Friday 6 December 2013

In The Market For A New House: 6 Strategies To Save You Money

For those looking to purchase a new home, there are many different strategies to take advantage of to ensure that you save as much money as possible. By getting the best deal, it will guarantee that you can afford more square footage and have extra money for closing costs.

1. Inspect the Home

Many buyers make the mistake of not having a home inspected before purchasing it, which can lead to paying thousands of extra dollars on repairs that are needed. If mold or electrical issues are found, it can immediately be factored in to the offer to save extra money on the purchase or avoid it altogether. It seems like an extra cost, but when you are making such a large investment, it is always a good idea to check every aspect of the purchase.

2. Avoid Making Too Low of an Offer

Although it's acceptable to make an offer on a home instead of simply paying the asking price, avoid making too low of an offer, which can burn a bridge with the seller. Unless the house has been on the market for a long time, the buyers are likely not too desperate. This is where a real estate agent can really help, they will know appropriate amounts to go in and offer and at what points you can lower it.

3. Get Pre-Approved Beforehand

Forgetting to get pre-approved before finding a great deal on a home can mean losing out on the deal altogether as someone else can quickly buy the home while you go through the pre-approval process. Sellers are also much more likely to accept offers from pre-approved buyers instead of taking their chances. As soon as you know you are going to be in the market for a new home, there is no reason to not go get pre-approved. Then you will be ready and able to act as soon as a home catches your eye.

4. Research the Neighborhood

To ensure that you're getting a fair deal on the property, look into the selling price of other homes in the neighborhood. This will make it easier to determine the amount of an offer that you want to make as you should offer a rate that is eight to 10 percent lower than the asking price. Researching the neighborhood is also a good idea either way. You should be well informed on different issues pertaining to where you could be living. For example, what are the crime rates of the area and what is its history, have there ever been weather issues in other seasons? These are great things to know beforehand and know what you are coming into.

5. Purchase a Home with Home Security

By purchasing a home that already uses a local home security company to protect the property, it will make it easier to save more and prevent break-ins that can mean losing thousands of dollars. Look for a property with Vivint home automation for an easier way to save on home security needs and be able to monitor every area of the property.

6. Hire a Professional

By hiring a professional real estate agent to help you with the home buying process, it will mean having access to the latest tools and knowledge. It will mean being more aware of the customs and laws currently active in the city you are looking to live in while also becoming more aware of homes that are currently selling. They are professionals and will know how and when to offer the right amount of money on your home to get you the best deal possible. 

Do you have have any questions or suggestions? Write in comment section.

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