There’s nothing more exciting (and often scary) than purchasing your first home. It doesn’t have to be a scary process though. Are you a first time homebuyer who’s ready to purchase a home in the Indianapolis area? Here are a few things to consider before you start your search.
The first step in the home buying process is to compare prices of comparable homes in your area. Websites like Zillow can help you easily compare several different homes side by side. If you’re not up for doing the research, we’d be happy to help you compare prices on Indianapolis homes.
Set a Budget
You wouldn’t buy a car without knowing how much you have to spend and buying a home is no different. Use this mortgage calculator from mortgagecalculator.org to help you determine what monthly payments you’ll be able to afford.
Estimate Closing Costs
The upfront costs of purchasing a home should never be overlooked. Closing costs typically include lender origination fees, title fees, taxes and prepaid items like homeowners insurance or HOA fees. Check out the average Indiana closing costs on the Bankrate website.
Identify Other Costs
When you purchase a home there are often costs that could slip through the cracks. Spend some time early on in the process to identify any other costs that may come up. Other costs may include necessary upgrades to your new home or appliances you’ll want shortly after moving in.
Hire a Reputable Realtor
This last one probably goes without saying, but we went ahead and said it anyway! Buying your first home is an important life event and you need to have the right realtor on your side. Be sure to pick an honest realtor who has your best interest in mind. The Ferris Property Group team is here to help and ready to help you purchase your first home!
Be sure to consider these things as you prepare to purchase your first home. If you have any questions about how to get started in the process please give us a call. We’re here to help make the home buying process as simple and fun as possible. Good luck!