Looking into the Cody, Wyoming, area real estate market? Realtor Theresa Donley of The Donley Team/Western Real Estate is your go-to source to find and/or sell your home. Let’s team up today! 307-899-5393

 

 

 

Financial Tweaks to Save You Big on a New Home

 

If you felt the urge to cry after seeing the price for a new home, you’re definitely not alone. Every season, homebuyers are taken aback by rising real estate costs. Houses and their accompanying down payments are becoming more expensive each year. Buying a suitable home isn’t a cheap expense; it’s a decades-long investment that should be taken very seriously. That said, there are ways to save on your dream home. Real estate pro Theresa Donley shares some financial tweaks to save you big on a new home.

 

Take Advantage of Lesser-Known Home Loans

 

Since a majority of buyers can’t buy their dream home outright, loans have become an integral part of the home-buying experience. While banks are more than willing to offer home loans to eligible members, there are other opportunities to save with a few smart hacks. VA loans, FHA loans, and USDA rural housing loans are a few examples of some lesser-known borrowing opportunities that require a lower down payment, which saves you a lot of money up front. Just remember, the addition of private mortgage insurance may increase your monthly payment if you put less than 20 percent down. Speak with a professional to determine if you qualify for any of these loans.

 

Hiring a Local Real Estate Agent

 

Homebuyers operating under a tight budget often decide against using a real estate agent in the hopes of saving money. While this could save you money, you miss out on all of the benefits of having a real estate agent. If you want to spend less while saving more, think local. Finding an agent like Theresa Donley of The Donley Team/Western Real Estate who knows your target area well will give you a better chance of finding great deals. One of the first things an experienced realtor will do is determine how much your current house is worth, which, when you ask “How does a person value my house?” you can use an online home value estimator to find out for yourself.

 

These types of local agents know all of the best tricks and methods for saving money in their relative areas, and some are even offering virtual tours during the pandemic. And here’s something important to keep in mind: Since sellers pay for all of your agent fees as a buyer, it essentially costs you nothing at all to use an agent.

 

Wait Until You Have a Higher Credit Score

 

When calculating the overall price of a home, you need to take interest into account. In addition to paying back the full price of a loan, banks will tack on an interest rate to increase their return and encourage timely payments. The percent of interest you’ll pay will be determined by a multitude of factors, with your credit score being one of the most important, notes Money Under 30. The lower your credit score, the higher your interest rate. If you have a credit score that is teetering near the minimum requirement, you should hold off until you’ve fixed it. With a higher credit score, you can negotiate a lower interest rate and save significantly in the long run.

 

Pay for a Thorough Inspection

 

Most of the homes you see on the market have already received a professional inspection at one point or another. While it’s usually safe to assume that these checks were done properly, you can always save some extra money by paying for an inspection of your own. Think of it as paying for a second opinion; your inspector might find something wrong with the home that the first individual missed. This could ultimately save you from future repair costs and could even reduce the listed price of the home. HomeLight suggests finding a reliable inspector who is willing to check the interior and exterior of the home as well as the yard.

 

Buying a home is going to be one of the largest investments of your life; there’s no way around it. However, with the right tweaks and strategies, you can save a lot of money and get the home of your dreams. If you’re ready to start looking, contact Theresa Donley today.

 

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