Kurt Spoerle speak to spoerle

Kurt Spoerle - Realtor®
Office: (317) 566-2399
Cell: (317) 366-4000
kurt@kurtspoerle.com
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firsthome

Spring is just around the corner, and a great time to purchase a new home!  With interest rates still low, this is a perfect time to make your dream come true of owning your first home.  Here are some helpful tips for first time buyers. 

1)  Look at your budget a determine how a house fits into it.  It's recommended that buyers spend no more than 28% of their income on housing costs.  If you go past 30%, you risk becoming house poor.

2)  Check the selling prices of comparable homes in your area.  Web sites such as Zillow and Homegain can give you a general idea, but a real estate professional can pull a more detailed analysis from the BLC system.

3)  Find out how much you'll likely pay in closing costs.  The upfront cost of settling on your home shouldn't be overlooked.  Closing costs include originination fees from the lender, title & settlement fees, taxes and prepaid items such as homeowner's insurance or HOA dues. 

4)  See what you can afford.  Use Bankrate's mortgage calculator to see what your payment would be, or talk with a trusted mortgage lender. 

5)  Talk to a repubtable real estate professional in your area about the real estate climate.  Do they believe prices will fall or rise in your area in the near future?

6)  Find out what your total monthly housing cost would be, including taxes and homeowner's insurance.  In some areas, what you'll pay for your taxes and insurance escrow can almost double your mortgage payment.  To get an idea of what you'll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate.  You won't be obligated to get the insurance, but you'll have a good idea of what you'll pay if you buy.

7)  Remember to look at the big picture.  While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive.  When unexpected costs for new appliances, roof repairs, and plumbing problems crop up, there's no landlord to turn to, and these costs could potentially drain your bank account. 

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