If you are currently thinking about buying your very first home then it is a very exciting time indeed and it comes with high stress as well. It’s likely that you have seen a property that you really love, but it might be outside your budget or it might be located in an area that is not close to your place of work and it’s too far away from schools. Due to the fact that it is going to be probably the single largest purchase that you will make in your lifetime, it makes perfect sense that you might want to save yourself some money along the way. Paying out on a mortgage every month for the next 30 to 35 years of your life is a huge responsibility to put on anyone shoulders and so anything that you can do to cut down the costs needs to be embraced.
If you finally find a property that you think would be perfect for you and your family, then you need to get a good idea if the price that they’re asking for is a realistic one and it falls in line with similar properties in the same area. To know exactly, you need to contact Property Pricer to get a very realistic idea of what the property is actually worth. This provides you with the knowledge that you need to decide whether or not you wish to put an offer on the property or not. Once you get that out of the way, there are many ways to save yourself some money when buying a property and the following are just some of them.
- Increase your down payment – If you have saved up a sum of money over the past number of years then it would probably make sense to use that cash to make a large down payment on the mortgage is that you hope to take out. This is going to save you quite a lot of money over the long term and it will also help to reduce your monthly mortgage payments. In many cases, your lender might insist that you take out some kind of mortgage insurance after closing on a house in the event that you lose your job and you are unable to pay your instalments. If you put a suitably large down payment on the property then you may not have to take out this insurance at all.
- Get the seller to pay – It always pays to negotiate with the seller because if they know that you are making a serious bid on the property then they may be more flexible when it comes to paying certain fees like the fees for the estate agent and solicitor. These are known as closing costs and you shouldn’t be afraid to ask the seller to pay them for you in full for at least pay a fraction of them.
These are only two ways in which to save yourself money when buying a new property and there are numerous more. It might be an option to talk to your lender about taking out your mortgage over a shorter period of time so that it is paid off early.