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At some point in your life, you’ll think about buying a family home. Renting your house isn’t ideal as you’re basically paying off someone else’s mortgage. There’s also the air of uncertainty hanging over your head at all times. Your landlord could decide they want to move into the home, meaning you have to leave. As such, being a homeowner gives you and your family more security.
The problem with buying a family home is that it’s costly. Obviously, you have the typical costs involved when moving house, but the property itself is expensive. So much so that many families are unable to buy a family home because it’s far beyond their financial capabilities. If you feel like this relates to your situation, have a look at these tips to help you save money when buying a family home:
Sacrifice the location
It’s common knowledge that many things factor into the price of a property. The number of rooms it has plays a big role, as does the presence of a garden, etc. However, the location is probably the most significant factor.
You could find two identical homes in different places at various prices. In fact, the best way to test this theory is by looking at new property developments. Property companies will build the same house in multiple locations, giving you an accurate view of the price differences.
Therefore, you can save money by making a sacrifice on the location. Instead of looking for a home in the city, search for one more on the outskirts. Yes, it’s slightly less convenient, but you will save an absolute fortune.
This tactic can also help you afford a much nicer house for your family. The only thing to be wary of is the safety of the area the home is in. You can sacrifice the location a bit, but you don’t want to put your family at risk.
Consider a terraced house
As I’m sure you know, houses come in different varieties. Terraced houses are almost always the cheapest option. Why? Because your home is attached to other houses. There’s a lack of privacy and space, particularly when compared to a detached home. So, opting for something like a townhouse could help you save loads of money.
Townhouses are great as you still get ample space, only it’s built upwards. You could have three bedrooms but over three floors rather than two. Still, they’re a form of terraced house, so it’s cheaper than a detached one in the same area.
A little change like this will open up so many homes for you to look at. It’s not perfect, but it’s better than renting a house for the rest of your life. Also, it’s better than overpaying for an expensive detached home that gives you a mortgage for life.
Opt for a smaller property
Now, this can be looked at in two different ways. Some of you probably think I’m talking about the number of rooms in a property. So, a smaller one is a property with two bedrooms instead of three. However, I’m talking more about the physical size of the property. Instead of buying a traditional house, why don’t you look at the alternatives?
Normally, this leaves you with apartments and bungalows. An apartment will usually be cheaper because there’s less space. Now, this isn’t perfect for every family. If you have lots of kids, you will need a bigger place to live. Still, if only three of you live together, a two-bedroom flat provides exceptional value for money.
Bungalows are like miniature detached houses. What separates them is that you have all of your rooms on one floor. There’s no upstairs area, so it’s all on the ground floor.
It doesn’t sound like much, but you can still get very spacious bungalows for a small family. Plus, there’s a chance to extend your house and build a second floor if you need to. Obviously, this costs money, but it could be something you save up for in the future.
Buy a house with room for improvements
Are you willing to put in some extra work after buying a house? If so, this might be an idea for you. It’s not complicated; you buy a house that’s not ready to live in just yet. Either it has structural repairs, or you want to give it a full makeover. Hang on, this sounds terrible; why would you buy a house like this?
Well, it’s precisely because the house is terrible! It won’t get a good price on the market, so you can buy it cheaply. Then, you can make some changes and get it into tip-top shape.
A lot of the time, the cost of making the changes will be less than if you bought a similar home that’s ready to live in. Admittedly, a lot of work is involved, and it’s not good for families that need somewhere to live ASAP. Still, this is an option that’s worth considering as it saves money.
Buy at the right time
The last tip is more of an insider secret than anything else. House prices fluctuate based on different market forces. I won’t bore you with the details, but the general consensus is that houses are cheaper when there’s less demand for them. This typically happens when the economy is on a downward path. People have other financial priorities, so buying a house is near the bottom of the list.
Thus, sellers become desperate and reduce their prices. This creates opportunities for families to bag a home at a bargain price. There are no guarantees, but it’s better than trying to buy when the demand is high. If loads of people are buying houses, the prices will skyrocket.
The fun thing about these tips is that you save more money with each one. For example, if you only use one tip, you won’t save as much money compared to if you use three together. Consider how many of these tips you’re willing to use before buying your family home.