3 Ways to Save Money When Buying Your First Starter Home

Sunday, October 20, 2019, 6:00 AM | Leave Comment

Buying a home is a very exciting time in anyone’s life. At the same time, it is a big investment and your first property could help you to build equity that can then be rolled over into future home purchases.

When you are buying your first starter home, it can be a financially daunting task.

While buying a starter home can seem to a big expense, there are three things that you can do to save money on this very important purchase.

  1. Get a Smaller Property

    When you are looking for your first property, you may be intrigued by the bigger homes that are available for sale. However, when you are looking for old and new homes for sale, you should consider getting one that is smaller. A smaller home will come with a variety of different financial controls including a normally smaller purchase price and associated closing costs, lower property taxes in most markets, reduced utility bills, and less space that needs new furniture.

  2. Shop Around

    Owning a home comes with a lot of different expenses. These will include paying a mortgage, property taxes, insurance, maintenance, and utility bills. While these expenses to some degree are unavoidable, almost all of these costs can be minimized if you are willing to shop around and negotiate. This process can include trying to shop around for the lower mortgage interest rate, appealing property tax bills, taking steps to minimize your energy and water usage, and always looking for the best deal on other expenses. Doing this could greatly reduce your overall costs and make a home far more affordable.

  3. Inspections

    While paying for a thorough home inspection will come with an upfront expense, it can be the best money that you ever spend. A quality home inspection will be able to identify any issues that exist with a property that you are looking to buy. Based on the inspection, you may determine that the maintenance needs are too expensive. Additionally, you could use it as a way to negotiate repair credits.

Whenever you are looking to purchase a new home, it can seem like the overall expense is way too much to take on. Between coming up with a down payment, making closing costs payments, and furnishing a home, the amount of money that is paid out can be intimidating. Fortunately, there are a variety of tips that can be followed that could help you to save money when you buy your first starter home.

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