Indiana Real Estate News Blog

Repairs that Will Cost You When Buying a Home

When looking for Indianapolis homes for sale, it's important to keep an eye out for problems that may cost an arm and a leg to repair once you've purchased the property. The first thing you need to do before committing to buying a home is to have it examined by a licensed home inspector that you trust. An inspector will alert you to any major issues that might prevent you from buying a home as well as minor issues that you might be willing to fix yourself after the purchase. With a report on the current state of the home in hand, you'll be more prepared to negotiate with the seller, and you'll also have the information you'll need walk away from a property that will demand costly fixes.

Avoid These Repairs if Possible

Types of repairs that you should probably try to avoid include major issues that can affect the livability or safety of the home. For example, replacing the roof can be an extremely costly repair that might need to be done before you're able to move in. Major plumbing fixes can also be extremely costly and an extreme pain to deal with. For this reason, don't forget to have someone look at the pipes before making any final decisions about buying a home. You'll also want to have your inspector thoroughly go over the foundation of the home. If there is a crack in the foundation, the cost to repair it will usually be quite significant and if not repaired, it can pose serious problems for your home in the future.

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Is Home Ownership Possible Without a 20% Down Payment?

It used to be that you could easily purchase a home with just a 10% down payment. During the housing boom (before the burst) you could sometimes get a home with as little as 5% or even 0% down. These days, though, it's much more common to see people putting 20% down on Indianapolis homes. The trend is largely due to the recent housing crisis and lenders having a bit less faith in the people who are borrowing. As a result, it's harder for many Hoosiers and people across the nation to purchase the homes that they want and feel that they can afford. Leading up to the housing crisis, banks were being somewhat irresponsible and giving loans to people who couldn't actually afford them. Because of these past mistakes, lenders are now being much more stringent about who they offer loans to. Having 20% down on the home you would like to buy is a solid indicator that you are ready to make the purchase, and banks like to see that. For some people, however, getting together 20% takes a great deal of time. If you're looking to get into a new home within the next few months but have less than 20% to put down, talk to an experienced Indianapolis real estate agent, like the team members at RE/MAX Advanced Realty, to learn about your options.

Exploring Alternatives to the 20% Down Payment

Options your realtor may discuss with you include alternatives to traditional home loans like VA loans and government mortgage assistance programs. For example, if you’re...