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A new home is no small purchase, and finding ways to save money both before and after buying can be a huge help. Whether youre a first-time buyer or in the market for a new place, try these money-saving tips:

Always Use a Real Estate Agent
One of the biggest mistakes people make is trying to buy a home without a licensed real estate agent. A professional can be of immense help during the purchase process. Not only can an agent help with paperwork, but they’ll also know how to negotiate the price using fair market value, the actual condition of the home and other various factors.

Shop Around for Lenders
Like with any purchase, shopping around is a smart way to save. When seeking a mortgage, contact multiple lenders. Youll be able to better understand your loan options, as well as compare estimated monthly payments and interest rates, to get the best deal for you. Do some research to find reputable lenders, and ask your real estate agent for recommendations.

Try Not to Pay PMI
Private mortgage insurance (PMI) is tacked on to your monthly mortgage payment if you buy a home with less than a 20 percent down payment. This extra expense can add thousands of dollars to the cost of homeownership. Save money in the long run by trying to save at least 20 percent for your home, or purchase a home that fits into a slightly smaller budget.

Find Better Insurance Rates
Similar to auto insurance and health insurance, monthly property insurance premiums vary depending on the company that underwrites the policy. Spend time shopping around at different insurance companies until you find the one that offers an affordable rate and sufficiently covers your property. After buying your home, check periodically to see if you can find a better deal.

Reduce Your Property Taxes
This is a very popular and often effective way to save money on a new home. If you think the assessed value of your home is too high, ask for a review. A different assessor will come out, perform an inspection and make any adjustments, if necessary. While this doesn’t always work, it’s worth a shot if you want to save as much money as possible.

Make Additional Monthly Payments
If your mortgage payment is low enough where you can consistently pay more each month, doing so could save you tens of thousands of dollars over the course of the mortgage and reduce the number of months you’ll need to pay. However, be aware that some lenders may penalize borrowers for paying off loans early. Check with your lender to see if your mortgage includes pre-payment penalties.

There are a variety of methods consumers can use to save money, both upfront and during the course of their mortgage. To avoid financial issues in the future, always purchase a home thats within your set price range and never buy a home with zero money down; doing so will make it much harder for you to borrow against the property in the future.

Source: Kara Masterson/RISMedias Housecall

Published with permission from RISMedia.

When it comes time to sell, all homeowners want to get as much money as possible for their house. In addition to working with a real estate agent to increase your chances of getting top dollar, you can make some changes to your property to make it more appealing to potential buyers.

Here are four of the best value-raising tactics for selling your home:

Ordinary Updates
There are plenty of simple updates you can do to your home before selling it that can help raise its value. These kinds of updates include replacing rotting wood, repairing roof leaks, getting rid of mold and spreading a fresh coat of paint. Buyers tend to look over the home theyre thinking about buying carefully, which is why its important to check every inch of your home and see what you can update without breaking the bank.

Remodel Your Kitchen
Updating your kitchen is highly recommended to improve the value of your home; however, make sure you dont go overboard and end up not having enough money in your budget to finish the project. Repainting the walls, updating the backsplash and installing new appliances can help boost the value of your home.

Improve Your Outdoor Environment
A great outdoor space can make or break a sale, so make sure to mow your lawn and consider updating your landscaping or building a nice outdoor seating area. For a larger project, build a deck. If you want to undertake a simpler project, update your existing yard features. All of these projects can make your yard look more attractive and increase the resale value of your home.

Prioritize Energy Efficiency
More and more homebuyers today are looking for energy efficiency. Consider making updates to your home that lower energy costs. This can include installing insulation, purchasing replacement windows and buying ENERGY STAR appliances, among other things. Not only are these features appealing to prospective buyers, but they can also lower your energy bills while youre still living in your home. Jump on the sustainability train and make a few updates today!

All home sellers want to get as much money as possible for their home, but few know how to accomplish this. With the four techniques above, you can increase the value of your property and increase your chances of making the biggest profit when it comes time to sell.

Source: Hannah Whittenly/RISMedias Housecall

Published with permission from RISMedia.

Moving into a new house can be a quick lesson in how little furniture you have. And while you may not want to fill up every nook and cranny, unless youre moving to a smaller home, chances are youll need to buy some furniture after a move.

Budgets vary, making it easy to go over budget when furnishing an empty space, so here are some simple ways to make furnishing a new house affordable:

Budget and Save for It
This is a step you hopefully made before buying a home. Budgeting and saving for new furniture is a good financial move, because it can be a big expense that can take some time to save for. By proactively setting money aside for furniture, you can keep your expenses at a set level, which will allow you to buy what you need without having to go into debt for it.

Pay Cash
If your furniture budget isnt quite where you want it to be, make it a point to pay with cash whenever possible to avoid putting anything on a credit card and paying interest on revolving credit. If you do use a credit card, make sure you can pay it off in full before interest charges start. Some stores even offer no-interest credit for a set number of months, with credit charges from the date of purchase taking effect if you dont pay off the bill before the promotional period ends, so explore all your options before making a purchase.

It shouldnt be a big deal to let a room or two be sparsely appointed (or even sit empty) until you can save enough cash to buy what you need.

Buy Essentials First
Blowing all your money on furniture is the last thing you want to do, so focus on purchasing the essentials first. Essential items include a dining table and chairs, beds and a couch or comfortable chairs for the living room.

Once youve acquired the essentials, begin saving for bigger functional pieces that will make a room look full. These include sectional sofas and large area rugs.

Negotiate and Shop Sales
Like many big-ticket items, furniture stores are often open to negotiating prices. Ask for discounts on floor models, shop around to compare prices, and look for seasonal sales around the holidays and during specific months of the year, including January and July.

You may even be able to find good deals at warehouse stores, thrift stores and online sites such as Craigslist and Nextdoor.

Affordable Extras
Some smaller, inexpensive items can make a house feel like a home while showing off your style. For instance, unique-looking lamps can make a room look cozy, while drapes, throw pillows and a fresh coat of paint can make a room more inviting.

Published with permission from RISMedia.

When it comes time to list your home on the market, the decision to sell shouldnt be taken lightly. Rather than asking your Magic 8 Ball whether nows the time to pack up your belongings and move into a new space, youll want to focus on a variety of factors to be sure your decision makes the most sense for you and your family.

Here are five telltale signs that will offer the best indication that youre ready to get off the sidelines and make a move.

Youre financially ready. Purchasing a home is an expensive proposition, which means buyers need to have their finances in order before they even begin looking at houses. Many people take the plunge when interest rates are low and their credit score is in good standing, says James Roche, CEO of Houseplans.com, who notes that understanding the costs associated with purchasing a home is another important factor that needs to be taken into consideration.

You have a game plan. According to Roche, having a game plan in place is one of the best ways to motivate yourself when it comes to actually going through with listing your home. Your game plan should cover the basics”where you want to live, what type of home you want to purchase, when you want to move”in addition to how much you can afford. Having a general vision of what your next home will look like hinges on having an estimated listing price of how much you can actually afford, says Roche.

Your family situation is changing. Whether your family is growing or youve recently become an empty nester, shifting family dynamics can play a large part in your current home not meeting your everyday needs anymore. Take stock of the space you have”and whether its being put to good use”and decide what makes the most sense for your current situation.

Youre ready for self-expression. It may be time to hang that For Sale sign if you find that special house or rare parcel of land that youve always wanted, says Roche.

You actually want to sell. When it comes to selling your home, no one can make the decision for you. The best time for you to sell is when you feel that its absolutely right.

Published with permission from RISMedia.

Whether your kids have moved out or youre getting ready to retire, moving into a smaller home can significantly reduce your living expenses. If downsizing is in your foreseeable future, here are seven ways to help you pare down your possessions so you can fit comfortably into your smaller space:

1. Plan backwards from moving day. If you have a clear idea when youre planning to move, start downsizing three months prior. It sounds taxing, but tackling every room (and/or garage, basement or attic) in one fell swoop is more challenging, if not impossible”especially for homeowners whove stayed put for years. Sorting through one room at a time is best.

2. Stick to the OHIO rule. Only handle it once. Avoid placing items in maybe piles. Ask yourself if youd replace the item if it disappeared”this will make the process feel much less like a trashing of beloved possessions.

3. Remember more isnt always better. We all have items were saving just in case the original breaks. But do you really need multiple mixing bowls? Dont be afraid to purge duplicates. The same applies to clothing”avoid holding onto garments that no longer fit, but might one day.

4. Scale back collections. Cutting a collection can be upsetting for anyone, downsizing or not. Because you have likely spent years growing it, approach the process as gently”and practically”as possible. Ask yourself which items are favored more than others, or limit the amount based on display space. For example, a bookshelf can only hold so many books.

5. Get cash for your castoffs. Remember the three-month rule? If youre planning to sell an item, start early. Some things may not move as quickly as youd like, and you dont want to be stuck with items you no longer want come moving day.

6. Contact an auction house. If you have an assortment of valuable items, like antique furniture or artwork, consider enlisting an auction house. Compile a large lot so the appraiser can assess items in one visit. An estate sales group can help facilitate the sale or auction of high-end belongings, too.

7. Donate as much as you can. Donating items to charitable organizations can make parting with possessions much more manageable. You may feel much less overwhelmed knowing the items are going to those less fortunate. In many areas, the Salvation Army and Goodwill are available to transport big-ticket items like furniture or appliances. Other house items in good condition can be dropped off and donated to the charity of your choice.

Published with permission from RISMedia.