When it comes to the most expensive purchase you will ever make in your life, a home is the clear winner. According to the U.S. government census report, the median sale price of a home in the United States in October 2017 was a whopping $312,800 which is no small amount. This number can of course be higher or lower, depending on where you’re looking and what kind of dwelling you’re searching for.
So is there a way to actually find a bargain when buying a home? What kind of tips can you use to help you find the best deal possible? Well you won’t want to start the house hunting stage before reading these tips because, as you can see, there are indeed ways you can save money.
Start with Research
Rather than just jumping into the house hunting process, it’s a good idea to start by researching recently sold and comparable properties in the areas you’re interested in. This will start to paint a picture for you of what kind of pricing is fair and reasonable. You’ll be better able to spot the deals out there, and those homes that are over-priced.
Check Out Mortgage Rates
Another way to get a “good deal” on a home is to get a good rate on your mortgage. Even just a quarter of a point can make a difference in the hundreds on your monthly payment. It can make that home that may have seemed out of your price range suddenly affordable for you.
Consider a Fixer-Upper
While fixer-uppers aren’t for everyone, for those who don’t mind putting in the work, time and money, you can end up getting a pretty good price on the home. Not only that, you’ll be building equity as you renovate the home. Obviously, you will need to keep the renovations in-check and stay on budget so as not to go overboard. If you can do some of the work yourself though, you’ll be able to save a whole lot of money.
Be Prepared to Negotiate
It’s not often that the first price you offer is the one that is accepted, so you also need to go in ready to negotiate. If you aren’t in a bidding war, then there is absolutely no reason to go in with your top price. The seller may be willing to accept less than the list price, giving you an opportunity to save money.
Look Into Foreclosures
Foreclosures can also prove to be an excellent option for those looking to get a deal on a home. These types of situations mean the property is often being sold for below market-value. The bank, or mortgage lender, is just looking to get what they have invested out of the property, which means there is an opportunity for you to score big. It’s a good idea to check out a foreclosure listing service such as Roost Real Estate, where you’ll be able to check out a variety of properties currently in foreclosure.
Get the Price You’re Comfortable With
At the end of the day the “best deal” on a home is really the price you feel is fair and that you feel comfortable paying. These tips will just help you to find that perfect price.