Whether you’re tired of living in an apartment or need to upgrade your existing home, you may be looking for ways to save on your home purchase in Denver this year. Luckily, you can avoid paying more out of pocket than necessary. From changing your daily habits to researching different mortgage options, there are ways that your home purchase this year can become more feasible and cheaper.
Consider Older Homes
As long as you’re not dealing with lead pipes or asbestos, an older home has advantages. With an older home, you can often get a cheaper price. Just be prepared to do updates once you move in. It’ll be easier to pay for those updates as you can always borrow against your growing equity.
Get a High yield Savings Account
Did you know the right savings account to give you a good return on your money? These days, there are more offers for high-yield savings accounts with almost 5% interest added on to your monthly balance. Put your money in the savings account, sit back, and watch it grow. On top of that, you can automate your deposits from your checking account or separate savings to automatically go to your high-yield savings.
Use Your Retirement Plan
You don’t always have to wait until retirement to use your retirement money. With an IRA and 401K plans, you can withdraw or borrow money for your first-time home purchase. You can make such a withdrawal without paying a penalty. Expect to pay interest and taxes on that withdrawal, but it will be worth it for a new home.
Check Qualifications for Special Programs
Did you serve your country in the military? If so, there are VA loans you can qualify for, where you don’t have to pay any money down. Are you a first-time home buyer? You can apply for FHA loans, which have a down payment of as little as 3%. These are just two special loan options to consider, as there are also USDA loans and other ones that can help you.
Move at the Right Time of Year
It’s no secret that summer is the most popular time for people to move. It’s no shock since summer means nice weather, kids are out of school, and adults often have vacations. Therefore, it may be an easier time of year for people to switch houses, but it’s also the most expensive time.
During the winter months, people aren’t usually thinking of packing up and moving to a new city or across the country. However, you could give yourself the advantage and make it easier to find a cheaper home when moving in winter or fall.
As you can see, you have a few ways to save money on a home purchase. When you’re looking at mortgages in Denver, you’ll see the different options you have available regarding loan programs. Get started now, so you can be in your new home soon.