Three ways to save money when purchasing a home

There are a ton of people out there talking about whether people should buy or rent, which neighborhoods are good and which are bad, and what the best way to pay back a mortgage is.

I'm going to focus on three key tips that I keep in mind when shopping for property, and that have worked to actually save me money.

1. Use your social network

Some of the best tips on new property listings,  realtors that charge lower to no fees, and self-advertised properties are available from people in the area. Letting people around you know that you are looking for a place and what is important to you can really magnify your access to opportunities. Be sure to investigate each of your recommendations, however. Even if you really like the person that is recommending the place to you, it could be right next door to a dog-fighting kennel.

2. Hire your own inspectors

In the modern age, it's necessary to have an appraisal prior to closing, but not all appraisals are created equal. For many banks and contracting agencies, it's too much work to do an interior inspection, and many important details or deficits can be missed. Paying a couple of hundred dollars for a home inspection is peanuts compared to getting thousands of dollars off of your sales price when you find issues that need to be addressed, or having to pay thousands over market for a structure with hidden damage.

3. Don't be afraid to walk away.

I have looked into properties in many different price ranges, starting at $4000 tax sale homes and topping out in the several hundreds of thousands of dollars, and the most important rule that I have had going into every deal is that I wanted a house, but I didn't need "that" house. While it is easy to get emotional, and attached to a particular property, it's better to remain impartial and evaluate the facts of the market and the property. A cute paint scheme, a nice neighborhood, and a convenient floorplan pales in comparison to a home in your price range and a stable city government.

Best of luck to all of you out there looking at buying a home!

Do you have any experience using these tips?

Do you have any advice for other people considering a home purchase?

Share them in the comments below!