Buying a house is probably one of the biggest purchases you will be making your entire life. You are probably going to get a mortgage, which certainly warrants saving a down payment. Buying a home doesn’t have to leave you broke. St. George Utah is one of the most highly ranked locations in regard to housing affordability. Here are a few tips that will help you save money when buying a home in St. George Utah
1. Hire An Experienced Real Estate Agent.
There are numerous new homes for sale in St. George Utah. All you need to do is hire an experienced real estate agent whose strategies are representative of what you want to achieve. Actually, most homebuyers don’t have to pay agent fees. What happens is that the listing agent and the buyer’s agent split a commission of about 6% of the total purchase. Technically, your agent’s fees are catered for by the seller.
2. Understand The Market In Which You Will Be Making Your Purchase.
Determine whether you are in a buyers’ or sellers’ market before making any home purchase. One prolific tip for doing this is by delving into St. George Utah real estate statistics. Adequate information in the real estate industry is considered a powerful tool and can help you make wise financial decisions. Familiarizing yourself with the market helps you to evaluate the best time to buy a house when the market is favorable
3. Utah Housing Corporation.
You don’t have to bear the burden of down payment alone when buying a home in St. George Utah. Thanks to the Utah Housing Corporation, homebuyers can obtain loans ( at affordable interest rates) and down payment assistance. The program doesn’t have a preference and offers assistance to any of the following groups of homebuyers:
- First-time buyers.
- Recurrent homebuyers
- Hopeful homebuyers with unfavorable credit scores.
These loans bear semblance to the FHA housing loans hence can accommodate up to 56% debt-income ratio. Debt to income ratio refers to the ratio of your gross monthly income to your total debt repayments. It helps lenders to determine your credibility
4. Have A Budget Or A Wish List.
Houses in St. George Utah can be enticing, therefore, have a mental picture of what you are looking for. You can through real estate listings online to save time and money. Once you identify a potential future home, you can then determine how much you will have to borrow in terms of mortgage and housing loans. Having a budget will also save you from financial strain since you will be aware of what is coming your way.
5. Look Out For Discounts.
Depending on what time you are making your purchase, you are bound to encounter discounts while house hunting in St. George Utah. Look out for the ‘Sale to original list price ratio’ in order to be familiar with any discounts being offered to buyers
6. Save Properly For The Closing.
Most first time homebuyers tend to over-focus on the down payment and end up forgetting that closing for a house is also an expense. There proven ways that come in handy if you want to reduce the closing costs. Keep in mind that closing costs can go up to 5% of your home’s total value. For this reason, proper planning is key. Opt for mortgage creditors who offer the lower closing costs or choose a no closing costs mortgage. For the latter you will not have to pay it upfront, or have it totally eliminated, but for a slight increase in interest rates for your mortgage.
7. If You Like A Home, Buy It As Soon As You Can.
Landing a home that matches everything that appears on your list is dream come true for many homebuyers. However, most buyers end up overindulging in their house hunt because they think there might be a better offer. Before they realize it, their dream home off the market and by this time, they are probably tired of looking. What follows is that you end up either settling for what you did not want or stretching yourself thin in terms of finances. St. George Utah real estate market is very active, hence, you should waste no time if you find a befitting home.
Those are some of the hacks that will help you save money when buying a home in St. George Utah.