7 Ways to Save Money When Buying a House in San Antonio

Buying a house in San Antonio is going to be expensive compared to most anything you purchase in life. There’s just no way around that if you plan on buying anything of decent quality. But homes also provide a great opportunity to gain a return on your investment!

However, there are ways to ensure you save money and don’t pay a dime more than you really need to, if you go about buying a home intelligently. At UrbanLUX Builders, we believe that owning a great new home doesn’t have to cost you an arm and a leg. This belief and our exceptional track record as one of the finest home builders in San Antonio has helped us build a strong reputation over the past 20 years.

Here are seven ways we’ve identified to help you save money when buying a house in San Antonio. Enjoy and take notes or save this post as a favorite for reference later!

1. Use A Realtor

As tempting as it may seem to save money by doing everything yourself, it’s actually counterproductive. Hiring a realtor is a smart decision that we wouldn’t recommend going without. A great realtor is somebody you’re comfortable with and trust. They know the market and have leads you won’t find on your own. They are paid on a commission from the sale of the new house, so it’s also in their interest to find you a perfect home and within your budget.

2. Get Quotes

Never go to one mortgage lender for a quote and then just take it. You’re much better off shopping around to multiple lenders for fee quotes. We suggest you speak with at least three mortgage lenders for quotes and pick the best price and fit for your financial situation. There are varying fees to be mindful of beyond just the interest rate and loan amounts. You can even use these quotes to negotiate a better price with a lender who you like, but maybe came in higher than you want to pay.

3. Save Down Payment Money

While it isn’t a requirement by any stretch anymore, putting 20 percent down when buying a house is the best situation for saving money in the long run. So if you start early and are smart with your savings, you can build up the money you need to put down a sizable chunk. This saves you money because your loan amount is less, which keeps the monthly mortgage payment down and can be put on a shorter loan term to eliminate paying as much interest over the length of your mortgage. You also can save from not having to pay mortgage insurance on the loan itself.

4. Increase Your Credit Score

Your credit status is one of the main factors when a lender looks at your overall financial status in determining the terms of your loan or if they’ll approve for a loan at all. Obviously, having a poor credit score is going to make buying a house extremely difficult. The better your credit score, the better your interest rate will be as well, so you save money over the long run also. Don’t apply for new credit cards when applying for loans as it will drop your credit score for a period of time. If you have any outstanding debt on your credit cards, be sure to pay those off before applying for a loan to ensure your credit score is as strong as possible.

5. Find A Fixer Upper

If you can find new homes for sale that you can afford, you can try buying a fixer upper for a good deal and take on the work of improving it yourself. Over time, you might create your dream house or gain a better return when you look to upgrade to your next home. Investing money in home improvement will increase the home’s value, so when it comes time to sell and move on, you’ll really raise your return on investment. Many fix-ups are not hard and are cheap, especially compared to what you get back on your investment. Lighting and paint go a long way and almost anybody can do those for reasonable upfront costs.

6. Get the Right Mortgage

There are plenty of options out there for prospective homebuyers. If you’re a military veteran, for example, you can get a mortgage loan through the Department of Veteran’s Affairs and you may not have to put any money down at all or pay for mortgage insurance. There are different lengths as well, which can work better for you. Again, the shorter the loan term, the more money you end up saving.

7. Buy Seasonally

Like any market, supply and demand play a huge role in the housing market. Certain areas have times of year that are super popular for buying a house, often the spring and summer. So if you can line it up to shop and buy a house in the offseason, so to speak, you might find less competition, sellers more desperate to get their house off the market and you can score a great deal on a house you love!

image with the text, find your perfect home with UrbanLUX Builders. Click to view some of our floorplans.

Contact UrbanLUX Builders Today!

We hope you found today’s post helpful and informative. We have a great selection of new homes available in the San Antonio area, and of course, would love the opportunity to discuss building a custom home just the way you want it. Simply contact us today to learn more about UrbanLUX Builders, our custom homes and anything else you would like to know!

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