Buying a home can be a daunting task, especially for first-time homebuyers. It doesn’t have to be that way though. Today’s housing market is still favorable towards buyers with lower interest rates historically, and homes are still affordable. If you are a first-time homebuyer in Fishers, IN, you have some homework to do first before diving into your home search.
What’s the budget?
This seems like a no-brainer, but, you’d be surprised, many would-be buyers shop around, fall in love with a home, and then figure out their budget. It’s very important to first figure out a budget, then look. This will keep you from future disappointment when you find out that dream house is way out of your league. Make sure to work with a loan officer to figure out how much you can spend. As a rule, you don’t want to spend more than 28% of your gross monthly income on the mortgage, taxes, and homeowners’ insurance. Certain loans can allow you borrow more, but, that might not be a good idea. Just because someone will lend you more money doesn’t mean you should borrow it.
Make sure to consider life after the home sale too. You don’t want to be “house poor” and put most of your income into your home. Leave room for possible fixes and upgrades down the road and also consider your regular expenses and “fun” money too. Take the extra step of getting a pre-approval through your lender so that you are all set when it comes time to write an offer.
Make a Realistic Wish List
The key here is “realistic”. Based on the housing budget you figured out, and where you want to live, compile a list of what you’d like to have in your first Fishers, IN home. Search Fishers, IN homes online to get a feel for what your money will buy, and make your wish list based that. If you’d love a fully renovated kitchen but none of the listings in your price range have one, be prepared to compromise. You can always upgrade later, but you really shouldn’t spend more than you can afford just for nicer finishes. It’s always good to keep in mind that you can always upgrade but you cannot change your location. Location is key in real estate.
Find a Good Real Estate Agent
A qualified real estate agent will educate you about the market and help guide you to homes that fit your criteria. Once you find that perfect home your Fishers, IN real estate agent will negotiate on your behalf, coordinate the work of other needed professionals, and work to solve any problems that may arise during the sale. A qualified real estate agent is your best asset during a home sale.
When you are ready to purchase your Fishers, IN home, contact a Fishers, IN real estate agent. We are committed to providing you with the highest quality buyer service. When making the type of investment that buying a home requires, you deserve to have all the latest market information and the very best advice, both of which we can provide you with. We hope to speak with you soon!
Rodney & Amanda Heard
Heard Real Estate Team