If you want to buy a property, but don't know if your budget can handle higher costs, we have good news. You can do things to stretch out your purchasing power. You can become a savvy homebuyer without breaking your budget with the help of your real estate agent — and those 9 tips.

Get your house loan pre-approved.

It is the first step in the process in home ownership, and it involves completing a loan application and going through the process of obtaining funding for your purchase. When you're ready to launch your real estate search seriously, you'll know just how much home you can afford. You can further prove to a seller that your offer is sincere.

Explore options for the creative financing.

Pre-approval process for home loans tells the real estate agent or loan officer about ways to get innovative with the financing. Low down payment options, combinations of first and second mortgages, and first-time buyer programmes can help you afford more financing. Many lenders now provide interest-only home mortgages; just make sure that the conditions for this form of home loan are thoroughly evaluated. In certain cases, down payment grants are also eligible, and it may just be worth researching or discussing with your Realtor.

First, sell your already existing home.

While selling your current home before finding or purchasing your new home can be a bit of a nervous wrack, any discomfort would be compensated by your willingness to make a cash-in - hand bid. Cash deals will make all the difference when negotiating with the sellers and their agents. Contingent purchases are not the best ones to buy a home when negotiating. Getting your finances in order and your bags packed will give you the upper hand in the highly competitive real estate markets of some areas. Explore ways in which the sell my house privately method can help you save on real estate fees. 

Look for immovable property.

Perhaps the work of a seller has pushed her out of the city. And maybe a family purchased a new home before selling its old home on the market. In any case, a vacant home may just be the deal for a smart homebuyer, so have your Realtor ® check for vacant property in your favourite neighbourhoods. And keep in mind that the longer a house remains empty, the greater its negotiating power.
Think fixers for the cosmetics. If you are handy with a paintbrush, a toolset and gardening equipment, consider buying real estate that needs cosmetic repair. Private house sales lacking curb appeal typically needs only minor handicrafts. A simple paint job or a landscaping job might end up making the home of your dreams a fixer-upper for a price you can afford. Look out of the ho-hum to see a beauty fixer 's potential.

Buy a home which is a big project to remodel.

If you want to live in a fashionable neighbourhood, but can't afford a home mortgage of $2 M, consider buying a dilapidated home on a beautiful west exposed lot. You will need to do away with the existing home in time and build from the ground up, or contract significant improvements to your home. Your property value will ultimately skyrocket though. And if your carpentry and other construction skills are well established, you can save even more and build "sweat equity" by doing some of the work yourself during your remodelling.

The Best neighbourhood cheapest home.

You've set your heart on a particular — and expensive — neighbourhood. It's through the schools that you 're involved in. And maybe it's the closeness to great entertainment choices, or the coastline. Nonetheless, a budget-savvy investor should check out the neighbourhood's least expensive home for sale. If you aren't in a rush, you can even play the waiting game to see what's on the market. In this scenario, the real estate agent can be a big help by looking at potential sellers.