Buying your own home is a dream of every individual. Relentless hardworking, burning the midnight oil to complete your presentation, doing 9 to 5 office job which you probably are tired and bored eventually pays off when you gather enough money to buy your dream home.
Purchasing your own property with hard earned money is a huge accomplishment in itself. So, you don’t eat to make a wrong move and end up buying a property which is really not worth the value which you paid to acquire it. It is imperative that your hire best real estate agent in Bluff View TX aid you in finding the house of your dreams by staying in your budget.
Read on below to find about 10 tips to save money when buying your first home.
Tip#1: Hire an Experienced Real Estate Agent
No doubt a real estate agent will save your hard earned money, precious time and effort in finding your dream home. They have years of experience in the home buying process and can aid you in getting your dream property within your budget. It is advised to avail their services as they are proficient in buying and selling the property and have inside knowledge of luxury home sales in your dream locality.
Tip#2: Loan Quotes
it is highly advisable to get loan quotes from at least 4 to 5 montage companies as interest rate varies from lender to lender. As lenders charge loan origination fee, loan application fees, and mortgage fee, you can negotiate with them to lower their rates and fees by the help of loan quotes.
Tip#3: Credit Score
Increase your credit card score if you want your loan to be cheaper. Interest rates and lender fees are tied directly to your credit rating so try to increase your credit score rate for a cheaper loan that suits your budget.
Tip#4: Save For Down Payment
Have at least 20% saved for your down payment before applying for your home loan. Otherwise, you will have to pay for mortgage insurance of the house.
Tip#5: Go For A House That Needs Renovation
No doubt house with latest upgrades, modern custom features and all state of the art facilities will cost you more than a home that meds some makeover. These custom home sales are no doubt very attractive but are very expensive when compared to a simple home that needs remodeling. Find a house that needs a little makeover like painting, updating light fixtures and little upgrades as it will save a bunch of your hard earned money.
Tip#6: Mortgage Loan
Try to get the right type of mortgage loan for your house. You can qualify for USDA loan if you’re not buying a property inside the metropolitan property. As these home loans help low it medium income property buyers become homeowners in rural areas of the country.
Tip#7: Buy a Home in winter
During summer and spring, the prices of the real estate increase by manifold due to high demand as most of the buyers purchase property in this season. So, a real estate advice new, first time buyers to wait for winter to buy their dream property.
Tip#8: Schedule a Home Inspection
After you zero in a property you want to purchase, schedule a home inspection to see whether the house is in proper working condition or not.
Tip#9: Home Insurance
Your lender will want you to have homeowner’s insurance from day 1. So, shop for your home insurance immediately before signing the contract.
Tip#10: Homestead Inspection
File for homestead exemption as it reduces the value of homeowner’s primary residence for tax purposes.
By employing these tips, you will save a huge amount of cash when buying your first home.