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Buying or renting in Louisville Kentucky
- Real Estate Relocation
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Many potential home owners hesitate about entering the Louisville Kentucky real estate market because they feel that “owning costs too much.” But the fact is that after you consider income tax deductions, personal freedom, rent increases, and the accumulation of wealth through growing home equity, renters actually not only pay more, they also stand to lose tens of thousands of dollars of net worth.
Tax Deduction
As someone owning real estate in Louisville Kentucky, you will be able to deduct most of your monthly mortgage interest payments from your taxable income. As a result, your actual out-of-pocket home costs will run – depending on your combined federal, state and local income tax rates - 20 to 40 percent less than the amount of the check you write each month for your mortgage payment.
Freedom to make where you live your “home”
If you decide to rent a home in Louisville Kentucky, you are living in someone else’s property. Any improvement, decoration, change has to be approved by the landlord. Some landlords here in Louisville Kentucky are great to rent from – others may not be such diligent landlords! You are not free to express yourself and make the place your own if you decide to rent a home in Louisville Kentucky. Homeownership gives you the freedom to do what you want with your home – whether it’s purple walls, beautiful wallpaper or a hand laid brick patio for your enjoyment!
Rents will go up
Sometimes, even after allowing for tax benefits, the monthly costs of owning may still look higher than renting. But that is a short term view. Today’s rent and mortgage payments are 10 to 20 times higher than they were 30 years ago. Back in the late 50’s you could rent or buy an average home for between $25 to $150 a month. Those wise buyers who locked in their housing payment 30 years ago avoided all the increases over the years that their renting contemporaries had to endure. Similarly, locking in your housing payment today will insure insulation from future cost-of-living increases that will affect the rental market over the next 10 to 20 years. In the year 2020, today’s rent and mortgage prices will seem ridiculously low! The difference will be that you will still be paying those ridiculously low housing payments if you choose to buy a home from one of the many houses for sale in Louisville Kentucky!
Equity Build Up
Over the last 200 years, home prices in across the country have appreciated rapidly, at other times depreciated. But on the whole, homeowners have always built more wealth than renters. Even if your home doesn’t appreciate (a highly unlikely event), at the end of your mortgage term, you will own a valuable asset free and clear. You’ll own nothing if you continue to rent during that time. But if your home does appreciate, your equity will be worth much more than you have paid for it, even factoring in interest payments.
When is it a good time to rent?
If you are only going to be in Louisville Kentucky for a short amount of time you may want to consider renting rather than buying. Normally you have to own a home for a couple of years to realize enough profit from appreciation to pay for selling expenses. Talk to your Louisville New Quest City agent to see how long you would have to own a home to be able to break even when you sell.
Chose a real estate agent with experience to help you!
Many buyers start their Louisville Kentucky home search randomly. They see a home listed on a Louisville Real Estate site and in their initial excitement call the listing agent. Firstly, that agent is already working for the seller and cannot represent the buyer’s best interests. You need a Louisville Real Estate agent with a proven track record of not just sales, but of helping buyers. This is especially true if you are interested in Foreclosures in Louisville Kentucky. Louisville Real Estate agents referred by New Quest City have experience in helping buyers relocating to Louisville KY buy a home for the right price!
So to find out if buying a home in Louisville Kentucky is an option, request your FREE “Relocation to Louisville Kentucky” relocation package (click on link above). Then, a top Louisville Real Estate agent will contact you and send you information on homes in Louisville Kentucky.
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Louisville is Kentucky's largest city. It is ranked as either the 16th or 27th largest city in the United States depending on how the population is calculated (see Nomenclature, population and ranking below). The settlement that became the City of Louisville was founded in 1778 by George Rogers Clark and is named after King Louis XVI of France. Louisville is most famous as the home of "The Most Exciting Two Minutes in Sports": the Kentucky Derby, the widely watched first race of the Triple Crown of Thoroughbred Racing. Louisville is situated in north-central Kentucky on the Kentucky-Indiana border at the only natural obstacle in the Ohio River, the Falls of the Ohio. Louisville is the county seat of Jefferson County, and since 2003, the city's borders are contiguous with those of the county due to merger. -- Source: Wikipedia.com
AskMe a Question About Louisville, Kentucky
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Census Data for Louisville, Kentucky
| Louisville | Kentucky | United States | |
| Population | 256,231 | 4,041,769 | 281,421,906 |
| Median age | 35.8 | 35.9 | 35.3 |
| Median age for Male | 34 | 34.6 | 34 |
| Median age for Female | 37.6 | 37.1 | 36.5 |
| Households | 111,414 | 1,590,647 | 105,480,101 |
| Household population | 247,704 | 3,926,965 | 273,643,273 |
| Average household size | 2.22 | 2.47 | 2.59 |
| Families | 61,374 | 1,104,398 | 71,787,347 |
| Average family size | 2.97 | 2.97 | 3.14 |
| Housing units | 121,275 | 1,750,927 | 115,904,641 |
| Occupied units | 111,414 | 1,590,647 | 105,480,101 |
| Vacant units | 9,861 | 160,280 | 10,424,540 |
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