Simple Tips for Furgal Home Buying

Every time a house comes up for sale in my neighborhood, I can’t help but look it up to see what they are asking for. When I see how the housing market has changed from the time we bought our house to now, it is always very tempting to see what we could get for ours. As much as I’d like to turn a nice profit on my investment, I’d then be in the position of needing to find a new house. We are staying where we are for the foreseeable future, but it never hurts to have a plan. If you’re in the postion of buying a house but also want to save as much money on the whole process as you can, here are a few things you should definitely know.

1. Say Yes to Less

Before you dive headfirst into the property pool, it’s good to take a step back. And also maybe don’t get a house with an actual pool. Do you really need that four-bedroom palace for your cat and your succulent collection? Downsizing your space ambitions can drastically reduce your costs not just upfront but in ongoing maintenance and utilities, although it can be tricky if you have kids and/or work from home, so give it some thought. Smaller homes have their perks: less cleaning, less spending, and more money for taco Tuesdays.

2. Foreclosure Fortunes

You might also want to consider buying a foreclosure. Yes, it sounds a bit like scavenging, but with a strategy. Foreclosed homes can be a bargain bin of opportunities if you’re willing to put in some elbow grease. Just remember, it’s like adopting a pet from a shelter; they might need a bit more care and feeding to bring them back to glory. Hopefully less doodoo to clean up though.

3. Fixer-Upper Flair

If you’ve ever fantasized about wielding a hammer and shouting, “I can fix it!”, then you play into the sterotype that dad is handy. If you actually can fix it, a fixer-upper might be your budget-friendly ticket. Purchase a home that needs a little TLC, and invest in renovations as you go. It’s often cheaper than buying a move-in-ready mansion, and you get the added bragging rights of transforming a frog into a prince.

4. Real Estate Attorney vs. Agent

Now, here’s a novel idea: consider using a real estate attorney instead of an agent when you’re ready to do the deed—or deeds, as it were. While agents are great for finding you the right home and negotiating deals, an attorney can handle the closing processes and ensure everything is legal and tidy for often less dough. This way, you cut out commission costs and get straight to the legal nitty-gritty.

5. Government Grabs

Look into government incentives and loans, especially if you’re a first-time buyer. Programs like FHA loans can offer lower down payments and are friendlier to those of us whose credit scores aren’t brag-worthy. Plus, who doesn’t want to say they finagled a deal with the government to score a home?

6. Off-Season Shopping

Buy during the off-season. Winter, especially around the holidays, can be a goldmine. Sellers are fewer, buyers are preoccupied with decking halls, and you might just snag a deal from a seller desperate to close before the New Year. Bonus: moving in the cold means fewer sweat stains on your favorite moving shirt.

7. The Long Game

Consider the long-term. Choosing a home that holds value or is in a budding area can mean better resale value. Think of it as the slow cooker of investment strategies: set it, forget it, and let it simmer into a lucrative stew of future profits.

As you can see, even buying a home can be made more frugal if you really try!