How to Save Money on Your First Home?

The feeling of being able to leave your mom and dad's home for the first time is a time that we all look forward to. Being able to say that we've worked hard for our first place, and to take pride in everything we do with our home is a great feeling!
                       
Although unfortunately, we all know the costs of a first home aren't cheap. Between the mortgage, realtor fees, inspections, and closing costs those are just a portion of the costs you’ll run into later on. We may not be able to get a home for free, but there are ways to save money on your first home. What factors the cost of your first home, and how can you save money? Continue reading below to find out!

• Location: If you've ever watched a realtor show on TV, you've probably heard the saying "location, location, location" several times. This is probably the number one factor when it comes to pricing a home. A home on the ocean will be much more expensive than a home in the middle of nowhere. This is also true for a home in the downtown city or a home off the main path. Try to compromise as much as possible when it comes to location!

• Economy: The economy also plays a major role in how expensive a home will be. If the economy is booming, housing costs will sky rocket, although if we're going through a recession, housing will only be worth a fraction of what it was. Since you're only buying and not selling, try to take advantage of the down economy while you can.

• Features: It's pretty obvious that a house with a finished basement, granite counter tops, all new flooring and the luxury pieces like crown molding will be more expensive than home without it. Think about what you really need, what you can do yourself for cheaper, and what you can go without.

• Size: Try to be as reasonable as possible when it comes to size. Think about how much room you actually need instead of how much room you want. Don't buy a house bigger than you need! That will only cost you more due to square footage, heating and cooling and decorating!

• Fixer upper: Buying a house that needs a little work is sometimes the way to go. No one said you need to finish it and get it looking the way you want in a few days. Do projects over time, save some money, and try to do as much labor as you can yourself.

Buying a home is one of the most exciting times in your life. It is also probably the most expensive thing you’ll ever sign your name to, so make sure you love it, and it's what you dreamed of.

This is a guest post written by Hannah Munson. Hannah runs HowMuchIsIt a website that is designed to help you find the cost of just about anything daycare to tree removal.