7 Tips to Buy Real Estate without Breaking Your Budget

By: The Premier Home Group

7 Tips to Buy Real Estate without Breaking Your Budget

Tags: Buyer budget, how to buy a home, real estate investment, real estate mortgage, buyer mistakes

Buying a home can be a very stressful thing, especially when it comes to budgeting for it. I’ve got good news for you: There are some insider secrets that can save you money and make sure you don’t overspend. With the help of a real estate agent like myself, you can apply these 7 insider tips and not break your budget.
1.Get Pre-Approved
Many people wait till they find the home of their dreams to do the approval process. Getting this in order before you find your home will not only save you money but also time. You can lock in interest rates so you won’t miss out on the best mortgage.  Plus you will know exactly how much you can afford and can make a stronger offer.
2.Look Into Creative Financing
Traditional mortgages aren’t your only options. There are still programs like low down payments, blended interest rates, new to Canada and first time buyer programs that may help you get a better deal on your home. Just make sure you read the fine print as there are sometimes stipulations and restrictions on these programs.
3.Sell Your Existing Home First
The thought of selling your home before you buy your next home can be scary, but if you are looking for a good deal, this can be a very beneficial negotiating tool. Having cash on hand to make a purchase and not have to wait to sell your home can give you the upper hand in negotiations.  Having your finances in order and the ability to move quickly can give you the competitive advantage you may need.
4.Look For Empty Homes
Vacant homes can be a good sign someone NEEDS to sell. If the seller is in need of selling, you can sometimes negotiate a better price or terms to help them achieve their goals. Keep in mind, the longer a house stays empty, the greater your negotiating power can be.
5.Watch For Cosmetic Make Overs
With the onslaught of shows on HGTV, many people are considering buying a home that needs a bit of TLC. With a few skills and some elbow grease, you can get your dream home for a fraction of the price. Just make sure you keep an eye out for these deals and monitor the market so you know when a good deal comes up.
6.Buy A Major Reno
If you want to get into that hot neighbourhood but can’t afford the large price tag, you may want to consider buying a true fixer upper. You can buy low, and as you get the cash, fix up the home till you get the home of your dreams. If you do the right renos and buy right, you can build a ton of sweat equity pretty quickly (especially if you do the work yourself).
7.The Cheapest House In The Best Neighbourhood
If you want to get into a specific neighbourhood, you may need to compromise and find a more affordable home in the area. If you aren’t in a hurry you can wait it out and try and find the right place in the right neighbourhood.  Once you get established, you can move up into a bigger home.
So if you are ready to buy on a budget, just know that it will require patience, research and sometimes compromise, but once you move in and get your keys, you will be glad your hard work paid off.
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