FIRST TIME HOME BUYERS

Money Saving Tips

It goes without saying that everyone in the market to purchase a home is looking to save as much money as possible on that purchase. After all, your home is likely to be the biggest single investment you will make over the course of your lifetime, and saving just a few thousand dollars right now could end up saving you tens of thousands of dollars in interest. Want the inside scoop when it comes to making a savvy home purchase? Here are some money saving tips for homebuyers:
  • Ask the seller to pay your closing costs. This can save you from three to five percent of the purchase price of your home, or sometimes even more. It’s not unusual for sellers (especially those who are eager to sell) to pay either a portion, or all, of the buyer’s closing costs. Therefore, it never hurts to ask.

    Work with a real estate agent. Many home-buyers mistakenly believe that they can save money by skipping out on the middle man and shopping only For Sale By Owner (FSBO) properties. Unfortunately for them, it often turns out that the opposite is true. Real estate agents not only have the resources to find the best deals available to you, but also the knowledge and experience to negotiate difficult offers with sellers, which can ultimately save you a lot of money. Additionally, real estate agents are educated on the ins and outs of real estate law, which means they can offer guidance and protection against very costly mistakes that can occur during the home buying process.

    Shop at the right time. As you well know, sometimes it’s a buyer’s market, and sometimes it’s a seller’s market. If you don’t know how to recognize which is which, then a reputable real estate agent can advise you. Ideally, you want to purchase your home when it’s a buyer’s market, as doing so can save you tens of thousands of dollars.

    Ask about bank owned properties. Bank owned properties are those that have been foreclosed upon. Banks are not in the business of selling houses, so they generally want to unload properties that they repossess as soon as possible after reclaiming them. This puts you in a power position, and you may be able to purchase a bank owned property at a deep discount.
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Residential real estate is a broad market, encompassing a multitude of products and services for both home buyers and home sellers, provided for by a widely variant network of industry specialists. If you are in the need of some expert guidance when it comes to any of your real estate needs, then contact us today!
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