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Whether this is your first home or you have lost count of the number of homes you have bought, it's always a good idea to brush up on your real estate know-how before you begin your home search. This will ensure that you are an informed buyer, prepared with the knowledge and equipped with the tools to make a confident home buying decision.
1. Where Should I Start the Process?
- Organize and review your finances. Set a budget and figure out what you will be able to afford for a down payment. Use our handy mortgage calculator to see what a monthly mortgage payment might look like for you.
- Start researching the many areas and communities in and around Indianapolis to see which might be best for you.
- If you're a first-time buyer, you might want to get more information first!
2. How Do I Know What to Look for in a Home?
- This is up to you! Take some time to decide what's important to you - proximity to amenities, school districts, yard sizes, noise, commute, highway access. This will help you find a neighborhood.
- Review home features you might want and those you'll need, from size to style to overall condition. Having a good idea of what you're looking for will save you time and tours of homes that don't meet your criteria.
- You can complete Mitch's Buyer Survey that prompts you to consider home amenities, features and locations tailored to the types of properties you may be considering including Detached Single Family Homes, Condos, Townhouses and more.
- Browse our Indianapolis featured listings, or start searching homes by amenities and features.
3. Why Should I Use a Realtor?
- A good Realtor can guide you through the financial and legal complexities of the Indianapolis real estate process.
- A local Realtor will be a Indianapolis expert and can provide vital insight into its neighborhoods and communities.
- A Realtor can help you find the right price range for your income and finances and can explain the pros and cons of different types of mortgages.
- A Realtor will answer all your questions and guide you through the complicated paperwork.
4. Where and How Can I Get a Loan?
- Mortgage loans are typically available through banks, credit unions, private mortgage companies, and government state lenders.
- Your Realtor can help connect you with lenders. You can also shop for lenders on your own, making sure you take some time to search around and compare rates. Calling local government agencies can also be a good idea to find out more about programs that might be available to you.
5. What if I Have Bad Credit or No Down Payment?
- You might qualify for a federal mortgage program or local home buying assistance program.
- The Federal Housing Administration (FHA) helps home buyers by offering insured loans. This means that if the buyer defaults, the lender will still get their money. Insured loans encourage lenders to work with more buyers regardless of their credit or available down payment.
- Many state and local governments offer additional programs for buyers who meet various criteria or are buying within individual communities.
- The Department of Housing and Urban Development (HUD) also offers many assistance programs to home buyers.
6. Once I Find My Home, What Will I Have to Pay Up Front?
- Earnest money: This is the "security deposit" you pay when you submit your offer to prove to the seller that you are serious. After your offer is accepted, it is applied to your down payment or closing costs.
- Down Payment: This is a percentage of the cost of your home. The amount will depend on your loan; government programs can help you decrease this amount.
- Closing Costs: These are typically low for buyers and represent the fees associated with paperwork and lender charges.
7. What Other Costs Will I Pay?
- Other costs can include utilities, HOA or condo fees, and property taxes - which are typically included in your mortgage payment.
- Ask your Realtor about additional fees associated with your particular home, community, or neighborhood.
I Still Have Questions!
That's easy! Contact us today and we can answer any of your home buying questions about homes for sale and real estate in Indianapolis or its many communities.
Want more information? Learn more about buying a home in the greater Indianapolis area!
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)
Instant Online Value Estimators
The Iron Triangle Of Service: Good, Fast, And Cheap -- PICK TWO. You Can Never Have All Three, As The Saying Goes!
Online Value Estimators are Fast and Free... And Free is the ultimate definition of cheap! So, since you can NOT have all three, and these online instant valuations are Fast and Free, then that means these Estimators can NOT also be Good!
There are many real estate and lending websites offering estimators out there. You can use this if you want a general estimate of your home may be worth. While these can help you decide if it’s worth considering selling or refinancing, these sites tend to dramatically undervalue or overvalue property values. So, using these when selling or purchasing a new place could create unrealistically high or unreasonably low expectations that could cost you thousands of dollars as both a seller or a buyer!
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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