The Frugal Buyer’s Secrets To Getting A Better Deal On A Home
They say that moving home is the most stressful experience in a person’s life. If you’ve paid more than you think you should have for that home, it can get even more stressful. When it comes to home-buying, a lot of people are willing to roll over for whatever price they get. They understand that homes are expensive and think it only natural to have to pay so much. Well, that’s not the case at all. There are a lot of ways you can cut down the cost of owning your first home.
Take your time getting a mortgage
Don’t just immediately rush to your usual bank to get a mortgage. Just because you’re already a customer does not mean that they’re liable to give you a better deal. Instead, take your time looking at different providers. There are sites that can help you see all the current mortgage rates. It’s also a good idea to get your mortgage preapproved before you start looking at homes. Know what your budget is well before you start fixing your eye on any homes in particular. If you start negotiating without a preapproved mortgage, you’re in no position to close a deal. By the time you do finally get approval, the opportunity might have passed.
Do your research
Don’t just accept what you see and what you’re told about a home. You need to start doing your research and finding the things that can help you get a better deal. For instance, looking at the area. Proximity to schools, hospitals, and services are important. As are crime rates and the like. These can be factored into the price you offer. Most importantly, make sure that you get a proper home inspection done. Even if it just means inspecting the house yourself. Identifying problems opens up three possibilities. They’ll drop the price or offer to fix it for you. If they do neither, then you don’t want to buy from them in the first place. They’ve already shown they’re not considering a fair deal.
Buy a house at the right time of year
As in all things, timing is everything when buying a home. There are some periods and even some days where things are just in your favor. On a general note, buying in the Winter usually favors the buyer. That’s because there are fewer people willing to go around looking at homes in the cold. If a home is up during the Winter, it likely means it’s been on the market for a while now, too. Few people will put their home on the market in the worst season for it. Christmas Day, above all other days, is the single best time to buy for a host of reasons, too.
Learn to negotiate
One of the reasons Christmas day is a great time of year is because it’s a lot easier to negotiate. People simply have a much jollier, even more generous disposition when tis the season. The mental aspect of that negotiation is the most beautiful thing about it. It’s also what you should be using to help you negotiate a better choice. For instance, get a better idea of the market. Not just in that area, but for the kind of home you’re looking at. Figure out the dimensions of the home and get it valued yourself. Most importantly, don’t be afraid to walk away entirely from negotiations. If they believe you want to buy that house more than any other, they’ll stick hard to their price. If you show that you have plenty of other options, they might try harder to get you to stick around.
Remember the odds and ends
To make sure that you’re taking the best care of your wallet, don’t think just of the mortgage and price. For one, you have conveyancing and moving fees to deal with. Make sure they’re factored into your budget. Then when it comes to insurance, think before you buy. How can you lower the price of your insurance? One truly practical method is to make your home more secure. From reinforcing entrances to installing CCTV and home alarm systems. A safer home is one that insurance companies are going to be offering much better deals for in the end.
The best loans. The best price. The best insurance. You need to make sure you’re pushing the limits of every cutting cost in buying a home you can. Not only will it make life easier, it’ll improve the investment potential of the home.