Wednesday, 1 August 2018

How To Spend Less When Buying Your First Home

from here

Getting a foothold on the property ladder isn’t easy – property prices are higher than ever and mortgage lenders want huge deposits. Fortunately, there are many tricks for lowering the cost of buying a home if you’re first-time buyer. Here are just several ways to make buying your first home more affordable.




Don’t buy a home alone



Buying a property alone can be difficult as it can mean a lot of saving up. You’re far better off buying with a partner, friend or family member – you can then each save up money together and afford a deposit more quickly (or alternatively wait longer to afford a bigger property).



Consider a fixer-upper



Fixer-uppers are properties that require a lot of maintenance and repairs – their poor condition often makes them much cheaper to buy, but you do need to factor in the added cost of renovation. Auctions are common places to find fixer uppers for sale. There are also some agents that specialise in these properties. Consider whether you’re willing to put the work in – it could be a much cheaper option than buying regular real estate.





from here




Consider a new build



New properties are also often much cheaper. Many new homes are built with more affordable materials and yet are also very energy-efficient, saving you money on bills in the long run. You could even consider hiring home builders to build your very own home. If you already have the land, building a home can done relatively cheaply and there are self-build mortgages available that can prevent you having to buy the property outright.



Make reasonable sacrifices when it comes to location



More attractive locations tend to be more expensive. By making sacrifices as to where you live, you could afford something a lot more easily. You may not want to go as far as living by an airport or living in a high crime area, however you could consider living further out of town or choosing an upcoming area. Living by a school or a train station can push up the price of a property so bear this in mind.



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Shop around for mortgages



It’s possible to find cheaper mortgage deposits by shopping around. You could consider getting help from a mortgage advisor – these professionals can shop around for you, whilst some may even have access to exclusive deals that you won’t find yourself on the market. Buying when you’re young can allow you access to cheaper deposits. Having a good credit score can also help when gaining access to better deals – there are credit builder schemes to look into that can help to improve your score.



Love,
Ieva


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