8 Secrets For Saving THOUSANDS When Buying A Home

Whether you are a First-Time Home Buyer or a experienced home buyer, buying a home is stressful under the best of circumstances, but in this San Diego real estate market it is even more stressful!  These 8 secrets can SAVE you Thousands of dollars.

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1.  Know what you Need - before you start looking at homes take the time to make a list of what you MUST have in your new home, and also make a list of things you want.  Then the most important part is to know the difference.  I have seen buyers pass on a home that had everything on their NEED list but missing some items on the WANT list, only to find that the owner accepted an offer when they circled back to it.  Remember, there is no perfect home.  

2.  Know how much you can afford -  determine your budget for a mortgage payment.  Make sure you add expected home expenses such as property tax and home insurance.  Add an extra payment to put away from a rainy day and remember to save for that dream vacation.  You want to be comfortable with your monthly expenses.

3.  Choose the right mortgage - there are many options for mortgages.  Find a lender that can explain the differences on a level that you understand.  Go over the payments and fees.  Know the difference between getting pre-qualified and getting pre-approved.  

4.  Be prepared financially -  in addition to having the savings for the down  payment, plan on some additional expenses such as closing costs, moving expenses, and all the little things you will want to buy to make your new home YOU!

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5.  Don't get emotionally involved with the home -  You may not get the first home that you fall in love with, but there will be others.  Be objective when looking at a home, look at the features and the location.  Keep an objective eye on the home as you tour it, look at the things that you will need to do to make it a comfortable fit.  If this is not the right house keep looking.  Resist getting caught up in the emotion.

6.  Negotiate the best deal - you can save thousands by being a good negotiator.  The "best" deal isn't always the highest price.  Everything is negotiable, inspections, warranties, repair work, the number of days to close.  Consider everything when preparing your offer.  Get as much insight as possible about the sellers Hot button and be prepared to write your offer to those buttons.

7.  Get a home warranty - a home warranty can potentially save you a lot of money.  Almost all warranties will cover the basics such as appliances, heater and water heater.  But after careful viewing you may want to make sure to add such things as roof. pool, pool filters, solar panels etc.  Should something go wrong with these items the warranty would cover repair and/or replacement.  

8.  Use a REALTOR® -  working with a professional buyers agent can save you thousands of dollars throughout the whole process.  From going over market statistics to ensure you are not over paying, to negotiating price and terms that are acceptable to both parties.  The seller's agent does not represent you the buyer they have a contract with the seller.  You need someone looking our for your best interest, and the best thing is it doesn't cost you a nickel.  The buyers agent is paid from the sellers' proceeds.  

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