Your home is likely to be the most expensive purchase of your life. No matter what you do, you’re likely to be dealing with big figures here. Which means the potential savings and even profits made off of it can be big, too. Here, we’re going to look at the top tips for getting your finances sorted before and after you buy the home.
Making sure you get the best mortgage available
If you’re like most people, you’re not going to be able to buy the house right off the bat. You’re going to need to take a mortgage out on it. But before you rush to get pre-approved, make sure you’re in the best position for getting that mortgage. Shopping around always helps, but you can do a little work on your end, too. For instance, you can get a free credit score inspection. Your credit will directly influence the kind of deals you can get on your mortgage, after all. In particular, a better credit score will get you lower interest rates. Over the years you’re paying the mortgage, that can add up quite a lot.
Negotiating the price
It can seem hard to find some wiggling room in the price of buying a home, but there are ways you can improve your chances. For instance, come armed with knowledge. Get a house inspection to see if there are any flaws that can knock down the number.
Remember the extra costs
Buying a house is expensive, as you know. But it’s going to be even more expensive than you thought. That’s because of the legal costs that can come along with the buying of the house itself. When you’re calculating costs, remember to factor in conveyancing costs. Look around different conveyancing law firms to see if you can get a better price on those extra costs.
The deal with insurance
If you’re a responsible homeowner, you’re going to want insurance. There’s no doubt about it. But besides the ever-pertinent advice of shopping around, there are ways to improve your insurance costs. The most effective way is to add to the security of the home. If you add a burglar alarm and mortise deadlocks, it can have a real impact on how much you pay out. It’s intuitive that making your home less of a risk makes it a better bet for insurers.