Buying Principal Residence Properties With Less Money Down

A home, or domicil, is an area usually used as a semi-permanent or permanent residence for an individual, family or group. It can be a fully enclosed or partially enclosed space and may contain both exterior and interior elements to it. The home may be a single story building, or may consist of multiple floors. Usually the home will be located on a piece of land with at least one house on the property. A domicil may be used in a variety of settings, whether the home is an adobe ranch style house or an Edwardian home perched on a cliff.


As the housing market remains a little unstable, many people are buying new homes instead of repairing or remodeling their existing ones. With the decline in the economy, many consumers are concerned about saving money and the smart way to do this is to purchase a new home rather than renovating an old one. While purchasing a new home can be expensive, there are several ways in which one can reduce his or her housing costs, which makes a new home more affordable. One can start by hiring a reputable real estate agent who specializes in new home sales and is familiar with the trends and local laws that affect the cost of housing. Real estate agents also are good at matching the needs of the buyer with available homes, which saves time and can result in a more enjoyable home shopping experience.

Another way to save money when buying a new house is to make use of the services of a good home inspection service. These professional experts are responsible for discovering and evaluating every aspect of a potential home. They examine the plumbing, electrical, heating and cooling systems, and also check the foundation, walls and floors for any damages that could be a potential problem down the road. The real estate agents also need to know if there are any important structural repairs needed before listing the house so it’s not wasted on a home inspection that will never close. Having a qualified home inspector with a lot of experience can really help to speed up the buying process and provide peace of mind to first time homebuyers. This is especially true because of the shaky real estate market currently being experienced.

As soon as the home inspection is complete the home buyer can go over the price with their realtor and close on the purchase price. Because closing costs are usually included in the transaction a buyer can often save a significant amount of money on this cost. Most buyers are willing to walk away from a home that has several thousand dollars in closing costs and just receive the deed for the amount they paid – even with all of the work that’s been done. This is especially true now that tax rates are at an all time high.

One of the most common mistakes made by buyers is purchasing a property within a state that is experiencing an unusually high real estate market. The most common mistake that buyers make when they purchase a principal residence is buying a house for sale that is located too far from where they live. A home within a twenty-five to thirty-five-mile drive of their primary residence on the other hand would be less expensive because it would be more profitable to rent the home when the property is not generating income.

If a home buyer is able to drive the distance between their primary residence and the actual property they’re interested in purchasing then they are significantly increasing their chances of negotiating a low price. If a home buyer is able to drive three miles between the houses that they’re interested in then they are at a definite advantage over many of the other buyers that are online during this same time period. Many of the other home buyers online during this time frame simply don’t have the resources to be able to drive that far.