Ways to Save Money on a Homesubmitted on 28 February 2020
There are many ways to find a bargain when house-hunting. Below are just a few ways to save money on buying a home that will make a huge difference for you and your family.
Find an older house. If you have always wanted to purchase a home, but were worried about the repairs that could possibly come with it, consider looking into getting an older house instead. The repairs that usually come with a newer home will usually need to be handled by the home owner, and may cost more money. I know it sounds counter-intuitive, but you will find no end of "snagging" issues with a new build. Older homes are "settled in" and often just require wear-and-tear maintenance.
Make sure that the house has the number rooms that you need. This can save you a fortune on getting an extension done at a later date. A simple tip, but saves a lot of hassle (and money) by avoiding the need to build an extension.
Take advantage of a short sale. You can look into short sales, as well as foreclosure options, to save money on a house. If you are looking at a house that is less than what you want to pay for, and it is already a foreclosed home, it is possible to get the house for half the amount of the home's current market value. If you have been looking for a home for a while, you may be in the market for a new home but looking to get rid of a house that is less than what you have been paying for.
Make your mortgage payments on time! Avoid the penalties of late payment.
Fix your mortgage interest rate over a long-term period - ten years or even the entire length of the mortgage. Why? Well, interest rates are already at all time lows. Why risk a variable rate when you might only get .25% or so lower rate if it goes down further? There's a lot more upside risk with interest rates when they're near zero already.
Get an appraisal done. When you are buying a home, you should do everything you can to know what the home is worth. Even if you know what the house is worth, you should still get a professional appraisal done. By doing this, you will be able to get a lot of extra money from your purchase.
These are just a few of the ways to save money on a home. There are many more that you can try, but these are some of the best ways to save money on a home. If you are looking to get a home for the first time, you might want to consider the tips that were given above.
Article kindly contributed by Blinds2Go
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