How to Save Money on a New House

Friday, 01 Oct 2010 11:32 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Buying a new house is probably one of the most important and often the most costly decision you make in your lifetime. Building or buying a house of your own often involves a huge cost and you can overshoot your budget if proper planning is not done. We all want a good, if not luxurious place, to call our home. These houses don't necessarily have to be costly homes; there are always ways to save money on a house. 
 
Here are some tips on how to save money on a new house:
  • You should always research the housing market before deciding on which house to buy. A comparison should be made between the home prices, facilities within the house and surrounding areas, and other factors like availability of amenities. You can explore various areas to find the best house price based on your requirements. You may find a good house cheaply in an area a little farther away from the central areas of a city, where a similar house would cost much more.
  • For saving money, consider buying an apartment, rather than an individual house. The construction costs and other expenses involved are much lower in the case of apartments than in the case of separate houses. As a result, the home prices are also much lower. Besides, with an apartment you can save money on various facilities as they are shared between the owners of different apartments in the building.
  • You can save money on a number of utilities such as electricity and power when building or buying a new house. For example, you should consider installing fluorescent lights, which have a longer life and use less electricity. Similarly, you can take a minimum amount of showers, and the gardens can have plants and flowers that are perennial in nature and do not need annual replacements.
  • If you are building a house, do research on the cost of various construction materials. Compare the prices in different markets for items like wood, fittings, and other building materials and then opt for the best available choices.
  • The cost of labor is another area that offers a lot of scope for saving money when building a new house. You can consider an area where wage rates are low. Often, labor costs are cyclical in nature and there are months when these costs are low. You can find out the trends after talking to those who have recently built houses.
Last, but not least, your mortgage offers the biggest chance for money saving on a new house. A backward calculation of mortgage can help your efforts of money saving and help you remain within budget for your new house. First, make an estimate of how much you can afford in monthly repayments and then calculate the size of the mortgage that you should take. Also, you should keep the mortgage period as short as possible and make the maximum possible downpayment to save on interest costs.

© Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink

PLEASE NOTE: All information presented on Newsmax.com is for informational purposes only. It is not specific medical advice for any individual. All answers to reader questions are provided for informational purposes only. All information presented on our websites should not be construed as medical consultation or instruction. You should take no action solely on the basis of this publication’s contents. Readers are advised to consult a health professional about any issue regarding their health and well-being. While the information found on our websites is believed to be sensible and accurate based on the author’s best judgment, readers who fail to seek counsel from appropriate health professionals assume risk of any potential ill effects. The opinions expressed in Newsmaxhealth.com and Newsmax.com do not necessarily reflect those of Newsmax Media. Please note that this advice is generic and not specific to any individual. You should consult with your doctor before undertaking any medical or nutritional course of action.

Keeping you up to speed on Lifestyle, health, and money-saving tips
 
 
Get me on Fast Features
Keeping you up to speed on Lifestyle, health, and money-saving tips
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved