Buying a home is likely to be one of the biggest purchases you will make in your lifetime. It is undeniably expensive and requires a huge long-term financial commitment. For many, the sheer expense of buying a property can make it an unattainable goal. That said if buying a home is something you want to achieve then with some careful planning and saving it doesn’t need to be out of bounds. To help you save for your first home and keep the buying and moving costs down, here are some great money-saving hacks. 

Photo credit; Ketut Subiyanto from Pexels

Work out the true cost of buying

When it comes to buying a house there are many more prices and expenses than just the purchase cost of the property. Of course, you need to scour the market and look up and compare the prices of the homes for sale to determine what you can and cannot afford but you also need to research the additional costs. An example of additional costs is listed below; 

• Downpayment 
• Closing costs 
• Reserves 
• Application fees
• Appraisal fees
• Credit check fee
• Home inspection fee
• Homeowner insurance fees
• Title insurance 
• Transfer fee
• Legal fees

These fees all form part of the house buying process and you need to be sure that your budget can extend to cover all of the additional extras.

Consider your current living arrangement

One of the biggest expenses in your monthly budget is most likely to be your rent. Consider whether there is anything you can do to ease the burden of paying rent. Can you downsize or consider a house share? Could you rent a room from a friend or move back in with family to help you save the downpayment you need to buy your first home. If you cannot change your current living expenses then examine your utilities and lifestyle. Are there reductions to be made in your expenditure? Consider whether switching providers will save you money. Look over all of your subscriptions, are you paying for a service you don’t need or even use? Go through your expenses thoroughly and cut out all unnecessary costs. 

Moving into your home

Once you have managed to get yourself on the property ladder and own your first home, sadly the expenses don’t end there. Moving into your home involves yet more spending, so here are some ways to help keep the expenditure under control. 

DIY

If your new property needs a bit of a spruce up or some TLC when you move in do as much of it yourself. If you have the time and ability then pick up a paintbrush and paint the walls yourself. The more you can do the less you have to pay someone to do it. The counts for packing and removal costs also. Don’t pay for movers if you can do the heavy lifting. 

Buy used

Your home will need furniture and if it is your first home you may not have a great deal of furniture to fill your home. Instead of splashing the cash with new furniture directly from the store, check out the used selling websites and apps to grab a bargain with pre-loved furniture. Not only will you be saving (lots) of money you will also be keeping your sustainable practices intact.