How to Save Thousands of Dollars on Your New Home Purchase

Buying a home is one of the most expensive purchases you’ll ever make. If you’re like most people shopping for a home, you’re probably trying to match a home that fits your needs perfectly with the lowest possible price. By following some simple guidelines, you can stand to save thousands of dollars, without sacrificing anything to affordability.
Previous successful homebuyers have purchased their homes for thousands of dollars below a seller’s asking price. The question is: how? Skills like negotiation are handy, but the fundamentals are often overlooked. This report will cover the following:

    • Steps for saving thousands when you buy a home
    • How sellers price their homes
    • Some simple steps to save you thousands of dollars when you purchase a home

Going into the home-buying process with some basic knowledge and data makes all the difference. The following are some simple, but often overlooked, points that every homebuyer should take into account.

Be sure about what you want

This seems like a simple point, but many people make the mistake of confusing what they need with what they desire. The goal of shopping around is to find a property that fulfills both needs and desires, but it’s important to know that in the real world, this balance doesn’t always occur.

When the purchase price of an item exceeds $10,000, people are prone to letting emotion and desire play a big role in their decision-making processes. When you’re looking at home, you’ll find yourself drawn to certain properties for completely different reasons; some based on needs, and others based on desires. Is it better to buy the house with the basement suite for rental possibilities, or the one with more bedrooms to better accommodate a growing family? Many people make the wrong decision at this step and end up regretting their purchase for years.

It’s vital that you satisfy your needs first, and your desires second. Oftentimes, writing down both in separate categories can aid in the home-buying process.

Shopping with powerful help

To ensure you are viewing properties that meet your exact requirements, you should make sure your agent offers a buyer profile system and can provide you with all relevant MLS® System listings. Using a buyer profile system greatly increases your chances of finding that perfect home, as you will be made aware of all existing and new listings that meet your specific needs.

Understand how sellers set their asking price

Sellers price their homes in several different categories, which is why it’s important to consult your buying agent about the price of a property. Keep in mind that roughly 75% of all homes on the market are priced 5-10% above fair market value.