Everyone wants to save a few bucks but did you know how easy it can be even when buying a house? We want our homebuyers to not just love their home but be pleasantly surprised at how they can save money so here are five unique ways you can save money on your next real estate purchase.
#1. Shop for a mortgage.
There are ways to save money when buying with cash but shopping around for a mortgage when you are financing a property is definitely one way to do that. You can save thousands if not tens of thousands of dollars over the life of the loan simply by shopping around for the best mortgage rate. Even just half of a percentage can save you a lot of money.
#2. Check out grants and government rebates.
There are a lot of government grants and down payment assistance programs to help ease the burden of buying a home. First-time homebuyer programs are a great initiative for new buyers but there’s also grants and opportunities for experienced buyers as well. Talk to your real estate agent and your lender about the opportunities.
#3. Improve your credit score.
Simply by improving your credit score 50 points to 100 points can lower your interest rate and save you hundreds every year or even thousands over the life of the loan.
#4. Use a buyers agent.
If you’ve never purchased a home before there’s a lot to understand about the complexity of the transaction. Using a buyers agent on your behalf is completely free to the buyer and it can save you thousands of dollars by submitting a solid offer, negotiating, and utilizing their experience.
#5. Figure out a budget first.
It helps to understand how much you actually need to buy a house. A new house comes with a lot of new expenses, not just a mortgage payment. You’ll have homeowners insurance, property taxes, and any repairs and replacements in the future. Include absolutely everything you spend money on and try to cut back where you can so that you can put more money away for major expenses.
We’d love to help you save money on your next home purchase when looking at Colorado Springs real estate. Contact one of our buyers agents today for more tips and tricks to buying a home you love and saving money while doing so.
