Have you decided to settle in and buy a home in Lafayette, Indiana? If so, you've made the right choice.
According to Niche.com, Lafayette is one of Indiana's best places to live. Its diversity, many parks, excellent public schools, and affordable cost of living make it a fantastic place to become a proud homeowner. The median home value here is only $145,200, compared to the national median of $281,900.
If you're having difficulty navigating the buying process, don't worry; PMI Lafayette has your back. Keep reading for our top home-buying tips in this Lafayette real estate guide.
Establish Your Long-Term Homeownership Plans
One of the most vital first-time homebuyer tips is determining your long-term homeownership plans. Are you just starting a family and want to buy a home to live in for many years? Or are you considering staying in the new house for just a few years and eventually transforming it into your first rental property?
If the house will be your family's primary residence, consider these factors:
- Spacious enough to accommodate all existing and future family members
- Proximity to your workplace and your kids' schools
- The area's safety and crime rates
- How close the house is to essential services, like healthcare facilities and fire and police departments
If you plan to rent the property, consider its profitability, too. One of the best ways to do this is to consult a real estate brokerage and property management company. They can provide tailored home-buying advice in Lafayette, IN, and even a complimentary property analysis.
Obtain a Mortgage Pre-Approval
Next on your buying a home checklist should be to obtain a mortgage pre-approval, which allows you to:
- Determine your likelihood of loan approval
- Learn how much home loan lenders are willing to let you borrow
- Demonstrate to home sellers that you're ready to buy
Although pre-approval requirements vary from lender to lender, most usually require proof of identity, employment, and income. Examples include a driver's license or passport, employment certification, pay stubs, and bank statements.
Save Enough of a Down Payment
Once you have a mortgage pre-approval, you can start your house-hunting adventure. However, be sure to filter your search to properties that are within your pre-approved amount. You don't want to fall in love with a home only to find out later that its price is outside your reach.
Most importantly, ensure you save up enough for your down payment. U.S. News and World Report states that the rule of thumb for home-buying down payments is 20%. So, if the house you wish to buy is $200,000, you should save up at least $40,000.
Close the Deal With These Home-Buying Tips
Establishing long-term homeownership goals, getting mortgage pre-approval, and saving at least a 20% downpayment are essential home-buying tips for first-time shoppers.
If you need more expert real estate buying and property management advice, look no further than PMI Lafayette. We're a full-service property management company specializing in real estate brokerage services in Lafayette, IN. We'll use our local expert knowledge, state-of-the-art technology, and the support of PMI, our parent company that manages over $5 billion in real estate investments, to help you find your dream home, especially one you can potentially profit from.
Call us today so we can help you start your exciting journey to becoming a homeowner!
