Most everyone has the dream of owning their own home. But did you know there’s ways to save money when you’re buying one? Let’s look at some simple ways to save money while buying a home!
Call the banks and see if you can find the lowest interest rate. This is a huge money saver in the long haul. If you can save money here you’ve done well. We just closed on our new to us house and we paid 3.5% interest and are thrilled with that rate. I remember rates back in the 1980’s when people paid 14% interest to purchase a home. What a savings this time of our life is now!
Call around and price insurance on your home. You need to check with at least 3 different insurance places and see if you can get a better rate. All rates are different because it’s based on the kind of home you own. It’s based on many things like square foot, what the outside is made of (brick, stucco, vinyl) and other variables. But don’t let this one slip by you. You can save upwards of $300 a year by shopping around for insurance agents.
A larger down payment means you don’t have to pay the premium mortgage insurance. If you can put a larger down payment down I would. There’s no point in paying premium mortgage insurance if you don’t have too. We haven’t paid it in quite a few years. When we bought this house we still do not pay it. It’s not something I want to pay and if you have at least a 20% down payment then you do not have too. It’s worth it to save and pay a bigger down payment if you can.
When we bought our house we got a second opinion with another realtor on the sale of the one we already owned. One realtor wanted to list it at $174k with us fixing everything that was wrong with it. We found another that was like you don’t have to fix that unless you want to and listed it 15k higher. We went with the second realtor. We sold higher than the first and didn’t have to fix a thing. We were so happy!
Buying a home is the single biggest purchase most people make in a lifetime. Why not save money while you’re doing it! It’s so important and can save you so much money in the long run! What tips do you have for buying a home?
Check out my other helpful home buying and saving money posts! How to buy a house when you have a toddler, 5 ways to get your debt paid off faster, or my money saving strategies for winter!
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