Are you in the market for a new home? If so, you'll want to read this blog post! In it, we will discuss 5 tips that will help you save money when buying a home. By following these tips, you can avoid costly mistakes and get the best deal on your new house. Let's get started!
Now it may sound obvious but there are still a lot of buyer's out there who will go out searching for homes without a pre approval. In this crazy seller's market you will not have any chance at all without a pre approval and it will just cause you a lot of heartache and frustration when you find the perfect home but lose out because you have to wait for your pre approval to come it.
I would highly suggest getting a pre approval before you even start searching for homes, even for fun. I work with a lot of buyer's who will start searching for homes based on what they believe they will be approved for and then when they go and get their pre approval it's $100K-$200K lower. $100K lower home is a huge difference in a type of home and you will only be setting yourself up for emotional torture.
So get pre approved and know exactly what you can afford. You will feel much more comfortable and confident. It only takes a few minutes of your time and most can be done online.
When getting a pre approval most people go to who they trust most, which is usually their bank. Banks are the last place you want to go when it comes to getting a mortgage. You always want to go through a mortgage company, for many reasons.
There are over 24,000 Realtors in the St. Louis Metro Area alone. The average real estate agent sells 3.5 homes a year. This is not someone you want helping and guiding you through what is probably going to be your biggest purchase ever.
Using a top real estate agent will save you a lot of time, headache and lots of money. Top Realtors know many different ways to get deals accepted and are trained in negotiations and inspections. It cost you nothing to use a Realtor to buy a home, but it could cost you thousands choosing the wrong one.
Most buyer's want to see homes on nights and weekends, which is fine and I get it, but do you know who else is going to go see those homes on nights and weekends? EVERYONE.
Be flexible, you're buying a house, this is a big deal. If you need to take a day off work to go see a bunch of homes or take an extra 20 minute lunch break, then I suggest doing it. You need to be going to see these homes when no one else is. Go in the morning, during lunch, when the weather is crappy.
I love when it's snowing or raining because I always reach out to my serious buyer's and let them know this is when we should be going out and looking. Not only will you have a better shot of getting these homes during those times it will save you tons of money!
There are many great homes that sit on the market and don't sell right away. Buyer's tend to stop looking at these because they assume there is something wrong with the house.
There are a lot of agents who just don't market a home properly, mainly by not having professional photos taken, so the home sits on the market. Doesn't mean it's a bad home just a bad listing agent that is representing the seller.
These are the homes that you can get under list price, sometimes way under, as well as getting the seller to pay for your closing costs, which will also save you several thousand. No bidding wars on these and usually the seller is eager to sell because they keep seeing all of the other homes selling and just want theirs gone.
There are many factors that can eat away at your budget when buying a home, but there are also several ways to save. We hope this post has given you some helpful insight into how to buy a house without breaking the bank. If you have any questions or need help getting pre approved for that perfect new place, send us an email and we’d be happy to connect with our expert mortgage brokers who will work with you on all of the details so they don’t get in your way! Have fun hunting for your dream home- Let me know if you need a top agent ;)