So, recently I was on a property hunt in Hamilton. Real estate in Hamilton is expensive but worth it. If you’re considering buying a home in Hamilton, the tips below can help ease some of the financial pain that comes with buying a property.
Reduce Your Closing Costs
There are two big-ticket closing costs that you can quickly reduce: a real estate lawyer in Hamilton and your moving expenses.
Partnering With a Virtual Real Estate Law Firm
Online law firms are more convenient and available on your schedule, but they can also pass along the savings of not having a monthly lease when charging a fee for their services.
The added bonus of taking care of your legal obligations from the comfort of your home when buying a home also removes the expense of traveling back and forth to a lawyer’s office.
Many virtual real estate lawyers also offer transparent, flat fees for their services which can help you plan your budget for your total closing costs.
How to Save Money When Moving into Your Hamilton Home
You can also save on the high moving costs if you’re willing to plan ahead and invest some sweat equity. With the right real estate professionals, you’ll have a reliable closing date that you can use to pick the best moving day for you – preferably during the week, as this is when moving rates are typically lower. Reliable closing date is also crucial for informing the utility companies, post office, MTO, etc., of your new address.
If you do need to hire professional movers, you can save on their fees by doing the packing and unpacking yourself and booking them as early as possible. Be forewarned, packing takes a lot more time than people realize, so if you are packing yourself, start as soon as you can.
Buy During the ‘Off Season
If you’re trying to save money on a Hamilton property, take a look at available listings during the real estate industry’s “off-season.” This is typically in the middle of the summer when families are on vacation or during the holiday season and cold winter months.
Sellers who do their homes listed for sale during these periods are generally motivated to sell, so you may have more opportunities to negotiate. However, there is a lot less selection to choose from during these slow periods.
Work on Improving Your Credit
Every percentage point in mortgage interest you can save reduces your costs considerably – especially now. Hold off for as long as you can to save up as much as possible for a down payment and to continue building your credit. Doing both can help you get a better rate.
Things you can do to improve your credit score include:
- Paying your bills on time.
- Not using use all the credit available to you. The optimal number is 35%, i.e., don’t max out your line of credit and/or credit cards and aim to use 35% of the credit available to you.
- Leaving your credit accounts open, even if you don’t use them.
When you are ready to apply for a mortgage, research and learn all you can about mortgages so you can recognize the ones with hidden fees, bait-and-switch rates, and mortgage terms that don’t align with your financial goals, then shop around for the best mortgage rate offered by a lender you trust.