Buying your first home requires a ton of research and careful planning. Let’s face it, you’ve never done this before, so money is probably the first thing on your mind – it is a huge expense; however, it’s incredibly rewarding to become a homeowner for the first time. Here are five tips for first time home buyers to save some money throughout the process.
Pay for an Inspection
At first glance you might think that this is an added expense that you can skip – wrong. If something is wrong with your potential new home, hiring a professional to conduct an inspection before you sign any papers can save you money in the long run.
Choose the Right Mortgage
This can be tricky, a 30-year mortgage might appear to be the best option at the beginning, but if you go with a 15-year mortgage right from the beginning, you will end up paying less in interest fees overall. Do your research to figure out what works best for you, but don’t forget about interest rates!
Negotiate Closing Costs
These costs typically account or 1-8% of the purchase price, so don’t be afraid to negotiate this added expense.
Cable, internet and phone are things that most people see as a necessity, so when you are moving into your new space, consider bundling these services to provide you with the most possible savings.
Consult a Professional
A local real estate agent is one expense that will actually save you time and money. He/she will act as a resource and provide you with the right type of guidance to get the most bang for your buck.
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