Neighborhood Home Realty, LLC

Neighborhood Home Realty, LLC We help clients reach their goals of buying, selling, building, investing & leasing real estate.

11/18/2025

ALL FISHERS AND CARMEL LONG-TERM RENTALS MUST REGISTER BY DECEMBER 31, 2025

Due to a new rental registry and permitting program in Fishers and Carmel, all single-family rental properties (including condos and townhomes) must register with the city and receive a permit in order to rent the property. Current rentals must register by December 31, 2025, in order to receive ‘Legacy Status’ or be subject to a new rental cap of 10% per subdivision. Anyone that fails to register by December 31 will not be eligible for legacy status and will not be able to receive a permit if the subdivision hits the 10% cap. Enforcement will start January 1, 2026. Rentals that fail to properly register will be subject to fines.

Legacy status ensures that a rental property will receive a permit regardless of the percentage of rentals in a neighborhood, as long as they are registered by December 31, 2025. Permits for legacy rentals are valid until ownership changeover of the property occurs, or until a violation warranting permit revocation occurs.

Some homeowner associations have also adopted rental limits or restrictions, so it is important to also pay attention to these requirements. It is possible that some HOAs restrictions will be stricter than city requirements.

There are no fees for registering in Fishers. In Carmel, an annual permit will cost $5/property.

For more information on registering in Fishers, visit the Fishers registry page, email [email protected], or call 317-595-3111.

For more information on registering in Carmel, visit the Carmel registry page. Carmel’s registry is not currently live but they do have a pre-registration form that will allow the city to easily contact you when the registry is open. City officials are saying the registration system should be live by December 1. MIBOR is in continual communication with the city on the status of the registry system and we will keep you posted on any changes as we learn of them.

09/01/2025
01/19/2025

How to Budget for Homeownership in 2025
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Becoming a homeowner is an exciting milestone, but it takes thoughtful financial planning. With evolving market trends, budgeting for homeownership in 2025 is essential. Here’s how to get started.

Budgeting for homeownership is essential

Understand Your Total Costs
Be prepared for these common costs:
Down Payment: Typically 5-20% of the home’s price. Smaller down payments are possible with certain programs, but they often require mortgage insurance.
Closing Costs: Cover fees for appraisals, inspections, legal services, and more – typically 2-5% of the home’s price.
Moving and Setup Costs: Budget for moving services, utility setup, and essential purchases for your new home.

Assess Your Finances
Before you start house hunting, evaluate your financial health:
Savings: Ensure you have enough saved for the down payment, closing costs, and an emergency fund covering three to six months of living expenses.
Debt-to-Income Ratio (DTI): Aim for a DTI of 35% or less to show strong financial management. Lenders often approve DTIs up to 43%, while 50% is typically the upper limit for qualifying. Reducing debt can improve your loan options.
Credit Score: A score of at least 620 qualifies for many loans, but aim for 700 and higher for lower interest rates and better terms – saving you thousands over time.

Determine What You Can Afford
Use the 28/36 rule as a guideline:
Spend no more than 28% of your gross monthly income on housing costs (mortgage, property taxes, insurance).
Keep total monthly debt payments (housing, credit cards, loans) under 36% of your income.

Factor in Ongoing Homeownership Costs
Owning a home means budgeting for recurring expenses, including:
Property Taxes and Insurance: These vary by location but are essential to include.
Utilities and Maintenance: Plan for regular bills (electricity, water, internet) and maintenance tasks like HVAC servicing, lawn care, and minor repairs.
HOA Fees: If your home is in an association, include monthly fees for community maintenance and amenities.

Plan for Market Changes
Interest Rates: While you’re doing financial planning, budget conservatively in case of future changes. A pre-approval locks in your rate for a set period.
Home Prices: Research trends to understand what’s realistic for your budget and the type of home you want to purchase. Reach out, and we’ll work together to analyze the market and find the best options for you.

Leverage Assistance Programs
Many first-time buyers benefit from programs offering reduced down payments, lower interest rates, or grants. Options vary based on income, profession, or location, so research what’s available to you.

Build a Budget and Stick to It
Create a monthly budget to track expenses and savings:
Focus on reducing discretionary spending to boost your savings.
Use tools or apps to monitor progress and stay disciplined.

Work with Professionals
Real Estate Agent: I can guide you in finding a home that fits your needs and budget while connecting you with other trusted professionals to ensure a smooth process.
Lender: Helps pre-qualify you for a loan and explains financing options.
Financial Advisor: Offers personalized advice on how homeownership fits into your broader financial goals.

Budgeting for homeownership requires a clear understanding of your finances, market conditions, and future expenses. By planning ahead and staying disciplined, you can confidently achieve your dream of owning a home in 2025.
Ready to start your homeownership journey? Let’s connect and find a plan that works for you!

11/28/2024

Address

176 W Logan Street, Ste 150
Noblesville, IN
46060

Telephone

+13172813535

Website

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