Buying a house is exciting, expensive and absolutely worth it if you want to get off the rental ladder and onto the homeowner staircase. When they’re looking to buy a new house, most people don’t talk about the cost. They know it’s expensive, the builders and the brokers know it’s expensive.
Instead of talking about it, people do what they can to save money when they’re buying. They talk to their mortgage brokers and their bank, and they work closely with builders if they’re looking to buy a house. It sounds impossible, but you can save a lot of money when purchasing if you know how to go about it. Below, we’ve put together some tips to save money as you buy your new house.
- You could literally save some money. The best way to save money on buying a new house is to save money in your bank account. Start putting 10% of your salary into the account every time you get paid. It may sound like a lot of money, but if you’re attempting to buy a house you know that you’re going to need a lot more than that. Still, it’s an excellent thing to do to ensure that you have a build up of cash. There is never a bad time to have a build up of cash in an account to back you up.
- Invest in great insurance. Yes, this sounds like spending out more money, but you would spend way more money if you need to make a claim on insurance than if you just saved the cash to get out of a hole yourself. Home insurance is a must when you are buying anyway, but when you choose to get insured, you can be covered for repairs and issues in the house. When you invest in insurance early enough, you have to think about covering the cost of the insurance rather than the cost of something going wrong.
- Choose efficiency. The appliances that you have in your home are going to be used as often, and if they are energy efficient ones you’re going to save money in an instant. Unless you’ve been hiding under a rock, you know exactly what to do to make your home a greener one. Efficiency in your appliances equals less of an energy bill.
- Buy what you need. It’s nice to have a spare bedroom but that doesn’t mean that you should fill it with unnecessary furniture. It’s going to be far better for you to wait and hold off on filling your home with furniture when you can afford it little by little. Otherwise, you end up spending a packet of cash on furnishing rooms you don’t need to furnish right now.
- Get some quotes. Speaking to a mortgage broker is a must on this one! You have to get some quotes for a mortgage to know that you have the best price. You want to make sure that you can afford your home and the best thing to do here is to speak to an expert.
You must log in to post a comment.