Louisville Happy Homes Real Estate Blog by Kristin Lally, Realtor

What Makes a Great Home Offer?

We're about to head into the busiest home-buying season of the year. Want to make sure your offer stands out in a bidding war? 
A great offer includes:
  • The right price: Don't go by listing price only. Factor in comparable sales, the home's condition and local demand.
  • Proof of Funds (if using cash) or Pre-approval (if using a mortgage): This shows you've talked to a lender, have planned ahead and are serious about buying the home. Please know exactly what is in a pre-approval letter, some letters are stronger than others.
  • Flexible Terms: Closing timeframe, earnest money amount, inspection terms, plus other important factors can help reduce red flags or concerns of the Seller.
  • Should you write a personal letter or not? Speak with your Realtor about potential Fair Housing implications if you want to write a letter.
An experienced agent is your best resource when making an offer. Reach out if buying a home is on your radar this year.
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Renovate or Move? How to Decide

As needs change, homeowners frequently ponder, "Should I buy a new home, or stay put and renovate my current one?" 
Factors to consider when weighing your options:
  • Market Data:  Return on investment is usually top of mind for sellers.
  • Mortgage rates: Would your mortgage rate increase or decrease if you were to buy a new home?
  • Renovation scope: How much would you need to do to your home to achieve the look you're hoping for? How much would it cost?
  • Long-term goals: Are you in a location you're happy with for the long-term?
Researching current market value and hypothetical post renovation market value is a complementary service I offer. If this assistance could benefit you, give me a call.
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High-ROI Renovation Projects in Louisville

Want to make sure the time and money you spend remodeling is worth it? Then choose your projects carefully. 

According to the Remodeling 2020 Cost vs. Value Report (www.costvsvalue.com), here are the highest-ROI (Return on Investment) home renovation projects in Louisville:
  • Entrance Door Replacement (Steel) (111.2% costs recouped, $1,988 in resale value)
  • Manufactured Stone Veneer (105.1% costs recouped, $8,925 in resale value)
  • Minor Kitchen Remodel (Midrange) (88.7% costs recouped, $20,000 in resale value)
  • A new garage door (87.7% costs recouped, $3,225 in resale value)
  • Grand Entrance (Fiberglass) (86.1% costs recouped, $7,625 in resale value)

Keep in mind, all of these figures vary based on exact location, size and overall condition of the home. For the value in Louisville of additional renovations, such as window replacement, deck additions, bathroom renovations, and more, check out the final page of the Cost vs. Value Report ahttps://rem.ax/37fotb7.

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