Is buying a home affordable?

Have you been a repeat renter? Are you tired of making high payments (that increase each year) with virtually no return on investment? If so, homeownership might be the best financial and lifestyle choice for you.  Why continue to put money in your landlord’s pockets? You can use that same money on an investment: owning a home. You can pay less for a monthly mortgage payment than you do for your current rental and be part of the first time home buyers in Bloomington club! You can have price stability, be an owner, and have the power to make the home yours. If you are paying $800-$1200 in rent per month, the following homes can be within your budget.

  1. 3 beds, 2 full baths
    Home size: 1,488 sq ft
    Lot size: 10,018 sqft
    Year built: 1966
    Parking spots: 1
    Days on market: 16
  2. 2 beds, 2 full baths
    Home size: 1,528 sq ft
    Lot size: 701 sqft
    Year built: 1978
    Parking spots: 1
    Days on market: 7
  3. 3 beds, 1 full bath
    Home size: 990 sq ft
    Lot size: 17,859 sqft
    Year built: 1972
    Parking spots: 1
    Days on market: 61
  4. 2 beds, 1 full bath
    Home size: 844 sq ft
    Lot size: 5,662 sqft
    Year built: 1920
    Parking spots: 2
    Days on market: 2
  5. 3 beds, 2 full baths
    Home size: 1,508 sq ft
    Lot size: 6,969 sqft
    Year built: 1990
    Parking spots: 1
    Days on market: 29
  6. 2 beds, 1 full bath
    Home size: 1,088 sq ft
    Lot size: 6,098 sqft
    Year built: 1920
    Parking spots: 2
    Days on market: 58
  7. 2 beds, 1 full bath
    Home size: 878 sq ft
    Lot size: 3,920 sqft
    Year built: 1996
    Parking spots: 1
    Days on market: 74
  8. 3 beds, 1 full bath
    Home size: 1,047 sq ft
    Lot size: 43,124 sqft
    Year built: 1940
    Parking spots: 2
    Days on market: 76
  9. 3 beds, 1 full bath
    Home size: 1,008 sq ft
    Lot size: 10,236 sqft
    Year built: 1992
    Parking spots: 1
    Days on market: 9
  10. 3 beds, 1 full bath
    Home size: 1,253 sq ft
    Lot size: 24,829 sqft
    Year built: 1954
    Parking spots: 2
    Days on market: 48
  11. 2 beds, 1 full bath
    Home size: 1,056 sq ft
    Lot size: 1.82 ac
    Year built: 1963
    Parking spots: 5
    Days on market: 102
  12. 3 beds, 2 full baths
    Home size: 1,740 sq ft
    Lot size: 43,560 sqft
    Year built: 1968
    Parking spots: 2
    Days on market: 7
  13. 2 beds, 2 full baths
    Home size: 1,564 sq ft
    Lot size: 692 sqft
    Year built: 1986
    Parking spots: 1
    Days on market: 202
  14. 3 beds, 2 full baths
    Home size: 1,950 sq ft
    Lot size: 10,123 sqft
    Year built: 1964
    Days on market: 63
  15. 3 beds, 1 full, 2 half baths
    Home size: 1,816 sq ft
    Lot size: 20,037 sqft
    Year built: 1978
    Parking spots: 1
    Days on market: 66
  16. 3 beds, 1 full bath
    Home size: 2,146 sq ft
    Lot size: 8,276 sqft
    Year built: 1899
    Days on market: 73
  17. 3 beds, 2 full baths
    Home size: 1,248 sq ft
    Lot size: 17,859 sqft
    Year built: 1972
    Parking spots: 2
    Days on market: 9
  18. 2 beds, 2 full baths
    Home size: 884 sq ft
    Lot size: 9,147 sqft
    Year built: 1925
    Parking spots: 1
    Days on market: 17
  19. 3 beds, 1 full bath
    Home size: 916 sq ft
    Lot size: 8,855 sqft
    Year built: 1920
    Days on market: 72
  20. 3 beds, 2 full baths
    Home size: 1,064 sq ft
    Lot size: 8,712 sqft
    Year built: 1955
    Parking spots: 2
    Days on market: 126

See all 120-155k range.
(all data current as of 3/23/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

What are the financial advantages of home ownership?

Although home ownership might be daunting at first, if you think of home ownership as an investment in your financial future, then the idea makes a lot of sense. When buying a home, you’re investing in a physical, tangible asset that is not as unsure as, say, investing in the stock market. Additionally, every mortgage payment you make increases the equity of the home as opposed to renting, in which all of the money goes straight to the landlord and you never see it again.

The following visual breakdown and explanation of the financial advantages of owning a home give you some solid statistics on home ownership as an investment.
first time home buyers in bloomington

You’ve decided to buy…now what?

Financing: I have written about home purchase financing, which is a general outline of the steps you need to take to make sure you qualify for home buying. You should get pre qualified (an estimate of what the lender could offer you) and pre approved (a guaranteed offer from the lender) for a mortgage loan before starting the home hunt in order to know your budget. Additionally, you may qualify for USDA 100% financing, which means you could have no downpayment on a home.

House hunting: Browse the above Available Homes database to get a sense of what’s on the market in your price range in the Bloomington area. Consider a buyers agent. The buyers agent’s services are FREE (the seller’s agent pays the commission), and he has a wealth of knowledge and experience for your benefit. He can easily set up house showings and guide you through the entire process, educating you and advocating for you every step of the way. If you are a first time home buyer in Bloomington or Monroe County, contact me today. I represent more buyers than any other agent in the area! (812) 369-0785.

Other resources

I have written various blog posts that address different topics related to first time home buying. You can visit the “Blog” tab on this site, or I have listed them below for your convenience!

Home Ownership Help and Resources from The City of Bloomington

Tips for First Time Home Buyers: A Quick List to Get You Started

The Home Buying Process

The Advantages of Buying vs. Renting

Statistics on Sold Homes in Monroe County, Indiana

10 Red Flags to Watch Out for When Buying a Home

Weighing the Options of Buying a Bank Owned Property

Moving Checklist