When buying a new home, it’s easy to focus on the costs and forget about the ways you can save money. But with a little bit of planning and preparation, you can potentially save thousands of dollars on your home purchase. Here are four things you can do to help you save money when buying a new home:
- Hire a team of professionals: Hiring a team of professionals, such as a real estate agent, lender, and home inspector, can cost money up front, but it can save you a lot of money in the long run. These professionals can help you avoid red flags, know what’s standard for the local market, and negotiate the best deal for you.
- Do the prep work: Meeting with your lender early on in the process and assessing whether or not you need to do a few things to raise your credit score or pay off debt to get a better rate can save you a lot of money. Being a meticulous planner when buying a home can pay off in the long run.
- Home inspection: Paying for a home inspection can save you thousands of dollars. Home inspections can uncover major defects that either the seller can repair (on their dime) or you can make negotiations in your best interest. Ask your agent for reputable home inspectors and show up to the appointment to ask questions.
- File your homestead exemption: Filing your homestead exemption can save you thousands come tax time. Some title companies do this for you and others require you to do it, but either way, after you purchase a home, always call to be sure the homestead exemption was filed before the clock strikes 12 at the New Year.
By following these tips, you can save money on your home purchase and avoid buyer’s remorse and financial distress as a homeowner. Remember to save this post for future reference and don’t hesitate to reach out to a professional for guidance.