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5 Simple Ways to Save Money When Buying a New Home

buying a new homeHere’s a bit of breaking news – buying a new home is expensive. What’s that? You already knew houses were expensive? Okay – so maybe it isn’t breaking news after all.

As any recent homebuyer can tell you, it is incredibly difficult to get into a new home without totally breaking your budget for the year (and maybe many years to come). If you are getting ready to go through the home buying process, it is important that you find as many ways to save money as possible.

With that in mind, we are happy to offer you the following five money saving tips. These tips might not make your home buying experience ‘cheap’, but they should help to lessen the burden at least a little bit.

Keep Your ‘Old’ Furniture

The temptation when buying a new home is to also buy all new furniture to fill it with. While that might be a fun idea, it is also extremely expensive. Instead, be patient and simply move your old furniture into the new place. Once you have settled in and your bank account has recovered from the house purchase, you can go about starting to buy new furniture one piece at a time as your budget allows.

Don’t Get Desperate

If you find yourself in a ‘desperate’ home buying situation (meaning you have to buy one ASAP), you are likely to wind up overpaying for your house. Try to give yourself as much time as possible so you can make reasonable offers and only agree to a purchase when you are totally happy with the final sale price.

Pick a Reasonable Square Footage

It is easy to get caught up in trying to find the biggest possible house when you hit the market for your next home. However, square footage isn’t everything when buying a house. Be reasonable with your size needs based on the number of people that will be living in the home, and focus your search on homes that are big enough while still being affordable so you don’t end up feeling house poor.

Be Flexible on Location

You probably have a general area in which you need to shop in order to have a reasonable commute to and from work each day – but you should be flexible within that range in order to find the best deal. If you are only willing to look in one geographic area, you are more than likely going to pay too much. Keep your mind and eyes open and be ready to act when you find a great deal in a location that will work.

Pay for an Inspection

That’s right – for this last tip, we are actually going to tell you to spend some money in order to save some money. By paying for a home inspection as part of the home buying process, you can potentially avoid expensive home repair bills later on. A good inspector will be able to catch potential problems upfront, which is far better than finding out about them after you have moved in to the house.

 

How have you saved money when buying a new home? Can you think of any other tips to help save money when buying a new home?

 

Photo courtesy of: midascode

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

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One comment

  1. One best way to not be in debt after purchasing a house is to get ready for upcoming expenses. I think another tips are not to spend too much and to control. Simple things, but these are helpful ones.

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