Whether you’re purchasing your first home or your third, buying a home comes with many expenses. Thankfully, there are many ways to reduce the overall cost of things like the mortgage and the move. Having a plan in hand and the willingness to do some of the labor on your own can really help curb costs.
Buying a Home
So you’ve found a home that has everything you want and you’re ready to sign a contract. Hopefully, you have tucked away enough money to cover the full 20 percent down payment to avoid the need for paying PMI insurance. Once you sign the contract, even if you live in a state that doesn’t require one, a home inspection is important. Often times an older home can look good to an untrained eye. However, an inspector knows what to look for and can reveal things like a bad septic system or a crack in the foundation. Both of these items can run into the 10s of thousands to repair. It’s also important to get several quotes from various lenders to make sure that you get the best possible interest rate available.
Preparing for the Move
Once you get a closing date, it’s time to find a moving company. You don’t want to simply select the first one you find online through a search engine or in the yellow pages. Instead, check with family, friends, and co-workers to see who they’ve used in the past, or if there’s anyone they highly recommend. Once you narrow your search to three, acquire quotes in writing and do a background check on the company. If at all possible, try to schedule the move with a moving company such as North American Van Lines during the off-season and in the middle of the week. Since most people prefer to move during the spring and summer months and on the weekend, the rates are naturally higher.
Before you start packing up the entire house, go through your home room by room and eliminate anything you no longer need. Moving companies charge based on the amount of space your items take up in their truck. By purging and creating a smaller load, you’ll save a lot of money on the move. And, because you won’t have as much to pack up, you’ll also reduce the amount of time you need to spend on packing and unpacking. With the things you decide to leave behind, you have several options. Either have a yard sale, donate items or ask family and friends if there’s anything they want.
Acquiring boxes from movers can cost a few hundred dollars alone. And, then there are the packing supplies like bubble wrap, tape, and labels. When prepping for a move, here’s an area where you can cut the cost down to just a few dollars. First, opt to do the packing on your own versus having the moving company do it for you. Second, check with your local businesses like liquor, grocery, and retail stores to see when they get their shipments and ask if they can put a few boxes aside for you. With regards to insulating your valuables like plates, glassware, and collectibles, you can use things from around the home. Sheets, towels and even coffee filters work fantastic to protect your items from damage during the move.
Save on Your Hotel Stay
Planning ahead has many advantages. Depending on your situation, movers may arrive after you by a couple of days. This means that you’ll need to find a place to temporarily stay in the meantime. Check around for rates at hotels within the area you are moving to. Then go to sites like Groupon to see if they have any coupons available and compare the price difference.
Buying and moving into a new home doesn’t have to break the bank. With a little planning, you can cover all the bases and save money on almost every part of your move.