So you’ve decided you are ready to buy a new home. Now what? You’ll want to be sure you are getting the best deal possible, and there are many things throughout the home buying process besides a lower price tag that can save you money. Here are 5 ways to save money when buying your next home!
Use an Experienced Real Estate Agent
Some people may buy into various television and radio advertisements telling them that they can buy a house quickly for a low price using their online services. It’s important to know that using a reliable, experienced real estate agent who is familiar with the area you are looking to buy in will save you a lot of time and money in the long run. They will also be able to get you the best possible deal, save you money you haven’t even heard of, and ensure the entire process goes smoothly.
Check Your Credit Early
As soon as you decide you are ready to buy a home, check your credit score. Planning ahead will give you enough time to correct any credit surprises and will also give you some time to improve your score. Credit is very important in the home buying process because a higher credit score will enable you to qualify for a better interest rate and a lower mortgage payment.
Take a Close Look at the Neighborhood
Take your time and look closely at a neighborhood before you commit to buying a home there. Check out the neighborhood on foot if you’ve only driven around it, if possible, at all hours of the day. This will help you spot any possible problems in advance and will prevent you from making the mistake of moving to a neighborhood that’s not the right for you or your family.
Get the Right Type of Mortgage Loan
Not all loan programs are the same, and some loan programs are better than others. For example, if you are a Veteran you can qualify for a VA loan and not have to pay mortgage insurance or put any money down. Make sure you are familiar with all of your options so that you choose the right loan program for you. This could save you hundreds, if not thousands of dollars annually.
Purchase a Home in the Winter
The housing market can often be dictated by the season. Spring and summer months typically bring more buyers, yielding higher prices for sellers. If you’re fine with moving during the holidays, waiting until winter to start the home buying process can save you a lot of money.