fbpx

Shopping for a Home? Here Are 6 Ways to Save Money

July 15th, 2021 Posted in Money Tips, Property Investment
1 Comment »

A home is one of the best investments you can make in life. For most people, this is also the biggest single purchase they make in life. With your own home comes freedom, and this is one reason most people save right after getting the first job. If you’re shopping for a home, you want to get the best value for your money. This post explores some simple ideas to help you save money buying a home.

Work With a Local Real Estate Agent

If you want to make the home purchase process easier and save money, use a local realtor. These real estate professionals have an intensive knowledge of the market. They know everyone selling and have different properties in the area at varying prices. If you want to save money, the real estate agent can find you a house suited for your needs and at the price range you want.

Look for Features and Additions

When shopping for a home, look beyond the structure and instead look at other features which add value to the property. From solar panels, water and hardscape features, oil tanks, outdoor additions, air conditioning to skylights, there are many features which can save you money. Once you move in, you don’t have to invest more money to improve the property.

Shopping for a Home? Here Are 6 Ways to Save Money - house for sale image
Photo by Pavel Danilyuk from Pexels

Boost your Credit Score

The higher your credit score, the more affordable your loan. As you continue saving towards the down payment of your home, make sure you improve your credit score. Evaluate your finances and make sure you repay all bills on time. Pay down your credit card debt and avoid taking up another loan in the meantime.

Shop for the Right Mortgage

Don’t rush to buy the first mortgage you come across. While your bank might look like the obvious source of financing for your home, consider other options on the market. The mortgage structuring also determines how much initial capital you need and the total cost of the loan.

Working with a financial advisor helps you identify the mortgage options on the market and also determines whether you need a fixed-rate or adjustable-rate mortgage. For such a huge investment, take your time to get the best deal. The last thing you want is to struggle with repayments or lose your home.

Save More Down Payment (Deposit)

If you want to enjoy the freedom that comes with homeownership, save more towards the down payment. This is the biggest secret to accessing affordable loans. If you have over 20% of the mortgage, you won’t have to pay for extra costs such as mortgage insurance.

Be Flexible

Everyone wants to buy that dream home, but it might not always be possible. For a start, you should be more flexible when shopping for a home to get the best deal. Don’t look for the grandest property on the listing, but also consider those that need some reworking. With some compromises, you can save on the home purchase and still get a good property.

Buying a home is not an easy process but with the right information, you can ace it and save money in the process. Use these tips to start your home buying process. 

, , ,
Read More

4 Quick Ways To Save That Are Often Overlooked

June 26th, 2021 Posted in Money Tips
1 Comment »

Are you thinking about ways to save money in your budget? You might think that this is going to take a lot of work, sifting through your personal finances. But the reality is that it’s probably easier to save money than you might realize. Here are some of the key options that you shouldn’t overlook and that could make a big difference. It could mean you’ll have more money to spend each month on little luxuries as well as things you need. 

4 Quick Ways To Save That Are Often Overlooked - coin and piggy bank image
Photo by maitree rimthong from Pexels

Don’t Buy New 

First, you need to make sure that you are avoiding buying new if you can help it, particularly for expensive items. Most items that are expensive will absolutely obliterate your saving options because of the high level of depreciation. A classic example would be a car. If you buy a car, it’s important to know that cars depreciate the most in the first three years after they are purchased. That’s why it’s so much better to look at used cars. You just need to make sure that you check out used cars and ensure that there are no expensive issues lurking underneath the surface that could cost you more in the long term. Remember, you can take anyone you want with you when checking out a car including a trained expert. 

Go Green Where You Can 

You might also want to think about going green with your lifestyle choices. If you cut down the costs of your energy usage, then you’ll be surprised by how much you can save each month and even year. There are lots of ways to go green. For instance, we mentioned cars so you could think about buying a hybrid. Or, you might want to just make smaller changes around your home such as LED lights. These use a fraction of the energy compared to the typical lights in your home. 

Workout For Free 

There are certain things that we tend to pay for and there’s really no need. We can get the same benefits for free. One example worth exploring here would be the bill that you pay for your gym membership. While this might not seem that expensive, this is money that you could spend on other things or even just save. Instead of heading to the gym you could work out at home. All you need is an app that will show you the workouts you can complete without any equipment at all. 

Set Your Budget

Finally, you might want to think about setting your budget. It’s easy to forget this step but if you set your budget then you’ll be able to keep track of your savings and ensure that you are meeting your financial goals. 

Setting your budget just requires you to add up all your income options and then take off any bills that you have through the month. The amount you have leftover is the amount that you can spend on whatever you want. If this isn’t as much as you hoped, then it’s important to think about a side hustle choice. 

4 Quick Ways To Save That Are Often Overlooked - a fan of 100 dollar bills image
Photo by Alexander Mils from Pexels
,
Read More

Ways To Make Money Outside Your 9-5

June 10th, 2021 Posted in Entrepreneurship, Money Tips
No Comments

In the past, most households would manage and survive one person’s income and often the woman would stay at home to look after the home and raise the kids. Although outdated still a lifestyle choice for many, but the norm and most common practice is having two working adults in the home now. The cost of living has increased a lot and so has the need to generate more income into the household. Things don’t stop there, so many people are looking for extra ways to bring in more money on a monthly basis now on top of their normal jobs and salaries that they receive. If this is something you want to do then here are a few ways you can look to make money. Why not give them a go and see where you end up.

Ways To Make Money Outside Your 9-5 - think differently about things sign image
Photo by Ivan Bertolazzi from Pexels

Start An Online Business

This was a very popular choice of passing time during the lockdown. So many people have started businesses especially as their jobs were at risk it gave them a buffer. Your online business can be anything that suits you, the possibilities are endless. If you are particularly creative you can use that to your advantage. If you paint, sew, knit, or even make pottery, this can be used. By using these hobbies to then generate income is a very popular option especially amongst the younger generation. 

Invest In Stocks And Crypto 

Again, this is becoming a fast favorite and so many people are getting interested in the stock market and investing their money for a greater return. It can be quite daunting trying to enter the world without any prior knowledge, but there are so many books and online help to explain it to you in layman’s terms. There is Bitcoin and holding ETH all amazing options and ways to help generate more income in the long term rather than an immediate increase,

Blogging And Writing 

This is a concept that takes a bit of time in order to be able to earn money but it is a nice little money bank when needed. If you have an interest in writing when starting to write a blog you need to think about the reader all the time. It is important to write about something you have an interest and passion in. It can come across to the reader if you aren’t interested in what you are writing about and can put them off. With blogging there are different ways you can make money, the main two are by sponsored ads on your website and then payment to write about a certain subject or to go alongside something you were gifted to review and promote. You can also then branch out into using the social media accounts linked with your blog to generate income through Ad posts. This is like blogging on a smaller scale on social media. You will take some photos and review and promote the products or service and receive payment for your time and reaching your audience.

, , ,
Read More

Five Things To Remember Before Shopping For A Mortgage

May 19th, 2021 Posted in Money Tips, Property Investment
No Comments

The world of real estate has become more competitive than ever in the wake of the pandemic. Homebuyers need to get all the help possible to ensure that they are smart about their choices when shopping for a mortgage. You may find that the market is far tougher to get into than it was before, and that’s pretty much the case all around given that people are losing jobs and homes all over the world.

If you do manage to find your ideal house, you can use some help from Trufe to get some information on your mortgage choices. You want to present a great offer and be sure that you have the house closed ASAP. Finding the right lender is important, but it’s also helpful to find an advisor who can talk you through everything that you need to know about your mortgage and the choices that you have in front of you, too. So, what should you remember before you start shopping for a mortgage? Let’s take a look:

5 tips when shopping for a mortgage done deal image
Photo by Andrea Piacquadio from Pexels
  • Get referred. Ask your friends and colleagues who they chose to use to get their homes closed off and mortgages completed. They will be able to advise you on the best mortgage advisors and brokers out there, and they can give you a personal experience of getting their mortgage, too.
  • Know your budget. You can’t start house hunting without an idea of your affordability. It’s always wonderful to be nosey about the homes that are way past our budgets and play celebrity, but it’s not always the best option for you. Get to know your budget first and you will be able to shop realistically.
  • Pre-Approval is a must! If you want to skip the stress in the market today, get pre-approval for your loan before you start looking. If you know what your pre-approval rate is, you will know exactly what the budget is for your home dreams. Lenders will verify your application through your income and asset documents, and you need to have that information validated.
  • Get online and check reviews. Technology has revolutionized very different things in the market today, so if you get online and start researching your mortgage offers, you will be able to get to know which is the best place to look in the market for your mortgage. Research is a must!
  • Work well with your real estate agent. Your real estate agent is so important to your application, and you need to know someone who will give you honest information about mortgage lenders. They will be able to talk you through your mortgage options and you can use their insider knowledge to the industry, too!

When it comes down to it, it’s important to remember that your mortgage is the biggest purchasing decision you’ll make in your life. This should be done carefully so that you get the right lender and advisors on your side throughout the process. Buying your house allows you to level up in life!

, ,
Read More

Can You Afford To Buy Your First Home?

April 15th, 2021 Posted in Money Tips, Property Investment
No Comments

For the longest time, buying a home was one of those things that was just sort of treated as an expected part of life. It was up there with a career, a marriage, and all of the other things that make up the stereotypical path of someone’s life. Of course, as time has gone on these things have become less and less necessary to live a happy life but when it comes to buying a home, something else has happened. There are just as many people who would love to buy a home as before, but it’s become more and more difficult. The reality is that with house prices constantly going up and wages stagnating, many people end up feeling as though the idea of actually being able to buy a home is little more than a fantasy. But is that actually the case? Of course not! The truth is that it’s still entirely possible to buy a house, even if it’s not as easy as it once was. You’ve just got to be prepared to put in the effort to understand the process, and make sure that your finances are in the right position to do it. With that in mind, here are just a few things to consider when trying to figure out if you can afford to buy your first home.

The mortgage

Can You Afford To Buy Your First Home? - growing money in jars image
Image by Nattanan Kanchanaprat from Pixabay

The most obvious thing that comes to mind when people are thinking about buying their first home is the process of getting a mortgage. After all, unless you happen to be extremely lucky, you’re very likely not going to be in a position to buy a home outright. (If you are then what are you doing reading this?!) The issue for a lot of people is that the process of getting a mortgage can be rather scary and complex. After all, you often end up having to wade through stacks of paper with all kinds of confusing clauses and small print. Not only that but your success in actually applying for a mortgage can often depend on a number of factors. Before you start, it’s best to get pre-approved before you start house hunting; check out this guide for more information on managing that as it can be tricky. Using something like a home loan eligibility calculator is a great first step in checking to see what kind of mortgage you may be able to take out. That way, you can figure out any potential changes that you might need to be able to buy a home and what it could end up costing you in the long term.

The deposit

One of the biggest barriers to a lot of people’s ability to buying a home is very likely to be the deposit. For many people over the years, they’ve been able to buy a home with incredibly small deposits that made buying a home and getting a mortgage a whole lot more accessible. This is something that has become even more pronounced in the era of COVID-19. Where previous generations might have been able to get a home with a 1% or 2% deposit, there are many lenders who won’t accept less than a 10% deposit in the current era. When you combine that with the rising house prices then it’s clear that being able to afford a deposit is a much bigger challenge than before. However, just because something’s a challenge doesn’t mean that it’s impossible. The key is to start putting money aside as soon as possible. If buying a home is something that you’re really committed to then every spare bit of money that you have should be put away. Find new ways to budget to allow you to save more and every bit of extra cash that comes in should go in the pile. It isn’t necessarily going to be a fast process, but it’s the only way to really afford a deposit in the current era.

The fees

Can You Afford To Buy Your First Home? - stack of coins on bank notes image
Image by Steve Buissinne from Pixabay

It often comes as something of a nasty surprise to a lot of people when they realise just how many fees are involved in the process of buying a home. If you’re not aware of the fees that come with buying your first home then you could end up in some serious trouble. You have to consider mortgage fees, a valuation fee, a survey fee, a potential broker fee, your solicitors fee, and a whole lot more. Now, most of the time these are things that you will be taken through at the start of the process but you need to be aware of these kinds of fees well in advance so that you don’t go into the process assuming that you can afford a home when you simply can’t.

Your credit rating

As strange as it might sound, it’s not just a matter of having the money and actually being able to afford a home, you also need to be able to demonstrate that you can afford the payments in the long term. The way that this is calculated is through your credit rating. If you have a poor credit rating then it won’t matter whether you have the money for a deposit or not. Things like paying off your credit cards on time and making any loan payments in full is the best way to ensure that your credit rating is always in the best possible shape.

The truth is, while it is absolutely possible to afford to buy your first home, it would be a mistake to assume that it’s something that’s going to be easy to do. A home is likely to be the most expensive purchase you ever make and that’s not something that you should take lightly. If you want to buy a home then you’ve got to be willing to think ahead. It’s the kind of thing that you need to plan for and make changes in your life if you want to be able to afford it. The mistake that a lot of people make is that they assume that they can’t buy a home when what they actually mean is that they can’t buy a home “right now.” By planning ahead, managing your finances, and working towards a goal, you’re going to be in a far better position to buy your first home regardless of your personal circumstances.

, ,
Read More
Older Entries
Newer Entries