When looking to buy a home, the thing which will likely save you the most money is to find a local experienced realtor. They will know the market better than anyone else and be able to negotiate the best price for you.
After having found a realtor and loan officer, you should discuss how much money you have saved up. The money you have saved up could be used either to cover a down payment, or to be spent on renovations. It may not seem cost efficient to renovate when looking to be frugal, but it can save you a lot of money, as can searching for houses that aren’t necessarily “move-in ready”. Your home may not have strictly custom-made features, but it’s fairly simple to update and personalize a home yourself.
It’s important that you work with a loan officer to find the mortgage program that works best for you. For example, veterans can qualify for a program that requires no down payment. Additionally, the season that you are buying your home in may correlate with a 20% increase in the price of your home, according to NerdWallet. Buying a home during the winter could be much cheaper than in the spring or summer.
There’s many ways to save on home buying costs. Reach out to your realtor and loan officer today to find out more!