Posted by Tim Stobbs on February 2, 2007
Ok, I didn’t really mean to turn this into a series this week, but I’ll blame the book I’m reading on this (I’ll do a book review next week on it). Today on saving money I’m going to touch on suggestions for housing and what makes up a really great place to live that will save you money.
1) Rent or buy near where you work, if possible. That way if you can walk to work think about all the cash you can save.
2) If you can’t rent/buy near work, can you do it near public transportation. In my case I’m only two blocks from a cross over point of several bus routes of which one runs with in a block of my work building. I currently car pool to work, but some days I still take a bus when the pool isn’t running. (A note for renters, if you always pay on time and have a great set of references ask for extras. I once got an apartment held for me for two months rent free because the landlord really wanted me in the apartment block).
3) Buy in a neighbourhood where you feel comfortable. If you don’t feel comfortable when your viewing the place, trust yourself to find something else.
4) Never buy in the ‘best’ part of town. Prices tend to be high and you don’t get a lot more house. Your basically paying more for a home for the name of its neighbourhood.
5) Layout is more important than the number of sq feet. My current house is only 186 sq feet bigger than my first home, but it feels huge all because of the open layout and the smaller bedrooms (where I never spend any time when I’m awake anyway). Also excessive sq feet just cost money to heat and more time to clean.
6) Buy the worst house on the perfect block for you. You can usually get it 10% cheaper than the rest of the neighbourhood and then you can fix it up to what you like for 5%.
7) Use an real estate agent when buying, but avoid one when selling. Real estate agents are very handy for buying a home because they cause you nothing, but don’t forget to check out private deals on your own. Obviously avoiding an agent when selling saves you thousands of dollars in commissions.
8) When you do sell your home. Make it spotless and clean up the clutter. Remember your not actually selling your house, your selling the dream of a perfect show home. 80% of people can’t see past the furniture to realize they are only buying the walls. If you do it right you can sell your home faster and for more money.
9) Also when selling your home don’t get greedy with the list price. A lower list price can spark bidding wars and ensure you house is off the market faster. Remember it does you no good to have a house on sale for a extra month just to get a few more thousand dollars. Your time is worth something.
10) Take your time. Find good housing is difficult, so don’t rush into anything if you can avoid it. Every problem I ever had with a place was due to me rushing in. So now I like to take it slow if possible.
Have a great weekend,