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What are Some of the Best Ways to Cut Costs When Buying a New Home?

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Buying a house is probably the biggest purchase you’ll ever make in your life, and it isn’t something to be taken lightly. If you’ve made the decision to become a homeowner, it’s a wise idea to ensure that you make the right moves in the lead up to signing for the property. There are certain things that can be done to cut costs and make it a sustainable proposition.

Seek Free Mortgage Advice First

Before you can even think about buying a house, you need to see if you’re eligible for a mortgage. That’s unless you’ve already got stockpiles of cash to pay for it outright, of course. You’d be in the minority, though, with more than 60 percent of buyers in the UK doing so by taking out a mortgage.

The great news is that you don’t need to pay anything to find out if you will be accepted for a loan on a house. Indeed, for quick mortgage advice that’s completely free, aspiring homeowners can use services like Trussle. The online service provides expert opinions and guidance on the best steps to take in seeking mortgage approval.  

Organise a Home Inspection

Once you’ve decided on a house, you will need to organise a detailed inspection before you move in. If you go through an estate agent, the company may offer to do this for you. But it would be prudent to spend a bit of extra cash on an independent general contractor or home inspector to give the property a thorough going over for you. These experts will be able to spot things that the average buyer will miss, such as problems with the pipes or electricity.

It sounds counterintuitive to spend £300 or more on someone to come and check the house in this way, but it could save a fortune in the long run. If you buy the house and later find out there are underlying problems, it will be up to you to pay someone to come in and fix them. Conversely, if the home inspector discovers an issue, it will be the responsibility of the seller to fix this before they hand over the deeds to you.

Haggle for Added Benefits

In the process of buying a house, there are various people who you may be able to haggle with to receive added benefits or a lower price. First, the seller may be able to lower the fee of the property or reduce some of the closing costs. When it comes to the mortgage, the loan company might offer to lend you more than the value of the house so that you can pay for furniture. If the home is situated in a complex, you could see if the seller will throw in free maintenance fees for the first year.

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Shrewd buyers will find that there are several ways to drive down the overall costs of buying a house. Make sure you do detailed research before buying and opt for reputable companies to assist you with the important matters.

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