You’re looking for a home and you’re well-aware how expensive it can be. But that doesn’t mean you just have to accept the prices that are being thrown at you. You could very well end up with a lot more house for a lot less money. You just have to know the opportunities at hand and be smart with how you proceed.
Be mortgage smart
Few people are going to buy a house outright. So, when it comes to getting a mortgage, what’s the smarter way to do it? Comparing a broad range of offers and what they mean for you is just the start. Don’t go for a mortgage until you have your credit in a healthy position, if you can wait for the house. If you have time, then consider saving up for a bigger deposit. This can make a home much more affordable in the long-term because you have less to pay off as you go. That can also mean a shorter payment period and lower interest payments.
Look further than the next street
If you have some freedom as to where exactly you move, then make use of that freedom. You might think that buying prices are the same everywhere based on the standards and the details of the area. But identical housing areas can have completely different housing markets. Check out housing maps to find your balance of affordable and attractive. You might not have to go as far as you think to find your dream home for a lot less.
Consider going downmarket
You might think about holding off on buying your dream house, as well. Instead, you could end up making it yourself. It’s reasonable to consider going into the lower ranges of your budget. You have to have the willpower and the know-how to take a fixer-upper and make the improvements that will greatly increase its value and standards. But if you’re buying a home for investment purposes, this is where the most money can potentially be made. There are a lot of fine homes out there that can be elevated to the next level with a little work.
Take a closer look
The more informed you are on a home, the more likely you are to get a better deal. Following the guide to home surveys can help you pinpoint specific issues within a home. You might not get a lower price but you are more likely to get the seller to invest in fixing said issue before you move in. That way, you don’t have to pay for it yourself. Where you’re likely to drive the price down is in negotiation. Before getting to that stage, look at past house sales in the area and see what similar properties have gone for. This gives you a more realistic expectation of what you could actually be paying for a home.
Buying a house is never going to be cheap. However, that doesn’t mean that it can’t be a great deal. Keep your options open, if possible. Be willing to do a little more work for your value. Don’t miss an opportunity to get a better home for your money or even the home you want for less money.