Everyone knows that buying a house is a massive financial investment
, but a lot of people don't know about some simple tips and tricks that can save you tens of thousands of dollars both in the short term and long run. Today we'll review some money saving basics that will help you make smart choices with purchasing your next home.
Choose Your Timing
Don't rush into a home purchase if you don't have to. The market goes up and down, which will greatly affect housing costs. Purchasing a home in a buyers; market can save you big time and also ensure you have a wider selection of options. November and December also tend to be good months to purchase homes, because most people sell in these months out of need.
Research Your Mortgage
There are a lot of different mortgage options that range in everything from interest rates and payments to points and incentives. Ensure that you fully research all of your options and play around with payments. Find out what the exact monthly payment, length and interest accruement would be for each option. See the break down for each option available to you before you assume which one is best.
Consider Insurance Costs
The amount it costs to insure a house can have a huge effect on the amount you invest into your new home. Home buyers can often consider factors that will affect the insurance and then request a lower purchase price. Look for things that can be upgraded in a home, like old electrical work, and then request a replacement or reduced cost.
Buy A House You'll Love Tomorrow
A house is a financial investment and that means it takes time to mature and reap benefits. When selecting a home, choose a house that will work for your needs today and in the future. Additional rooms for home offices or growing families may not seem important at first, but they could be the factor that allows you stick around a couple years and save thousands of dollars.
Hire A Home Inspector
Always hire a home inspector before investing in a home. An inspector will identify both current and future problems that will affect the house. These often allow home owners to negotiate a lower purchase price. In extreme cases, an inspector can be the factor that tells you to walk away from a home that's unsafe or will require significant repair or upgrades.
Savvy buyers will consider all of the topics above when looking at homes and ensure that they are making choices that benefit them in the short- and long-terms. Thinking ahead and knowing your options will be the main factors that save you massive amounts of money when buying your next home.