Ways to Save Holiday Cash When You’re Buying a New Home

Fall has become one of the hottest times to search for a new home. Traditionally, spring is considered the best season, but with Autumn’s many advantages, home sellers and potential buyers are saturating the fall market like never before.

However, with the holidays following soon after, there are definitely some drawbacks to making such a large purchase. For some great ideas on how to save money while home hunting right before the holidays, see below.

Shop during the cold. Often sellers that have homes on the market in the colder months need to be out quickly and may be much more open to lower-priced offers if they can sell fast. Look for homes that haven’t been sitting on the market for a while, but those have just been listed recently during the fall months.

Use a real estate agent. It may seem like a money saver to go searching on your own, but a real estate agent will be privy to all kinds of information not available to those not in the business. Not only will they do the legwork for you when you give them a list of your wants and needs, but they will also help negotiate on your behalf, and be able to advise you in matters such as financing options, neighborhood areas and school zones. As a buyer, a real estate agent is often a free service as well since the seller customarily pays the commission.

Consider all financing options. Most home buyers, especially first time home buyers, think they have to be locked into a long mortgage or have at least 20% saved for a down payment, but this is not true. With the economy these days, home buyers tend to be able to save less, and some may even not have great credit to work in their favor. For these, there are other options for financing that can be very valuable. Considering a hard money lender over a traditional lender can benefit buyers in many ways. They base their loan decisions off of the property value, not the person, so credit is rarely an issue. Their loans can also be secured in less time, as quickly as a week, and can be paid off within as little as six months if chosen.

Don’t demand “move-in ready.” When you find a house that needs a little work, especially one that can have the work done the following spring or summer, the price tag tends to drop. Always get an inspection done before entering into a contract, and use the findings as a means of negotiations to save money for renovations.