How To Save Money When Buying A Home
Buying a home can be exciting and stressful. There’s the thrill of creating a space that’s your own, but also the worry about losing money, spending too much or missing important steps. The tips below can help steer you clear of money-wasting mistakes.
Get help if you need it
Sure, a lot of money can be saved by buying a house yourself. However, that choice is going to cost you in the end if you don’t really know what you’re doing. If you’re a first time home buyer, if you’re not familiar with market trends in your area, or you’re not a power negotiator, use a buyers agent.
Look online
Whether you’re using an agent or completing the process on your own, you’ll need to know a reasonable price for the property you’re considering. There’s almost no better way than to browse comparable recently sold homes online. Use a few sites to ensure that you get an accurate snapshot of the area.
Get a home inspection
Home inspections cost money, generally hundreds of dollars in fact. However, skipping a thorough inspection by a qualified professional can be very costly later on if serious issues are missed.
Shop around for loan programs
Depending on where you live, the loan programs available will vary greatly. You might even qualify for down payment assistance or a lower interest rate, which could save you tens of thousands over the course of the loan.
Weigh the benefit of buying points or taking a credit
When shopping for your loan, you’ll be presented with the option of buying points to get a lower interest rate or getting a credit at closing in exchange for a higher interest rate. Generally, buying points is the financially wise move in the long term. However, if you’re only planning on staying in the home for a few years, taking the credit could get you some much needed cash at closing.
Buy New
Buying a new home, or even building your own with the help of Texas homebuilders, can save you a lot of money in the end. With updated appliances and up-to-code building and wiring, you won’t have to worry much about expensive repairs and replacements.
By following the tips above, it really is possible to save money when buying a home. You can feel great knowing that you got a good deal as you start your life in the new house.
Category: Housing
