If you’re a first time homebuyer, you know that pinching pennies and saving money is pretty much essential! While buying your first home is truly one of the most exciting experiences you will ever have, it can also be quite overwhelming and costly if you don’t know what you’re doing.
Here are some excellent money saving tips for first time homebuyers that are sure to keep a few extra dollars in your pocket!
Get a Home Warranty – We can’t stress enough the importance of a home warranty. As a first time homebuyer, odds are you won’t have a lot of extra cash sitting around for unexpected home repairs. When you purchase a home warranty, many of the big ticket items in your home are covered just in case they were ever in need of repair or replacement.
Home warranties really aren’t that expensive if you consider the amount of money that could be saved in the long run. Home warranties can run from basic home warranty coverage to more expensive home warranties that will cover additional items. Get a quote today by our trusted and approved home warranty vendors.
Have a Home Inspection – PLEASE do not skip out on this step! The cost of a home inspection is a small price to pay in comparison to the total price tag of your home. Have a thorough inspection, and if any issues are discovered, you and your real estate agent can negotiate fixes and/or price reductions with the home sellers. Also, if you are unhappy with the results of the home inspection for any reason, you are able to walk away from the transaction unscathed.
Don’t Buy Furniture or Major Appliances Until After Closing- Buying pricy items on a line of credit before you close on your home could potentially jeopardize the chances of you getting a home loan. When you are obtaining a home loan, you don’t want to take out a line of credit or purchase any big ticket items. An alternative to purchasing the furniture on credit before closing is to put the furniture on layaway.