Purchasing a home can be an exciting yet stressful time for anyone. The prospect of owning a home is exhilarating, but the fact that choosing the right house falls in your hands can be quite worrying.
However, when you finally select a property that you like, the stress does not end there. Many other factors can still play a role in your overall home-buying experience, especially on the financial side. Mistakes can lead to unnecessary expenses and costs that can empty your bank.
For that reason, it pays to know the different aspects that go into home-buying, and what you can do to get them right. With that in mind, here are the tips to help you save money when buying a home.
1. Keep an eye out for grants
There are all sorts of grants you can take advantage of. For example, a green home grant can cover the cost of home energy efficiency improvements, helping you save money. If this is your first time buying a home, you may be eligible for the first homeowner’s grant. This grant provides you with a specific amount of money from the government.
Note that the requirements to be eligible for such grants can vary from one place to another. For example, some grants require that the property you plan to buy is valued less than $750,000 and that you are an Australian citizen.
In other words, look out for grants that are available to you. Conduct some research on what each grant has to offer and how you can get it. This extra effort goes a long way in helping you save plenty of money.
2. Invest in a buying agent
You might think that a buying agent is unnecessary and that they are just a waste of money, but you would be mistaken. While you will have to pay for their services, they will do the hard work of strategically analyzing the different properties available to you that fit your criteria. This can ensure that you purchase a home that offers you plenty of value, especially in the long run.
That said, you should only invest in a buying agent if your budget allows for it. In some cases, they will charge a fixed fee and a percentage of the sale price. If you want to work with a buying agent, be sure to thoroughly discuss what they will do for you and how much you have to pay.
3. Pay attention to hidden costs
There are all sorts of hidden costs you may run into when buying your home, such as pest inspections, legal fees, registration fees, and more. Many of these costs are avoidable, such as pest inspections. For instance, you can settle some of these fees with the seller, either by asking them to reduce the sale price or having them pay for the inspection fee. Note that the final agreement will vary between you and the seller.
When you know these hidden fees, you reduce the risk of spending more than you may have planned. This ensures you do not risk your financial standing unnecessarily and that you get precisely what you pay for.
There are various other ways you can save money. For example, you can add your deposit into a loan or work with your parents for a guarantor loan. These will help you financially when buying a house, ensuring that you make the most out of your money and end up with a home that satisfies your needs.
With that in mind, if you are still having trouble purchasing a home, do not hesitate to work with professionals, such as buying agents. With their assistance, you can discover the best home for your budget, giving you a valuable house that will meet your needs for many years to come.
We at Onkar Property are specialists in property sales and marketing. If you need help finding the right property in Brisbane, we can help! Contact us today to learn more.