How To Save Money When Buying A New Home

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I think most people place homeownership on their list of life goals at some point. It’s seen as a mark of success to earn enough money and buy your own house. However, it’s also a very costly expense. To buy a house, you need to control your spending and make the most out of your income. It requires a lot of saving until you have enough to afford a downpayment. 

At this point, you can easily fall into the trap of paying too much for a house. Lots of people are so eager to become homeowners that they buy the first house they see. In reality, you want to get the most out of this investment, which means finding ways to buy a house as cheap as possible. You can do this, and I’m about to show you a few simple tips:

Work with a real estate company

Most people tell you to avoid real estate companies as they charge fees that can make a house more expensive. This is true, but the benefits largely outweigh this con. Estate agents know the property market a lot better than you, meaning they can find the most suitable homes for your budget. Without them, you could miss out on some great deals. Look at companies like Cami Jones & Company, they offer access to luxury homes that you might not find if you searched alone. The best way to think about it is to look at how you make other investments. When you invest in stocks, you work with a broker who has the experience to guide you in the right direction. This way, your money is put to better use. Real estate companies are the property investment version of this – they help you find a dream home for a great price, potentially saving lots of money. 

Buy at the right time

Buying a house during a property market boom is a bad idea. It means the house prices are up, so you will spend too much on a house. Instead, try and wait for house prices to take a bit of a hit. As they drop down, we enter a buyer’s market. Effectively, this gives you all the power as people are desperate to sell their homes before the price drops even more. Plus, they don’t want to keep their property on the market for too long as they may need to move house. Buy during periods like this to get great houses with huge savings.

Haggle

Now, this is where it really pays to have some professionals on your team. Haggling is the best way to lower the asking price of a house and bite off a big chunk of money. Every seller is open to haggling, you just have to know how to push the right buttons. The video above provides a few negotiation tips you may find useful. 

Combine these three things and you will save a lot of money when buying a new home. In fact, it will surprise you how much you could save. Much depends on the seller and the asking price, but it’s not unheard of to save thousands on a home.

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