Posted on: 29 December 2016Share
When you consider yourself a thrifty spender or you don't have a large budget, you often find yourself eager to get a great deal on a purchase. This means you look for discounts or sales on clothing, furniture, and possibly even your home. You can make a huge home purchase while still being on a budget, you just need to know how and where to look for the best home-buying opportunities. If you are on a fixed budget and you want a great home, here are ways you can buy one at a discount.
Shop certain times of the year
There are certain times of the year where homes sell better than others because less people are in the market to purchase a new residence. The less competition there is for a home, the more flexible a seller may be to simply get their house sold. As a general rule, it's cheapest to buy a home in the fall or winter seasons. Summer is the most expensive time to shop, and spring isn't too far behind. If you want to have more haggling wiggle room, shop for a house during the end of the year.
Shop for the neighborhood, not the home
An older fixer upper in a nice neighborhood near city perks (library, schools, shopping, freeway, etc) is often a better deal than a beautiful home in a poorly kept or run-down neighborhood. Location is key, and a beautiful lot with a small or outdated house can often be cheaper than a much larger, newer home in a development that could use some work. You can always invest in a fixer upper or dated home to make it unique to your tastes, while saving money on your purchase due to its flaws. You are less likely to be able to fix a poor neighborhood or make a positive out being way far out of town, even if you can manage to get a much newer or larger home at a cheaper price.
Have a larger down payment
If you want sellers to be motivated to work with you, offer them a larger down payment when making an offer on a home. If a home has been on the market for a few months or longer, you may have even more leeway in deciding how much you are willing to pay. This may require you to save more money over a longer period of time, but the benefits in doing so can save you a large amount of money later and give you more options for buying a home.
For more information, contact your real estate agent.