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Buying Your First Home... An Exciting Time For Sure, & A Little Unnerving Too!

Below are a few simple tips to help you with buying your first home in the Greater Indianapolis area.  Just remember, Mitch, is here to help first-time home buyers just like you buy or build your first House, Townhouse or Condominium.  Mitch remembers vividly buying his first property like it was last year and stressing out over... Was it the right place, Was he paying too much, Could he afford it, Would the sellers even accept or counter his offer, & What happens if they do!

While Mitch lays out The Steps In Buying Real Estate in today's world on this website, you can also count on Mitch to answer every question, and walk you through every step of your real estate purchase, with only one objective... Helping U Make The Right Move!



Compromise & Communication

As you're buying your first place, it is important to remember to be ready to compromise on features. Even if your budget was unrestricted, it's still can be difficult to find precisely what you want in a new place! In addition, you should practice maintaining good lines of communication with your Realtor. Finding the perfect place, or at least the the right place can be frustrating depending on the type of market and on the levels of supply and demand! Great communication creates a more efficient first-time home buying process, helps reduce the likelihood that you will be wasting your, or your agent's time, plus it will make your home buying experience much more pleasant!



What Will You Pay Upfront?

Earnest money:

Think of this as your security deposit,  it shows the seller that you are serious about purchasing the property. It's typically 1% of the sales price of the property and it's usually paid within 24-48 after your offer has been accepted. The Earnest Money is applied to your down payment or closing costs as part of the closing on the purchase. Most purchase agreements include contingencies, or conditions, that if not met, would allow Buyer's to get their Earnest Money back and walk away from the purchase of the property. Some of the most common contingencies include obtaining a mortgage loan, a satisfactory inspection, and approval of any homeowner Association (HOA) rules and requirements.

Mortgage Appraisal:

A real estate appraisal fee typically paid as part of the mortgage loan application process and usually costs three-hundred dollars to six-hundred dollars and is an unbiased, professional assessment of a property's fair market value conducted by a licensed appraiser, that's typically required by lenders during the mortgage process, or by a buyer as part of a cash sale purchase. It provides a written, independent opinion of value, ensuring the home serves as adequate collateral for the Lender's Mortgage Loan.

Home Inspection:

Once the seller accepts your offer, it's time for a home inspection. Most home inspections happen within Seven to Fourteen days after the offer is accepted and depending on the size and age of the property can cost as little as five-hundred dollars or as much as two thousand dollars. An experienced professional Inspector examines the interior and exterior of the property to ensure that there aren't any lingering problems or maintenance issues that meet the definition of a Defect and are not visible at first glance. If true Defects are found to exist then the Buyer typically asks the Seller to correct Defects before closing.

Down Payment:

This the amount of the purchase price that you will pay in cash, vs with a mortgage loan, as part of closing on the purchase, and is determined by your loan, or possibly any applicable government programs or assistance you have qualified for and requested. While 20% down avoids private mortgage insurance (PMI), and 25% down typically eliminates the need for monthly impound (Escrow) payments for real estate taxes and homeowner insurance, many options exist for lower down payments that typically can range from 0% to 5%, with 3% to 3.5% being common for conventional and FHA loans, respectively. And, VA and USDA loans can allow for 0% down options for qualified borrowers.

Buyer Closing Costs:

This is an amount you will pay as part of closing on the purchase and these typically range from two-thousand dollars to five-thousand dollars for most buyers, and represent The Fees Associated With Title/Closing And Lender Charges.



Know the Difference Between What You Want & What You Truly Need

Before searching for your first Indianapolis home, it is recommended you make a list of your wants and your needs in your first home. Just to clarify, your wants are what you desire in a home and your needs are what you absolutely must have in your first home.

Mitch's Home Needs Survey, will focus your attention many features that you may not have even been thinking about. Below though are just a few questions to give you a sense of the kinds of features that may, or may not be priorities that will help you shape your wants and needs in your first area house, townhouse or condominium:

  • How close do you want to live to your office, to loved ones, or to local amenities?
  • Do you prefer to live in a more urban or suburban part of town?
  • Are schools a priority or concern in your first home buying decision?
  • Do you care about amenities like a golf course, tennis courts, swimming pool, trails, and other recreational facilities and are you open to the HOA fees that will accompany these features?
  • Do you wish to purchase your first home near shopping and dining?
  • Has the neighborhood you are interested in held its value? (Our agents can provide statistics.)



Helpful "House Hunting" Tips

Once you're ready to begin your search, remember these helpful tips:

  • Always preview homes together with your REALTOR. While you may not want to waste their time, every property you look at is an opportunity for your agent to get a better read on what you love and what you hate and why. Additionally, a great agent will be able to eliminate places that fail to meet your search criteria based on prior feedback you have given and/or your finances or other objectives.
  • Mitch makes it easy to only keep in mind the top 3 places that interest you. Still, taking photos in your phone will make it easier to prompt your memory on places that you have seen in prior times out with your agent.
  • Be sure to take notes both positives and negatives about each home.
  • We recommend you wear comfortable shoes and clothes
  • If you have small children consider a sitter.
  • Only true service animals should (will be allowed to) visit properties with you!
  • Limit each tour of places to 4-7 places.
  • Limit your search to homes that fit your budget.



Are You Ready to Get Started?

After you have prioritized your wants and needs for your first place, now you're ready to begin your home search. Contact us, and Mitch will schedule a first-time home buyers consultation to discuss how he will help make your first home buying dream come true.

Your Greater Indianapolis Area Buying Resources

If you're considering Buying or Building a Greater Indianapolis Area House, Townhouse or Condominium, then it's time to contact Mitch Rolsky. Understanding the basics as a first time home buyer is just the beginning of the expert advice and knowledge we can use to help you successfully find and buy your next home or investment property.
Contact Mitch Today And Work With Mitch As Your Buyer's Agent!

Ask Mitch About The Value Of A Properties In An Area You Are Considering!

If you're like most home buyers, you want to pay the least amount of money for a property. And, what a property is worth in terms of Market Value, and what it's worth to you as the buyer, could be two very different amounts!

While only the Buyer can decide what it's worth to them, real estate professionals doing an Appraisal or a Market Analysis are sharing their personal opinions on the Market Value at that point in time.  Real estate Market Values though are not like a ten-dollar bill that is worth $10 regardless of if it’s crisp and brand new, or if it’s twenty years old, dirty and torn. Neither the condition of the bill in your hand as the buyer, the condition of other ten-dollar bills, nor the location of where you are holding that ten-dollar bill will change its value! If  the Market Value of real estate was also this precise and exact, just like the value of a ten-dollar bill, then there would frankly be no need for real estate agents!

Accurately evaluating the value of a house, townhouse, or condominium is a complex calculation that leverages years of experience and expertise like Mitch has, as one of the Top REALTOR's in the Greater Indy area! So let's start at the very beginning - with the RIGHT price! And the best way to find the RIGHT price is to ask Mitch.



1/3 Is About The Property Itself: The Location, Condition, Updates, Bed & Bath Count, Size, Age & All Features
1/3 Is About Similar Places For Sale A Buyer Could Also Buy, At The Same Time, In The Same & Similar Areas
1/3 Is About What Similar Properties, In The Same Or Similar Areas, Have Sold for In The Last 6-12 Months

Learn About 4 Common Ways To Determine The Value Of A Property - The Most Accurate (4 stars) To Least Accurate (1 star)



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About Mitch

Mitch leverages his local expertise, combined with his meaningful business and life experiences, and decades of professional leadership and growth in the construction and technology industries to contribute to his success as one of Greater Indy's Top REALTORs.

Mitch is committed to helping change the lives of his clients as they start their next chapter, by making it easier, more enjoyable and more profitable for his clients that design, build, buy, and sell their home, condo, townhouse or investment property!

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Real Clients, Real Results, Real Reviews...

I always felt relaxed and like his only client...

Purchasing Indy real estate virtually from California during covid, was not within my comfort zone. I needed an agent to patiently show me things as though I was there myself, speak with blunt honesty and find balance between my "desire" list and a stable long term investment.

Mitch doesn't miss a beat! He is highly intelligent, engaged with his clients - stellar communicator with a wealth of wisdom not only through the home buying process, but in life. I always felt relaxed and like his only client, yet knew he was doing much hard work in the background.

I've heard in life that "your realtor is your best friend!" Best friends work for your best interest; he was always right there and always told it like it was....so appreciated!!! He exceeded all expectations and hope to work together again in the future!

KRISTINA & ROBERT O

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USE THESE RESOURCES & TOOLS TO HELP YOU MAKE THE RIGHT MOVE IN THE GREATER INDY AREA 

Most Agents Tell Clients What They Want To Hear... Mitch Shares What You Need To Know! 

Market Knowledge... The Power & Confidence To Act
What's It WORTH... Don’t give it away, or overpay