How to Save Money When Buying a House: 15 Tips to Get the Best Deal

Do you want to know how to save money when buying a house?

Homeownership is the number one path to wealth for many people, and your primary home can become your biggest asset down the line. However, with home prices exploding in most areas, it’s getting harder and harder to afford a home.  Here are ways to soften the blow and save money when buying a house.

1. Buy During the Winter

It’s true that there’s a season for buying homes. Springtime is the best time to put a home up for sale. But the opposite is true for buying. People tend not to want to move in the winter, so they stop house-hunting. This means that the colder months are ideal for buyers looking for a deal.

2. Geoarbitrage

If your job is remote or has employment options around the country, consider geoarbitrage. Geoarbitrage is moving to a lower cost of living area to save money. Another bonus of geoarbitrage is that you can pay less in property tax.

3. Don’t Buy More House Than You Need

Unfortunately, most people buy too much house, which can cost them thousands of dollars over the course of their mortgage. Look for homes that have enough space for you, and don’t go overboard with formal dining areas and extra rooms that you will probably never use.

4. Avoid Fancy Gimmicks

Buyers get caught up in the “coolness” of some of these features and add-ons and don’t realize that they will probably never use the features, or if it’s something they really want, that they could probably install it themselves in a cheaper home for a fraction of the price.

5. Buy in Cash

There are still some areas of the United States where you can get homes for under $100k. That’s still a lot of money, but bringing a cash offer to the table will not only give you a leg up while bidding, but it will also save you tons of money on interest and closing fees.

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