Saving on a New Home

By: Jorge Lopez, March 22, 2016

Considering the hundreds of thousands of dollars involved in buying a home, it’s always worth exploring where you can potentially save some money.  Here are a couple of ways in which you may be able to save hundreds or even tens of thousands of dollars on your home purchase.

New housing developments can take time to complete their construction, and the first buyers to move into these homes are typically forced to tolerate the noise from construction, little to no neighbors, a lack of lawns, and more,  While these may be considered drawbacks, builders are often willing to provide better deals to buyers that purchase early.  If you’d rather not move in so early, try again when construction is closer to completion, as builders may be willing to negotiate so they can finish up.

Provided you’re willing to buy a home that may require some repairs, consider a short sale or a bank-owned home.  It may take a while before the bank will accept your offer, but the end result means potentially hundreds of thousands of dollars in savings with a short sale purchase.

When browsing listings, take a closer look at those that are being sold directly by the homeowner instead of an agent.  Dealing directly with the homeowner means he or she won’t be required to pay the commission fee, which may allow you to negotiate a lower purchase price.

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