Thrifty and Frugal
It has been the regular frugal and thrifty week around the old homestead. Nothing really new is jumping out at me to post about. Instead I thought I just might share a few more frugal tips with you all. This time about how you can save on your home.
1. Take the time to check and see if it is better for your to rent or buy a property.
2. Define your needs before looking for a new property.
3. Wait two or three years to accumulate a higher down payment when you decide you wish to purchase property.
4. Perhaps purchase a smaller home that is close to transportation if you live in an area with public transportation.
5. Pay off your credit cards in full before buying real estate.
6. Get your loan pre-approved.
7. Don't purchase a home at the top of your budget. There are always unplanned expenses.
8. Have the property inspected before purchase.
9. Don't try and do all the renovations at once if you need to do so.
10. Shop for home insurance and get the best deal possible.
Everybody have a wonderful evening.
God bless.
Around here it’s just not affordable anymore. Rent is the only option that is affordable and that’s going up and up. One son owns his home but my other son rents a small studio and step daughter an apartment. She gets subsidized but my son is on his own. He just doesn’t qualify for diddly! I worry about him the most.
ReplyDeleteThe absolute bummer about rent? It will always go up. If one can purchase (I know it's become scary high), you know the cost of housing. My 72yo sister says she doesn't know what she'll do if her rent goes up $100. That's scary crap! Sure wish she hadn't sold her condo for now ex-husband #2. It would be paid off and would only cost her prop tax now.
ReplyDeleteAll good advice, Jackie. For a first time buyer, buying a home must be a nightmare.
ReplyDeleteOne of the biggest issues for people who rent, is saving the money for a downpayment. The other issue is wanting more than they can afford - too many buyers have been sucked in by the HGTV promise of fully renovated properties. That kept my house from selling in 2019 (which turned out to be a blessing in disquise), and sold it quickly in 2023 as I'd done the renovations by then. I was fortunate because the amount it sold for actually covered the costs of the renos I did over those last couple of years in the house.
ReplyDeleteIt's my opinion, too that houses are often too big. Smaller footprint means less expenses for utilities as well. Our cities/towns do a disservice to the community by not allowing tiny homes or multi-family units to be built.
I'll get off my soapbox now. I agree with your suggestions.
Good tips once again. I've never understood the mentality of people who get pre-approved for a mortgage and then rush around trying to find a house that's the top of their approval rating. Our #2 son and daughter-in-love got preapproved for way more than the house they bought was worth because he thinks like we do.
ReplyDeleteI live in fear of something happening to my DH because I wouldn't be able to afford to stay here on the reduced pension I would get. I'm thinking I would have to take in a boarder but I really don't want to do that. There certainly are no apartments in our area that I could afford, even those that are in the basement of somebody's house.