Most people want to buy a house of their own at some point in their lives, but financially that doesn’t always seem possible. Even if you have enough cash for the deposit and think you’ll be able to make the repayments fine, the cost is always going to be daunting. Unfortunately, spending a lot is just part and parcel of buying a house, right? Well, yes, but that doesn’t mean that you have to spend quite as much. Keep reading for five ways to save money buying a house.
- Use An Estate Agent
Most first-time buyers opt against using a real estate agent in a bid to save money, but this is a big mistake. For a start, it’s not you that has to pay the realtor, it’s the seller, so you’re not actually costing yourself anything by using one. Along with this, an experienced real estate agent will help you to save money, as well as time, and can ensure that the process goes as smoothly as it possibly can.
- Increase Your Credit Score
Interest rates and lenders fees are tied directly to your credit rating, meaning that the lower your credit score, the more money you are going to have to pay overall. To save money, it’s essential that you do what you can to increase your credit score before filling out any mortgage loan applications. Paying off other loans and credit card debts is a great place to start.
- Get Multiple Loan Quotes
Lenders all have different interest rates and charge different fees for very similar deals, so the last thing that you should do is apply to the first mortgage lender that you find. Instead, get quotes from at least four different companies, and then compare them to see which one offers you the best value for money. If there’s a company that you particularly want to go with, you can use these quotes to try to negotiate a lower interest rate.
- Watch The Windows
If you’re looking for a less pricey property, then go for one without south-facing windows. What you need to know about south-facing windows is that they let in more light, and so absorb more heat into the home. For this reason, properties with them are often sold at a higher price. Of course, if you choose a home without south-facing windows, you’ll have a higher heating bill, so do the math before making a decision.
- Find A Fixer-Upper
A ready-made home is always appealing because buyers know they have little work to do when they move in. Unfortunately, because these properties are so great, they are also much more expensive. If you want to save some cash, find a home that needs a little TLC. Just make sure that the work won’t cost more than what you’re saving.
A house is one of the most expensive purchases you will ever make, but that doesn’t mean you have to spend quite so much. Follow the tips above to save yourself some money.