Everyone wants to get the best price on their new home, but for those who are truly looking for the best ways to save big on real estate, there are a few tips that can help you keep more money in your bank account without sacrificing on the quality of your new home. Consider these intriguing options to find the best real estate on a budget.
Hire a Real Estate Agent
Many people who are trying to save money on real estate will try to find the perfect home themselves because they believe that paying an agent’s commission is a great way to save money. In reality, this can cost you in the long run. First of all, an agent can take your specific needs in mind and can work to find you the perfect home within your budget. This can not only save you time, but can ensure you have access to all available homes. You don’t want to settle for less than perfect simply because you haven’t found perfect on your own.
Second of all, real estate agents are trained to negotiate and find the best price for you. They know how to speak to the other party, and they know when there’s still more room to go down. Working with an agent could save you thousands compared to what you’d pay on your own. And finally, an experienced agent knows what to look for to help you avoid potential problems. For example, they may be able to spot problems with the roof, or know what kind of foundational problems exist in a specific neighborhood – which can help prevent you from making a costly mistake.
Location Means Everything in Real Estate – Including Price
A small home in a prime location will typically cost much more than a large home in a much less desirable neighborhood, but making the decision on where to live can be complicated. If you’re convinced that you’d rather have less space and fewer features, but get the ideal location, then it’s time to take a step back and consider these options more carefully.
Often people think their options are as simple as choosing real estate in a prime Toronto location or the worst Toronto location. In reality, the options are likely much more nuanced. For example, you may not be able to afford a decent sized home in the most expensive neighborhoods, but you may be able to afford a reasonable home in a neighborhood just a few streets over. Looking at these outskirt homes could provide the perfect balance between what you want and what you pay.
Know When the Extra Money’s Worth It
It’s essential that you don’t overextend yourself and buy more real estate than you can afford, but it’s also important to know when it makes sense to spend extra money. For example, a family who’s planning to have a child within the next five years may find it well worth their while to spend a little more to get a three bedroom home versus a two bedroom home. While it will be costly to buy real estate with more bedrooms, it will likely be less costly than selling the home and buying another one when they grow out of their home just a few years down the line.
Buying a home is often the largest investment a person makes in their lifetime. While find the best real estate on a budget is important – and possible – it’s best to work with the professionals who can help you find the perfect home within your budget. We highly recommend the real estate agents at Slavens & Associates Real Estate to help you manage your finances and real estate pursuits.