7 ways to save money when you are preparing to become a homeowner
All first-time home buyers need to know these tricks!
Preparing to buy your first-ever home can often feel overwhelming–not to mention expensive!
These tips will help you save money as you embark on your journey to owning a home.
Research and Compare Mortgage Options: Explore different lenders to find the best interest rates and terms. Compare fees, closing costs, and other expenses associated with each option. A lower interest rate can save you thousands of dollars over the life of the loan. An amazing mortgage agent like mine, takes all this work on for you!
Improve your Credit Score: A higher credit score often leads to better interest rates and loan terms. Take steps to improve your credit by paying bills on time, reducing credit card and car debt, and avoiding new credit inquiries before applying for a mortgage. You can never fill out a mortgage application too early - this will help the agent to advise you on what to prioritize.
Negotiate the Purchase Price: Don’t be afraid to negotiate with the seller. As your Realtor, I will comparable home prices in the area and use that information to support your offer. A lower purchase price can significantly reduce your overall cost.
Consider a Smaller or Less Expensive Home: Assess your needs realistically. Smaller homes often have lower purchase prices, lower property taxes, and lower utility costs.
Look for Energy Efficient Features: Prioritize properties with energy-efficient features like insulation, newer windows, and energy-efficient appliances. These features can lead to substantial savings on utility bills over time, or if you find a home that needs these items, you can research grants to help you make the improvements yourself!
Shop Around for Homeowners Insurance: Obtain quotes from multiple insurance providers to ensure you get the best coverage at the most affordable rate. Bundle your homeowner’s insurance with other policies, such as auto insurance, to potentially qualify for discounts.
Hire a Qualified Home Inspector: Thoroughly examine the property for any issues or necessary repairs. Identifying potential problems in advance can help you negotiate repairs or a lower purchase price.
As your Kitchener Waterloo Real Estate Agent, I will guide you through each of these steps so you can save the most money possible on your home while still finding a place that checks off all your boxes! Reach out to me at hello@athomecompany.ca or you can fill out my Buyer Survey to get started!