Jan 1, 20233 min read

20 Things That First-Time Home Buyers Can Do To Save Money

Updated: Jan 3, 2023

This is a great idea for a lead generation campaign on social media. Simply copy & paste and put into a PDF that can either be downloaded through Facebook, or once someone has submitted their details, you can email it through to them.

Start saving as early as possible – the more you have saved, the less you will have to borrow and the lower your monthly mortgage payments will be.
Make a budget – figure out how much money you have coming in and going out each month, and look for ways to cut back on expenses.
Shop around for a mortgage – compare rates and fees from different lenders to find the best deal.
Consider a 15-year mortgage – while the monthly payments will be higher, you will pay less in interest over the life of the loan.
Make a larger down payment – the more you put down, the lower your monthly mortgage payments will be.
Get pre-approved for a mortgage – this will give you a good idea of how much you can borrow and can make it easier to negotiate with sellers.
Look for homes that are within your budget – don't overextend yourself by buying more home than you can afford.
Negotiate closing costs with the seller – the seller may be willing to pay some or all of the closing costs to help you save money.
Look for homes that need some work – while they may require more upfront investment, they can be a good way to get more home for your money.
Consider a fixer-upper – if you have the skills or are willing to learn, fixing up a fixer-upper can be a great way to save money and build equity.
Take advantage of first-time home buyer programs – these programs can offer assistance with down payments and closing costs.
Look for homes in less expensive areas – while this may not be the location you want, it can help you save money on the cost of the home.
Consider a smaller home – while it may not have all the space you want, it can save you money on the cost of the home and on utilities.
Buy a home during the off-season – demand for homes is usually lower in the winter, so you may be able to negotiate a better deal.
Consider a multi-family home – if you have a family member or friend who is also looking to buy a home, you may be able to split the cost of a multi-family home and live in one unit while renting out the other.
Shop around for home insurance – compare rates from different insurance companies to find the best deal.
Shop around for homeowners association (HOA) fees – if you are buying a home in a community with an HOA, make sure you understand what the fees are and whether they are reasonable.
Shop around for closing costs – compare rates from different closing agents to find the best deal.
Don't be afraid to negotiate – whether it's the price of the home or the closing costs, don't be afraid to negotiate to get the best deal possible.
Don't rush into a decision – take your time and do your research before making a decision. Buying a home is a big commitment, so make sure you are ready and willing to take on the responsibility.