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6 Methods to Save Money on Your First Property Purchase

Buying a home can be a costly business, which means any area you can manage to save a little extra money will always be a boon. With so much to consider when it comes to property purchase, it can be difficult to see where you can save extra money.

This guide explores six great ways you can look to save.

Why Buy?

If you’re interested in investing in your first property, there are many benefits to buying a home. Buying means you have more freedom over what you want your property to be and how you want to live it in. It helps to build independence and future financial stability if you can earn a profit on your property, too.

6 Ways to Save Money on Your Property Purchase

Conduct Thorough Viewings

The more detailed and constructive your viewings are, the less likely it will be that you miss potentially big problems that could be costly down the line. Make sure you’re checking every aspect of property during viewing and making more than one for the same property.

Save as Much on a Deposit as You Can

The more deposit you have upfront, the less your monthly mortgage repayments will be. This means that you could only end up with the same property for much less a month if you can adequately save a heftier deposit.

A new build property

Consider a New Build

When investing in new build homes, you’re less likely to run into expenses and problems with areas such as structure and general wear and tear. With a new build, you can rest easy knowing that everything is being used for the first time, and the age of your property is very young. Therefore, you won’t have to worry about fitting a new bathroom, fixing the roof, or being concerned about cracks in aged walls.

Buy with Someone Else

If you’re a single man looking to buy a home, you may want to create an investment opportunity with someone else, such as a friend or family member. This could mean sharing all financial expectations, such as the deposit, fees, and monthly mortgage costs. It may also mean that you can be accepted for a higher mortgage.

Sharing the costs will ultimately save you a lot of money.

Pay Extra for a More Detailed Survey

This may seem counter-productive if it costs more, but if you feel as though you need a more detailed survey for a certain property, such as a large or older property, then this can help financially down the line. More detailed surveys may be able to pick up problems that would otherwise have gone unnoticed on a very basic survey, meaning you won’t buy a property unaware and have to pay for fixes down the line.

Plan Ahead

The more organized you are with planning and saving, the more freedom you will have to find the best property deal for you. Having savings for property costs like new furnishings and staying organized will help avoid impulsive decisions or panic-buying.

Using these six ways to save money, you’re more likely to find the best financial deal for your property purchase.

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