Home buying money-saving tips will do a lot to keep your bank account from going empty during the purchase process. When you buy a home, you’ll encounter all kinds of expenses. These range from small to large and all add up at an astounding rate. This is just one reason you’re best served by buying a house that’s energy-efficient. It helps to significantly reduce your monthly living expenses and it’s great selling feature when it comes to resale value.
5 Home Buying Money-Saving Tips
A home purchase comes with a number of expenses. These include the down payment, earnest money deposit, home inspection, wind mitigation inspection, pest inspection, moving, closing costs and more. Moreover, you’ll have plenty to do immediately after you move into the house. So, you will be looking for a little wallet relief wherever you can find it. For most first-time and even second-time buyers, this is a big challenge.
Ready to buy a home? Be prepared: With inventory tight and prices rising, this is a tricky time to be entering the market. Your biggest challenge is that you’re probably bringing less cash to the table, which makes it harder to compete with more seasoned, flush buyers. What you do have, however, is flexibility—you’re not counting on selling your current place to fund the deal. That means you can play nice guy with sellers who want to stay put until they land their next place. —Time.com
After all, the process is a dizzying one and it’s easy to lose track of spending. This is especially true because it’s very tempting to dole out cash here and there for what appear to be must-have conveniences. Even otherwise frivolous items can be all too tempting to buy. But, if you keep focused and stay disciplined, you will be able to cut down on costs. Here are five great home buying money-saving tips you can use:
- Go the DIY route when sensible. So, there’s a runny toilet in the bathroom. It’s not a big deal, you’ll just call out a plumber to fix it. But wait, why pay much more to call in a pro when you can do it yourself? For considerably less, get a replacement kit, watch a few how-to videos, then fix it on your own.
- Don’t purchase extended warranties. Everyone knows extended warranties are typically a waste of money. But when it comes to buying a home, it’s all too easy to get caught up in the illusion of reducing risk. The fact of the matter is, most extended warranties just aren’t worth the cost.
- Forgo replacing the existing appliances. While this might be on your high priority list, it’s smart to get as much use out of the existing appliances. Unless those appliances really don’t work well, it is better to wait until their lifespan ends and then buy replacements.
- Negotiate for seller concessions. If there are known issues, you can ask the seller to make certain concessions. This way, you won’t have to pay for repairs yourself and will have the benefit of peace of mind when you move into the home.
- Consider cutting down on monthly expenses. Now that you’re buying a home, do you really need an expensive cable television subscription? Look at all your current monthly expenses and find what you can cut out to increase your net monthly income.
If you are ready to buy a home, be sure to consult an experienced real estate professional who knows the local market well. When you need personal attention for your house hunt, just phone 407-616-7286. I’m here to help you find the right property and assist you with navigating the home buying process.