There will come a time in your life when you’ll want to settle down and have a more permanent home. However, making a major purchase decision is challenging, especially if you have a tight budget. Nevertheless, it’s not impossible to acquire a property as long as you play your cards right.

If you want to save money when buying your first house, then try to consider the following:  

1. Find An Affordable Loan 

Many people aspire to purchase their first home. However, not everyone can manage to settle the total cost of a house in one payment. If you want to become a first-time homeowner but are looking for more flexible options, you can try looking for an affordable home loan.  

Getting a loan will allow you to acquire property even if you can’t pay the total price upfront. Usually, you’ll only need to settle a deposit and pay off the rest of the amount within a certain period.  

Banks and lending institutions usually have flexible agreements with their loans. For instance, if you’re capable of settling a significant amount of money monthly, you can choose to have a five-year contract for your loan payment. Others may opt for a longer grace period since they can only pay in smaller amounts.  

You can also check out First Home Loan Deposit Scheme if you’re looking for a purchasing option that asks for a low deposit. If you qualify for this, you’ll only need to settle a 5% deposit, which is slightly lower than what banks usually ask for. There’s also a first homeowner grant you can apply for if you’re purchasing your house for the first time. This will help you out with the deposit, thus helping you save some money.  

 2. Compare Prices Of Available Properties 

Before you sign a contract and finalize your payment on your house, try to view a few other properties first. You may feel compelled to buy the first house offered to you, especially if it seems to fit your budget and needs. However, you may miss better offers if you don’t check out other options.  

Try to visit a few homes for sale within the area you want to live in and list down the prices and features of each place and compare them before making a decision. This will help you see which property will give you better value for your money.  

You should also consider any repairs or additional payments you’ll need to spend money on once you move in. For instance, it may be better to purchase a house that’s a little more expensive but will require no additional improvements than a cheaper property that needs many repairs, which can cost more than what you expect. 

3. Purchase A Home Outside The City Center 

Houses within or near the city center may be more expensive than properties that are farther. The availability of stores, transportation, and job opportunities influence the cost of houses in a city. If these aren’t your main concerns when buying a home, you should search for houses in less expensive areas. 

You may find better deals if you expand the areas where you look for homes. Try to search for good neighborhoods close to the city since properties there will cost a little less than what you’ll find in the city. This will allow you to still be close to commercial establishments like supermarkets, malls, and restaurants. Also, check if the place you’ll buy is near the main roads or transportation so you won’t have trouble navigating through the city.   

4. Save As Early As You Can 

If you can set money aside regularly for your home, do so. Saving early for a house can help lessen the burden of purchasing a property since it’ll take a chunk off the initial payment you need to make.  

This will help make future payments more manageable since you’ll only need to settle a small amount. You may also land a good deal if you offer a hefty deposit, so try to save some funds before you go house hunting.  

5. Find Unfurnished Properties 

There are some houses for sale that are already furnished. This means you can move in right after finalizing the ownership of the property. However, these kinds of homes usually cost more since the price includes all the furniture and accessories. On the other hand, Bare units are cheaper since no additional equipment comes with them.  

If you own the furniture in your current home, then consider purchasing an unfurnished property. You can just bring your things to the house you’ll buy since it’ll be a waste to get rid of them. You’ll end up saving money since an empty house usually costs cheaper. 

Final Thoughts  

Buying a house for the first time is a big decision since you need to consider many things. If you want to acquire a property but don’t have a lot of extra money, consider finding ways to save on your first purchase. Getting a loan or opting for a house away from the city may help you save cash.