When you are searching for Indianapolis homes for sale, it’s important to know what to look for. This includes understanding your budget, the various types of homes that are out there and the cost of them, as well as the many neighborhoods. Buying a home is a big decision and you want to have as much information about the process as possible.
Great Neighborhoods in Indianapolis to Look for Homes
There are countless neighborhoods throughout Indianapolis. Whether you are looking at Indianapolis homes for sale by owner or through a real estate agency, you want to be sure you love the neighborhood and how it is located to other things within the city, such as schools, shopping, and even churches. Identify what you want to be near so you can be sure your neighborhood offers it.
The top 5 neighborhoods are discussed below.
Old Northside is near the north of the central part of the city. This area is where the Victorian mansions have been found, though it was the first neighborhood to see the gentrification from the 21st century. Many of the homes have been renovated and it is still considered one of the wealthier areas of Indianapolis.
Fountain Square is in the near south and is filled with a lot of young professionals. It’s the SoHo of Indianapolis, with downtown lofts that have been carved from warehouses and factories. It’s on the edges of downtown and has a very artistic feel. You will find families and artists alike fighting for the studio spaces as they become available.
Perry Township is found to the south of the city. It was once farmland owned by German immigrants. Today, it is a family-centric neighborhood where there is a lot of space between homes and the size of the homes can accommodate large families of six or more.
Pike Township is found in the northwest part of the city. There are a lot of wealthy individuals who live here, including doctors and lawyers. It’s close by the campus of Indiana University as well as Purdue University. Eagle Creek Park is within walking distance and you would be close to I-65, which can make it easy to get to where you want to.
Broad Ripple Village
Broad Ripple Village is an area to the north and is known for being trendy. The houses are a little smaller than what you may find elsewhere, but the community itself is why many people choose to buy here. When you ask the question, why buy a home in Indianapolis, it is to buy in a community like Broad Ripple Village. There’s a lot of nightlife on Broad Ripple Avenue and the community vibe is one you won’t find anywhere else.
Indianapolis Real Estate Market
When you look at the Indianapolis real estate market, it’s important to know about the number of new listings as well as the average sales price to know more about what you are going to pay and how easy it will be for you to find Indianapolis homes for sale.
Within Marion County, Indianapolis is at the heart of it. There are more new listings coming available than ever before and that is because the real estate market is starting to turn around. People are now putting their homes up for sale that have wanted to move because they know that there is a greater chance of the home selling now.
The average sales price for homes in Marion County is around $134,134, though this is going to vary dramatically based upon the size of the home as well as the neighborhood. If you wanted to go into an area such as Old Northside or Perry Township, you would be paying more.
The Cost of Home Ownership in Indianapolis
When you search for Indianapolis real estate for sale, you want to look at what it’s going to cost you. This involves getting pre-approved for a mortgage so you know what a lender is going to give you in terms of a loan. Establish a budget and know what you can pay on a monthly basis.
Just because you are pre-approved for a loan doesn’t mean that’s what you can afford. Have the loan broken down into a monthly payment. You will also want to make sure you can afford the down payment that needs to be made. The good news is that you don’t have to put down the 10 or 20% that was required in traditional mortgage loans if you don’t have it.
You can talk with your real estate agent and they will help you to find a lender. You can discuss the possibilities of a VA loan if you are a veteran as well as PMI (private mortgage insurance) to be able to reduce your down payment – or avoid one altogether.
In addition to the monthly mortgage payment, you will also have to look at:
- Homeowner’s insurance
- Property taxes
- PMI (if applicable)
- HOA fees (Home Owners Association)
Many of the deed restricted communities throughout Indianapolis will have HOA fees that you will have to pay on either a monthly or annual basis. These can be at a significant cost, going as high as $300 or more. At this point, you have to look and see what you are getting for this, such as access to a pool, tennis courts, jogging paths, landscaping, gated security, and more.
You will want to factor in all the costs to ensure you know what it’s going to cost to live in a particular neighborhood. This will ensure you can afford to live there and not have to worry about putting the home up for sale in a few years because the cost is simply too much.
The Different Types of Homes that are Available
Indianapolis is a metropolitan city and therefore you have to understand that there are many different types of homes for sale. Each neighborhood may be different in terms of what they offer and therefore you have to decide on the kind of home you want to buy before you begin searching the real estate market.
Some of the top options within the city include:
- Single family homes
- Estate homes
- Ranch-style homes
The studios are going to be in the downtown areas while the ranch-style homes are going to be on the outskirts of the city, closer to such towns as Avon and Greenwood.
The Indianapolis estate homes for sale can be found in various communities, most of which are gated. The cost for these homes can range from about $100,000 all the way up to $849,000 and higher. You will want to look at the year the home was built, the number of bedrooms and bathrooms, and the square footage of the house. You will also want to look at the lot size, which can tell you whether there is enough room for recreation as well as the possibility for expansion.
It’s not uncommon to find homes that were built in the 1920s and 30s throughout Indianapolis. The Indianapolis homes for sale that were built around this time are still in high demand and many of them have been refurbished and remodeled. You will want to look through these homes with an open mind and see the possibilities that exist. The homes that have not been refurbished may be priced to sell, which allows you to remodel as you desire.
Buying a Home in Indianapolis
If you are interested in buying a home in Indianapolis, there are some things you want to know ahead of time. This includes:
- Approximate amount you can afford
- General neighborhood proximity
- Number of bedrooms and bathrooms
Once you know this information, you can begin working with a real estate agent where you can get the guidance you need to learn about the homes for sale in Indianapolis. You can view photos of homes online, but at some point, you will want to tour the homes you are interested in.
Touring the homes allow you to see the features up close and personal. It allows you to visualize your own furniture in the rooms and see the colors of the exterior of the house as well as the interior. It will give you an idea as to what needs to be fixed or painted before you move in so you can mentally add that expense into the overall transaction.
If you are new to the area, you may also need to depend on a real estate agent to tour you through some of the different neighborhoods. If you are employed within the city, you may want to be within close commuting distance. This will help to narrow down some of the neighborhoods to make it easier to find a house for sale in Indianapolis.
Who you are and what your goals are should be taken into consideration as well so that you are a good fit within the neighborhood you choose. For example, empty nesters tend to flock towards Lockerbie and Cottage Home, while students and professors will look towards Meridian-Kessler as well as Butler-Tarkington.
It’s important to find a real estate agent who understands the city’s heartbeat. This will ensure you get the guidance on the neighborhoods that are right for you so you can not only find a great home that you can afford, but also be comfortable within the community and get along with your neighbors.
Indianapolis is a great place to live and you can call it home just as soon as you make some basic decisions and know what to look for within the city and throughout the real estate market.