Buying a home in Fishers can be a daunting task. But, have no fear! Here’s my list of Top 5 Things You Need to Know Before Buying a Home! Fishers is a highly desirable area, great schools, fast moving inventory and can be very competitive when it comes to offers! Let’s get started!
1. Talk to a lender. I can not stress this enough. It is imperative that you know how much can afford, what you are comfortable paying monthly and most importantly how much the lender approves you for. I can almost guarantee that none of the aforementioned numbers will be the same. You will also need to take into consideration what, if any, closing costs you will need to have when buying a home. A few examples would be surveys, appraisals, underwriting fees, etc. It is not uncommon to ask the seller to assist you when paying these fees, but that is not always the case, so be prepared for them. Ask your lender for a good faith estimate to get a thorough breakdown of these fees. In addition, the buyer is required to pay earnest money (typically 1% of the sales price of the home) and the inspection, so, you will need to have funds above and beyond the down payment. Another thing to go over with your lender is your credit report. Is there anything that you can do to improve it? Sometimes a few points can lead to a few thousand dollars over the course of your loan.
2. Save, save, save! Bare minimum, you need to have at least3.5% to put down on your home. That’s the minimum. Keep in mind that anything under 20% typically requires you to pay private mortgage insurance (PMI) which is added on to your mortgage payment. Furthermore, based on my experience, you should also be saving for moving/new house costs. This could be anything from paint, boxes, tape or food money to something seemingly trivial such as switch plates or blinds. These are expenses you don’t really think about when buying a home.
3. Now that you have the financials out of the way, start thinking about what you want in a home. On your list, create two columns, one is for your must haves and the other for your like-to-haves. Be sure to distinguish between the two. Must haves can make or break buying the home, but the like-to-haves should only be considered icing on the cake if the must haves are met.
4. Hire a Realtor. Your Fishers Realtor can help choose the right home for you, even setting up searches that will only send you homes that meet all of your must have lists. Realtors provide invaluable information that you can’t find when you go in alone. We will explain the process from start to finish and let you focus on the joys of buying a home in Fishers, while I focus on the not so joyful parts! Bonus: your Fishers Realtor offers a First Time Home Buyers Class every month to give you a boost when buying your first home!
5. Congrats! You have an accepted offer and it’s almost yours! The last bit of advice I can give you: use a qualified professional inspector! Do it. If there are major issues, they need to be addressed prior to closing. If there are minor issues that you need to keep your eye on over time, there is no better time to get that information. It may cost you a few hundred dollars, but will potentially save you thousands in hidden (or not so hidden) defects down the line! Another note: There is no perfect house. There is no squeaky clean inspection report. Every house, even the best one, is going to have a few issues. Having that trusted inspector and Fishers Realtor will be your lifelines as you navigate through the report.
That’s it! That’s my list of the Top 5 Things You Need to Know Before Buying a Home! There are dozens of other tips and tricks I could share with you, but that’s for another day and another blog! Be sure to contact Fishers Best Realtor to get started buying a home in Fishers! I look forward to hearing from you soon!