Jim's Properties

Jim’s Properties is licensed as a Brokerage in both Kentucky and Indiana, but laws and licensing differ from state to state. To make sure you’re getting the best support for your location, choose your prefered state below. (Or feel free to take a look at both!)

Both systems will allow you to track properties you like, or send us listings you are interested in. If you have any questions about the system or properties you see, or if you’re ready to transition from looking online to looking in person, just let us know!

Renting Vs. Buying

When is the right time to stop renting and buy a place of your own? The answer is of course complex, but here are some basic items to think about to help you make the decision:

1. How long do I expect to live in my next place? Obviously if you plan of moving in the next year or two, buying is probably not for you. On the other hand, if you want to live in an area with very high rental costs, buying something that is in high demand and could be resold could save you money. Which leads us to:
2. Which is more expensive? Using an online calculator such as this one on Realtor.com can help you see what differences in costs you may have if you rent vs. if you purchase.
3. Do I have a downpayment? Obviously this one will stop you from purchasing. Or will it? Veterans and many other groups of people can get special types of loans or downpayment assistance, and it’s possible to borrow money from some retirement and life insurance accounts. It’s never too early to start saving, but you may already be much closer than you think.
4. What do I do if I can’t sell down the road and I want to move? Of course, this is a scary topic for any home owner or buyer. What happens if the market crashes or no one wants to buy my house when I want to move? First of all, just to make this a little easier, if your home loses value, it’s likely that the whole market is cheaper. So if you are looking to sell during a downturn, it also means you’ll get a better purchase price for your new place. The other side of this is your real life ability to deal with the risk of not being able to move as soon as you had hoped. There’s no simple answer to this one, but thinking through your options will make it less stressful if it happens in the future.
5. Can I afford if something breaks? This is often overlooked by agents as it discourages people from buying, but it’s a very important part of the planning process. Of course, several different types of insurance are available to protect yourself from this risk, but it can cause real problems if something breaks at the wrong moment, especially right after you’ve put all of your hard-earned savings into a downpayment. How much money you need in reserve funds for repairs can vary widely based on what you purchase and what breaks from several hundred to several thousand dollars. We’ve dealt with most forms of major repairs, and we’re happy to talk you through which of these items may be likely in your new purchase, and both how much you should have on hand to deal with them, as well as ways to reduce your risk of a failure.

If you think you might be ready to buy, or if you have questions, please let us know! We’re happy to talk through your decision with you and point out other items that may help you make this decision. head on over to our contact page and pick your preferred method of contact!

How do I know when it is the right time to buy or sell my home?

The straight answer? You don’t. Only hindsight is 20/20, and you can never predict when the perfect moment will be. While it is obviously important to know and plan for your own finances, such as affordability of a down-payment, or how much you could get for the sale of your current residence, many people wait and try to predict what the housing market will do years into the future. Sure, the property you are looking at selling may increase in value, but so will will the home you are looking to purchase. Finding the right time isn’t about trying to game the market, but instead finding the right time for you or your family.

Another thing people forget is the value increase you will have in your new place. There’s a reason you’re thinking about moving. It could be about more or fewer bedrooms, location, commute times, even school district. By moving sooner, you can saving yourself hours of time and inconvenience over the years. Plus, if you want to renovate, or paint, or have to make repairs, that money is going into a home you will be able to enjoy for longer. Maybe it isn’t the right time to move yet, but the only way to find out is to look at all the information, ask the questions, and then come to an informed decision.

Obviously, the purchase of a home is a huge investment, and several thousand dollars is a lot of money to most people. Trying to get the best deal possible is an important part of any transaction, but it can also cause many otherwise good deals to fall through. On the average property sold in Jefferson County, a difference of $2,000 in purchase price will only change a 30yr mortgage payment by $12/mo. This is not to say that price isn’t important, but don’t let the big numbers get in the way of looking at how your real life finances are impacted, especially once you look at the added value mentioned above and the tax benefits you may receive.

At Jim’s Properties we specialize in investments, and while we can’t predict the future any more than you can, we can talk you through all of the upsides and downsides of any possible purchase or sale. If you have any questions about the information on this page, or would like to talk to us about your own possible sale or purchase, head on over to our contact page and send us a message!