5 Ways to Save Money When Buying Your Next HomePosted on Apr 20, 2020
It’s safe to say that most people’s biggest expense is putting a roof over their heads, and doing so is only getting more expensive in the Denver-Metro market. However, by purchasing and investing in a home, you can have more control over your financial future. Not only will you no longer have to worry about a pesky landlord raising the rent, essentially giving your money away, or abiding by an apartment complex’s rules, but you’ll be investing in a long term and customizable space that’s all your own, and who doesn’t want that? Nonetheless, a mortgage is still a monthly payment, and investing in a home is an expensive venture, which is why we’ve listed here 5 clever ways you can save money when buying your next home.
Use an Experienced Local Real Estate Agent!
Having a good realtor will save you a lot of money, time, and heartbreak. Our expertise with real estate contracts, as well as our experience in the home buying process is ideal to ensure you’re getting the best deal on a home. A real estate agent is able to detect and negotiate certain details of the contract in order to protect you and save you money on things you may have never even heard of.
Don’t try to navigate the market in the dark. At Team Lassen, we can help with this. Be sure to get in touch with one of our agents today!
Consider Choosing a House That May Need Some Work
Most are looking for that home that is going to sweep them off their feet immediately and won’t need any additional work or maintenance. However, homes that have new upgrades and customized features will cost much more than a home that needs a little TLC. Choosing a home that you see potential in, regardless of flaws, can be a great way to save money. Adding in your own customizations can be relatively easy, rewarding, and it will save you cash in the long run.
If you’re thinking of a fixer-upper, Team Lassen is here to help. We have resources available to assist you, and referred partners to guide you through the process.
Increase Your Credit Score
The truth is, the higher your credit score is, the cheaper your home loan may be. Your credit rating is directly related to your lender fees and interest rates. Thankfully there are a few simple ways you can improve your credit score fast so that you can apply for your loan now. If you need tips on improving your credit score, read on here! Paying down your credit card balances, not applying for new loans or credit card accounts, and researching your recommended credit limit each month is ideal for raising your credit score. If you want to know more tips and tricks on credit, be sure to get in touch with our lending team today!
Conduct Your Own Inspection
It is critical to pay attention during the home inspection process! Ask any questions you may have, take notes, and watch what the inspector is doing! However, it’s not advised to rely solely on that report. Going through the home on your own. Getting to know the property more thoroughly will ensure that you save money and don’t need any new or replacement appliances during your first week in your new home.
Determine How Much You Can Afford Each Month
The general rule of thumb is that you should spend no more than 25% of your monthly income on your mortgage. Tying up too much of your budget in a monthly payment is detrimental, and you’ll end up leaving yourself unprepared in the face of emergencies! We find that knowing how much you can spend each month and being knowledgeable and realistic about what you can actually afford is ideal when staying on a budget.
Saving money when purchasing a home doesn’t have to be as intimidating or difficult as it may initially seem. Taking the necessary steps towards achieving your home goals will be rewarding in the long run and make life simpler. If you’re interested in taking action towards saving up for your next home, feel free to contact our team for more advice and information. We’ll help you get there!