5 Ways to Save on Your Largest Purchase


5 Ways to Save on Your Largest Purchase

Posted by Infinite Wealth Advisors, LLC
11 months ago | June 5, 2023

For many of us, our homes are the largest purchases we ever make. They can also serve as a significant investment of your money, time, and emotional energy. So, it makes sense that we often haggle over the final selling price. But there are other ways you can save money when purchasing a home.

Shop around for the best interest rate. Contrary to what you might think, different lenders will offer you slightly different interest rates. That’s even true for those of you with stellar credit ratings. And since your interest rate can drastically change the amount of money you pay toward the house over the years, it makes sense to apply for mortgages from at least three lenders.

Negotiate your closing costs. In addition to your down payment, you will need to pay some costs when you close a deal on a home. Loan fees, appraisal fees, and title insurance could add up to several thousand dollars. Smart home buyers often ask sellers to share in the cost of these fees and reduce the amount of funds they must bring to the closing. Negotiating fees with your lender is another option.

Haggle over the cost of repairs. Your lender might require that certain repairs be made, before they will approve the mortgage. In other cases, you might simply wish for repairs to be made, in order to make the home more livable. In either case, you might be able to convince the seller to share in these costs, or to reduce the price of the home due to its condition.

Consider appliances and furniture as part of the deal. After moving into your new home, you might find yourself spending thousands on appliances and furniture to suit your new living arrangements. One way to ward off this expense is to ask for certain appliances or even furniture to be included in the sale. You never know until you ask!

Investigate moving expenses. Shop around when comparing movers, because different companies offer varying rates. And what looks cheaper could end up more expensive, if another company includes bonus services or extras like free boxes and packing tape. Remember to consider all of the expenses involved in moving.

Remember to treat your home purchase like any other and negotiate each point of the deal. Saving thousands now can translate into improved financial stability for years in the future. And when considering any major move with your money, schedule an appointment with us so that we can discuss the impact on your long-term financial strategy.

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