more than just the sale price. Being ready to buy means looking at your full financial picture: getting pre-approved with a lender, understanding your down payment and closing costs, and budgeting for ongoing costs like property taxes, insurance, and maintenance. A conversation with a lender and an agent early on can help you understand exactly where you stand.
How much does it cost to buy a home?
The purchase price is only part of the picture. Buyers should also plan for a down payment, earnest money, inspection and appraisal fees, lender fees, title expenses, insurance, and property taxes. Closing costs can vary quite a bit depending on the property, your loan type, your lender, and the terms you negotiate.
Do I need a real estate agent to buy a home?
You're not required to have one, but representation can make a real difference. An agent helps you navigate the search, prepare and negotiate offers, coordinate inspections, and manage the details through closing. In Kentucky, it's also worth understanding how agency relationships work so you know exactly who represents your interests.
How much is my home worth?
Your home's value depends on factors like location, size, condition, recent improvements, lot characteristics, and how it compares to similar homes that have sold nearby. A Comparative Market Analysis (CMA) is the best way to get a realistic estimate. Keep in mind that current market conditions matter more than what you originally paid for the home.
Should I get a home inspection?
For most buyers, yes. An inspection can uncover issues with the foundation, roof, plumbing, electrical systems, HVAC, windows, and appliances before you close. Depending on the property, it's also worth considering specialized inspections for things like pests or radon.
What is earnest money?
Earnest money is a deposit that shows a buyer is serious about the purchase. The terms are determined by the contract: if the sale closes, it's typically credited toward your purchase price or closing costs. What happens to it if the deal falls through depends on the specific terms you agreed to, so it's important to understand your contract before signing.
How long does it take to buy a home?
It varies depending on the property and your situation, but a typical financed transaction takes several weeks from accepted offer to closing. Timelines depend on financing, inspections, appraisal, and title work, so staying organized and responsive along the way helps keep things moving.
What should I do before putting my home on the market?
Start by getting a clear sense of your home's market value. From there, focus on decluttering, cleaning, making any needed repairs, and improving curb appeal so buyers can picture themselves in the space. An agent can help you prioritize which improvements are actually worth making before you list.
What are closing costs, and who pays them?
Closing costs cover a range of expenses, including loan fees, title and recording fees, taxes, insurance, and appraisal or attorney fees. Who pays what depends on your contract, your loan program, and state requirements, so it's worth reviewing this closely with your agent and lender before closing.
What happens after my offer is accepted?
Once your offer is accepted, the property goes under contract and a series of steps follows: inspections, finalizing financing, securing insurance, the appraisal, and title work, along with satisfying any other contract requirements. A final walkthrough typically happens right before closing, where you'll sign the documents that complete the sale.
Keystone Legacy Partners, part of Keller Williams First Choice Realty