Home buying is, without doubt, a major financial transaction for most of us.
An article in Business Insider suggests that buying a house tops the list when it comes to the most expensive things that people spend their money on. But there are ways to make the process simpler and cheaper for prospective homebuyers.
Here are just a few ways to save money when buying a house.
Buy in winter
Believe it or not, the time of year at which you make a purchase can have an effect on the amount you’ll pay. People generally want to move in the spring and summer months whereas nobody really has the time or inclination to move during the colder, wetter months (not to mention the chaos of Christmas). The housing market can reflect these consumer preferences and you could make unexpected savings.
Shop around for mortgages
Getting the best mortgage deal will involve time and effort but it could save you a lot of money. Shop around and examine various lenders before taking the plunge. You’ll find that interest rates, application fees, admin charges and so on can all vary. But there are ways to make the process simpler and cheaper for prospective homebuyers. Getting the best mortgage deal will involve time and effort but it could save you a lot of money. Shop around and examine various lenders before taking the plunge. You’ll find that interest rates, application fees, admin charges and so on can all vary.
Get a survey
An in-depth survey will identify any potential issue with the house that may require costly repairs in the future. If you looking a home buyers survey Sunderland and other locations are home to specialists like as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Sunderland) who will look at factors such as structural integrity, roof, rot and external factors that could pose problems. This can be especially useful for first-time buyers. In the end you should be able to get the seller to rectify any problems or negotiate a lower selling price to cover the repair costs. Either way, you save money.
Use an estate agent
An estate agent may come at a cost but their guidance is usually invaluable. They can help you get the best possible deal and ensure that the buying process runs smoothly. This can be especially useful for first-time buyers.
Increase your credit score
If you have good credit then you’re a more attractive client for lenders and you’ll probably find that you’ll get lower interest rates and lender fees. Improve your credit by paying off (or at least paying down) any existing credit cards and opting not to apply for any new ones during the mortgage process.
