![]() ![]() Indiana is a business hub for the United States. This means you will pay a little bit less than what everyone else is paying across the country for goods, services, groceries and other daily expenses, but you’ll likely pay much less than many others for your home. Housing is approximately 28% lower than the national average. You save big time when it comes to the housing market in Indianapolis. While the cost of living in Indianapolis is slightly higher than the average for the entire state, it’s still approximately 11% cheaper than the national average however, it is one of the largest cities in the state and there are more opportunities for employment and earnings growth. Don’t miss out on great opportunities because you may not be financially ready yet, lock in today’s rates for when you’re ready. The economy in Indianapolis began recovering from the recession recently therefore, prices are still low enough to get a good deal. If you sign a rent to own agreement today, and the lease lasts for three years, you will pay what the house was worth today, not what it’s worth then. Indianapolis is a great place to participate in rent to own because the economy is just beginning to recover from the recession. Check your contract to see if the landlord also remains responsible for maintenance and repairs on the home until your purchase date. It’s easy to save while you’re renting to own because the landlord continues to pay the insurance and the taxes on the property. ![]() ![]() You should meet with a financial advisor to see what you need to qualify for a loan and map out a path to get there. Whether that means saving up for a larger down payment, improving your credit score or paying down your debt is up to you. It is very important that while you are leasing the home, you work hard to make sure you qualify for a mortgage at the end of the lease. If you decide not to purchase, or don’t qualify for a loan at the end of the lease, the person who was selling their home to you gets to keep the money. Once your lease is over, you can use that money to put a down payment on the home if you decide to purchase it. The extra money that you pay every month goes into an escrow account that no one can touch until the end of your lease. You pay rent, just like you would in any other rental property however, when you’re leasing with the option to buy, you pay a higher rate for your rent. When you move in, you pay an option fee, which secures you the option to purchase the home that you are living in at the end of your lease. Rent to own means that you rent the home with the intention of owning it. If you’re willing to accept rent to own terms, you could immediately move into a home that could be yours soon without assuming the financial burdens of homeownership right away. Does that mean you aren’t ready to buy a home? No, it doesn’t. While you may long for that feeling, you might not be sure that you will qualify for a mortgage or loan right now. There’s nothing better than the feeling of security and stability that comes with home ownership. This trail system encourages a healthy lifestyle and makes it easy to bike or walk to work. This is a paved trail that winds around downtown Indianapolis, connecting residential areas to businesses, parks and entertainment venues. One benefit of the city that most locals enjoy is access to the Indianapolis Cultural Trail. There’s live music all of the time throughout the city and there are an abundant amount of museums. A Cultural Trail surrounding the downtown area makes it possible to enjoy your life without dependence on a vehicle, and the city is packed with restaurants, theaters and other entertainment options. Indianapolis is at the heart of the NASCAR scene, and locals love to cheer on the Colts when it’s football season, but this is a big city with far more to offer than sporting events. The city is also known to many because of NASCAR and the Grand Prix of Indianapolis. And Pacer games can be just as exciting as the Colts games. Victory Field is a great place to be for fireworks nights in the summer while you’re cheering on the Indians. Indianapolis is also home to the Pacers basketball team and the Indians baseball team. Football isn’t the only sport that has residents on the edge of their seats for games. Whether they’re in the stadium, at the bar or on their couch for games, residents love to cheer them on. Indianapolis residents beam with pride over the Colts. ![]()
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