First Time Home Buyers - Where to Begin?
Your First Indianapolis Home is a Dream Come True
The tendency of many first time home buyers is to think about their first home in terms of a dream come true. As they start their hunt they tend to search for what they perceive as the perfect home. Often the first time home buyer dreams about their lives in the home for years to come. They look at their first purchase with thoughts of things like adding on to the home, renovating kitchens and baths, and making the home perfect, for the rest of their lives.
Rarely does the first time home buyer embrace the fact that this is their “first home”, and that statistics show there will be many more homes for them down the road. While owning your first home is a dream come true, it will most likely not be your dream home.
How much home can I afford?
The most important consideration prior to searching for your first home is to have a very serious conversation with yourself as to what is a comfortable housing budget. Meet with your realtor who you are about to start building a relationship with and discuss the cost of homeownership in your area. Talk about the cost of insurance, taxes, utilities, and listen closely. Understand that the numbers you hear are good estimates but there are many variables. Your realtor is someone who has gone this route many times in the past and working closely with them will help you to avoid surprises. Take all the information you can gather and start working on a comfortable housing budget.
Housing budget in hand, its time to write down your additional living expenses such as the cost of your automobile, food and entertainment, as you prepare to seek mortgage preapproval. Armed with the knowledge that you are ready to be a home buyer, it is time to speak to a mortgage professional. Very often the mortgage person you speak to will have worked with your realtor in the past. They will appreciate that together you and your Realtor have had a realistic financial conversation and thought about the mortgage that you will need to purchase your first home.
Your mortgage broker will reconfirm that your budget will allow you to qualify for the loan you desire. They will discuss with you down payment requirements, and closing costs. As a first time home buyer it is imperative that you start your home search with realistic expectations, an understanding of the process, and a team of professionals, such as your Realtor that you can count on for guidance.
Armed with the Knowledge and the Help of Your Indianapolis Realtor
In today’s real estate market one of the most important things that a first time home buyers can do is purchase with the future in mind. Pay attention to your first purchase as a home and as an investment. Use your local realtor as an expert and talk about some of the things that are involved in long term real estate planning. Discuss how many years you plan to live at the property you are thinking of buying. Talk about converting it to a rental property when you buy your next home, and discuss things you can do to increase its value should you decide to sell. Talk about the neighborhood you are targeting and its future prospects. Approach the purchase of your first home as if you are sitting down with your real estate advisor mapping out the beginning of a long term real estate relationship.
A realtor’s long term success is tied together with the success of their clients, so work together to make the most of your new partnership. Many realtors find that clients become part of their lives initially as first time home buyers, and someday as, first time home sellers and real estate investors.
Eric Miller an award winning Ft Lauderdale, Florida Realtor is the author of this article, and is honored to place it on this outstanding website. If you are thinking of Ft Lauderdale Real Estate you can reach Eric Miller via his website. The website provides complete information for buyers and sellers of Fort Lauderdale Real Estate from Ft Lauderdale Waterfront Homes to Ft Lauderdale Condominiums
5 Tips for First Time Home Buyers in Indianapolis
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