If you’re looking to save money when you buy, there are different ways you can do that (besides buying a less-expensive home, of course).
Save money on one-time and continuing home costs. With a new home, you’ll have plenty of new expenses—but also plenty of ways to save money. Although buying a new home often means new furniture, think about delaying your purchases until after you’ve moved in. You may find that some of your old furnishings are perfectly good for your new home. Also, having a big yard or a pool may be a nice perk, but the maintenance costs may be prohibitive. Other areas you should think about in terms of cost include heating and air conditioning, electricity, and homeowners insurance.
Save money by getting a good home inspection. Getting a thorough home inspection before you close on a home can save you thousands of dollars. Problems with a home that are missed during a home inspection could mean extra out-of-pocket costs when you move in or down the road a few years. Also, identifying problems may give you more negotiating leverage with the seller which could mean a lower purchase price. If an area of concern is minor, you may want to ask the seller to lower the home’s price rather than having them fix it.
Save money by considering where to buy. The price of a home isn’t just about the structure and the land it’s on; it’s also about its location. In other words, you’ll pay more for a home in a prestigious area or a “hot” neighborhood. You’ll also pay more for a home that is close to shopping areas, parks, transportation, and other general services. To save money, try to find a home in an area or neighborhood in which the cost of the home isn’t overly inflated by its location. Your real estate agent can help you with this as they know which areas are good values and which areas aren’t.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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