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Fishers, IN – How Much Home Can You Afford?

Dollar sign keyIn recent real estate news it has been determined that renting is now half as affordable as buying in the US. Why should you continue to build up your landlord’s equity when you could start building your own? Now is the perfect time to purchase your first home in Fishers, IN. Finding the perfect Fishers, IN home may be easy, but, first you need to consider how much home you can afford.

Five year plan. It’s not just about how much you make, but, about what you plan to do with it. Do your best to anticipate the next five years – do you foresee any future debt due to family, car loans, or the like? All of these will raise your debt-to-income ratio. Even if you can afford that mortgage now, life events can bring that ratio up. Do your best to map out what the next five years will bring and keep an emergency fund for the unexpected.

Other costs. Home ownership isn’t just as simple as paying the mortgage. Other expenses will for sure pop up in the form of repairs, general maintenance, condo fees, and furnishing your new Fishers, IN home. Make sure to also consider your property tax and home insurance costs on top of closing costs.

The more thorough you are with your budgeting, the more comfortable you will be when shopping for a home. When it does come time to search for that perfect Fishers, IN home please contact a Fishers, IN real estate agent when you are ready to start the process. We hope to speak with you soon and to earn your business!

Rodney & Amanda Heard
Heard Real Estate Team

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