Homebuying Tips: Save Money While Shopping for a Home

Buying a home is a significant investment; that’s why in this post by Stewart: Patriot Title Agency in Canton, we’ll cover how to save money while shopping for a home without overlooking any crucial steps. 

How to Save When Shopping for a Home

When shopping for a home, many homeowners start worrying about how expensive it can all end up being. Even if the price seems right, other expenses can make you weary of making such a significant purchase. This post aims to show how you can save in some areas by making good decisions and hiring the right people. Keep reading to learn how you can save.

Enlist the Services of a Real Estate Agent

One of the first smart things you can do when shopping for a home is to enlist the services of a real estate agent. Real estate agents know the market they work in really well and can help you save hundreds (sometimes thousands) of dollars by steering you in the right direction of a property that will suit your needs. Additionally, real estate agents can steer you away from bad financial decisions and sketchy deals by knowing the market well. Having an excellent real estate agent by your side can be one of your greatest assets when looking for a home.

Protecting your investment is another critical piece of the puzzle when shopping for a home. Patriot Title Agency Inc. offers title services, including title insurance. Invest in peace of mind by booking a consultation with one of their agents at 330-479-3000.

Improve Your Credit Score

Many people aren’t aware of how much their credit score can affect their home loan deal, but in reality, it can have a significant impact. Building your credit and improving your credit score can be a goal you work towards when planning to buy a house. Interest rates and lender fees will be a part of your home loan, so keep this in mind when looking to save money when shopping for your new home.

Save for a Downpayment

If you’ve been planning to purchase a home for a while, then you’re probably well on your way to saving for your downpayment. But if you’re just starting the process, you’ll need to save up at least 20% of the purchase price for the home you want. Not having a down payment could lead you to take out mortgage insurance for your home loan, making you spend more in the long run.

Buying a home is an important milestone for many people. Because of that, it’s essential to keep your investment safe. The title experts at Patriot Title Agency Inc. can help make the process much more straightforward. Give them a call at 330-479-3000 and learn about the title services they offer.

Have a Thorough Home Inspection

Sometimes, homebuyers decide to trust the seller with the home inspection or forgo a home inspection altogether.  This could prove to be a grave mistake, as your seller’s home inspector might have overlooked crucial information. Depending on the house's issues, this could range from minor inconveniences to costly problems you’ll need to fix as the new owner. Always have a home inspector you hire perform a comprehensive inspection so that no issues the house has catches you by surprise. Additionally, any issues your inspector finds on the house could be used to negotiate the asking price and possibly get you a better deal.

Negotiate Closing Costs

Lastly, while some closing costs might not be negotiable, there might be some wiggle room in others; this can be a great way of saving when shopping for a home. Some services that are worth shopping around for are home insurance, home surveys, and inspections. While these are absolutely necessary, they can also rack up a pretty penny, so make sure to look for the best deals out there. Also, reviewing the closing costs on your loan estimate is essential when closing on a home. If you notice any fees, make sure to discuss them with your lender and clarify what they’re charging you for.

How Much Should I Expect to Pay in Closing Costs?

Closing costs are usually paid for between the buyer and seller and can be anywhere from 2% to 5% of the purchase price.

Be sure to purchase title insurance in Canton before closing on your new home. If you still have questions on title insurance or title services in general, call Patriot Title Agency Inc. at 330-479-3000, and one of their title experts will answer all your questions.