So you (or a family member) has been signed, drafted or had serious contacts. The sport you love and spent all that time and energy getting better and better - it is now or might be your source of income. So what do you do next?
Questions about real estate ownership can get complicated, especially if you have not yet establshed yourself as a long term member of the team. Many solid players have changed teams more than once between training camp and the end of the season. If your focus is on making the team, you should probably be renting and hold the possibilities of owning for the future.
I don't want my clients to buy a house or condo, only to have them sell it again a few months later because they signed with a team in a different city. And I definitely don't want to see them struggle with a large payment after whatever circumstances have cut or eliminated their source of income.
So here are some brief ideas:
1. If you are ready to buy a home, pay cash or make sure it is free and clear quickly. In Indianapolis there are plentiful NEW homes listed and available for sale under 250K. And there are dozens of currently available new homes under 150K.
2. Consider a new (or newer) home instead of an older home. New homes have fewer maintenence and repair issues. You want to own the home, not have the home own you.
3. Does a condo make more sense than a single family home on a lot? If you are gone for extended periods of time, it might be less stressful to know that lawn care and snow removal is the responsibility of somebody else. There are all varieties of condos, from the apartment-style to town homes to paired homes.
4. Where do you want to spend the off season? I know that off-season is no longer an extended vacation. In this era, being part of a team is virtually a year-round endeavor. For many it is convenient to be located where the team is. It allows you to participate in conditioning and demonstrate your commitment is person to doing what it takes to be part of the team.
5. Where do you want to be when it is time to move beyond your pro sports career? While many
might not be able to answer that question now, some athletes might have a clear picture of where their post-carreer home might be. If you know that, it is certainly a factor in the size and type of home you might want to consider.
6. Investment real estate: If you are at a point where you are looking to invet in real estate, central Indiana consistently ranks high on measures of home affordability. That means that the typical income earned by central Indiana households is sufficient to be able to afford to buy or rent homes in the area.
If you are an athlete in the Indianapolis area, or the parent of a pro athlete, I would be happy to talk to you in a common sense way about some of the choices pertaining to real estate in Central Indiana, I work with buyers of new homes and investors in the Indianapolis area. You can contact me at 317-709-2537. Be sure to leave a message if necessary.
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