Buying a home is probably one of the most significant purchases you will make in your life. No matter how big or small your mortgage, you will likely be delving into your savings for the initial outlay, and that’s just the beginning. After choosing and buying the house, there are all kinds of other expenses that follow. Still, there are ways to save money when going through the house buying process, so you may not have to kiss goodbye to every cent of your savings just yet.

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1. Look at your finances

Before you do anything, take a close look at your finance. Know how much you can reasonably afford to use as a down payment, and then use a mortgage calculator to work out the estimated cost of your monthly payment. As soon as you have an idea of your budget, you can start looking within your means. 

2. Pick the right house for you

When you have an idea of how much you have to spend, start looking online at any available property, including those eligible for fha for first time buyers. Filter the search results on real estate listings to make sure you only see the houses that you can reasonably afford. Consider your needs too. If you have a family, you will need something big enough all of you, but if you are single or have no children, you may not need something quite as sizeable. Having said that, it’s wise to look ahead and think about what the future may bring.

3. Consider the factors affecting house prices

When buying a house, there are two significant factors that affect the pricing. The first is the area, and the second is the property type. When looking at the district, properties in rural areas or at the more upmarket end of the town are going to see a hike in prices. If you can afford it, then fine, but if money is an issue, you may want to choose an area that is better suited to your budget. However, after selecting the area you want to live in, you will notice that certain types of property are priced differently, no matter where they are. Detached or semi-detached houses are usually at the higher end of the price scale, while a resale HDB and apartment will generally fall at the lower end. Again, look at your budget when searching for a property, and consider both factors when finding the perfect, and most affordable, home for you.

4. Think about buying something that needs renovating

If you are on a budget but want to buy in the top-end of town, consider buying something that needs a bit of work. It may not look great on the outside or the inside, but so long as you are committed to putting the work in, you may find there is less expense in repairs than buying something brand new in the same area. You can also make sure it is done precisely to your taste and specifications!