Five Ways To Make Your First Home a Lot Cheaper

Buying your first home can be incredibly daunting. You’ll need to do a lot of research to find out the best approach to buying a home, and it can be time-consuming to find a mortgage lender that is willing to offer you a good deal. Buying a home can take a surprising amount of time from start to finish, but if you understand the process you can actually save a fair amount of money. So in this post, we’ll be looking at five ways for you to cut down the costs of buying your first home.

1. Consider the location of the home you want to buy

If you’re open to changing the location of your home, don’t hesitate to look for other cities or even properties on the outskirts of your current town. While it can be a hassle to travel, you’ll usually find that properties drop sharply in price if you search outside of populated areas.

2. Have you shopped around for a good mortgage deal?

Make sure you speak to a mortgage broker when looking for a mortgage deal. This will help you compare multiple different lenders to see which one can offer you the lowest interest rates. Your mortgage broker will also offer you excellent advice on how to approach lenders and how to clean up your credit history to get the best chances of securing a good deal.

3. Are you willing to do a bit of renovation work?

If you don’t mind getting your hands dirty then you could consider doing a bit of renovation work on a home bought at an auction. Homes that are sold at auctions are usually a bit harder to sell on the regular market because they’re run-down and often need a lot of work before they can be sold. Renovating a house requires a lot of work, but it’s arguably one of the cheaper ways to own a home if you’re willing to put in the effort.

4. Buying as a joint owner

Joint ownership allows up to four people to own a whole property between them. This is actually the most common type of ownership for married couples. If you buy as a joint owner, you’re only responsible for your share. This can be a slightly cheaper way to own a home if you’re willing to share or become roommates with someone.

5. Consider a self-build home

Self-builds involve building your own home on a plot of land. The land itself is a little cheaper than the entire home, but this does mean you’ll need to find a way to actually build a home on your land. You could try to build a home from scratch, but investing in a tiny home or a prefabricated home can actually be a lot cheaper.

It can be expensive to get on the property ladder, but these tips should hopefully have given you a better understanding of the process and how you can save a considerable amount of money when buying your first home.

*Photo source: https://unsplash.com/photos/cm_PpUQU-lk (CC0)

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