Smart Ways To Save Money When Buying A House

If you are thinking of buying a house, whether it's your first home, downsizing due to a change in circumstances or upsizing to somewhere like one of the homes for sale in Boiling Springs, PA to accommodate a bigger family, almost everyone can agree that it's an expensive process. No one likes to waste money that's for sure. So let's have a look at some smart ways to save money when buying a home.

Check out special deals

Check out any special home buying deals that apply to you. First-time buyers that are under 40 have several schemes available to them such as the Lifetime ISA and there are also many Government-backed buying your home schemes which you can find about too if you are remortgaging.

Save a larger deposit

If you can afford it, it makes sense to save as much money as possible as a deposit for a mortgage. A normal deposit could be between 5 to 20%. The larger deposit you have the smaller monthly payments as you are taking out a smaller mortgage.

Shop around with fees

There are several fees associated with buying a house, such as legal fees, surveyor fees, valuation fees and stamp duty on a house over £125,000. Some of these fees such as stamp duty are fixed but others can vary, so shop around for the best rates and get some quotes in writing. A solicitor or licensed conveyancer is needed to buy a home and the later is usually cheaper.

Compare mortgage rates.

Mortgage rates can vary depending on your mortgage provider, how much the mortgage is and the loan to value.   For example, wholesale lending tends to offer better rates as it allows individual home buyers to take advantage of discounted prices that these wholesale lenders offer.  An online comparison site can let you see which mortgages are best for you. A site such as Mortgage Calculator will also help you find out the true cost of a mortgage and how much your outgoings will be, and help you work out if you should reduce the length of time of the mortgage which can save you money in the long run.

Insurances are not all equal

Buildings and contents insurance, as well as insurance for a buy to let, is virtually essential in this day and age to help insure your property and possessions from any damage and loss. Shop around for the best quotes online and carefully compare policies. Usually, a smaller excess or more comprehensive insurance will cost more but you may want to pay it for better coverage. This is one area where saving money on a cheaper policy may be a false economy.

Moving costs

Don't forget to factor in moving costs such as hiring a removal company or a van, getting mail redirected, packing equipment, and the inevitable takeaways until you get sorted.  

When looking to move you will probably need a minimum of a van to move your possessions.   Check out moving companies where you currently live or where you are going. Personal recommendations cannot be beaten, and also compare the prices quote for quote. Sometimes online recommendations can be misleading so be critical when reading them, check what you get for the money and also if they are insured. This article by Which magazine will help you choose the best moving company.

So here are some smart ways to save money when buying a house. Moving home doesn't have to be stressful or ridiculously expensive either, check out my article on packing tips for moving home to help you prepare for the move. Let me know if you have any hints or tips on how to save money when buying a house.

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