by Hartley Engel

Created on: June 05, 2007

Buying a home is probably going to be the biggest expense you ever incur. It behooves you, therefore, to save as much money on a home as possible. Here are 6 quick tips that will help you immensely:

Save for a large down payment - The more you can offer as a down payment, the better off you will be. Remember, mortgage insurance is waived when you can can offer a 20% down payment.

Have good credit - Simply put, you get better rates by being rated better. Before purchasing a home ensure that you're credit is good enough to qualify you for the best loan rate possible.

Buy the cheapest property in the most expensive neighborhood you can afford - Once you acquire the property, you can make steady improvements that will eventually increase its value to rival or exceed that of other homes in the neighborhood.

Compare property tax rates - Oftentimes, the amount of annual property tax due on the homes in one city can be double that of the annual property tax due on homes in an adjacent city. Why pay, say, $2,000 a year in property tax if you can find a comparable home nearby whose property tax will be $1,000 a year?

Buy in a good school district - Is the home you are considering buying located in a good school district? If it is, then the value of that home is sure to steadily rise. Young families, for instance, will pay a premium for a home in a good school district. Thus, make sure that a prospective home is located in a school district with an excellent reputation.

Buy a distressed property in a developing neighborhood - Consider buying a fixer upper in a neighborhood that is on an economic upswing. This is a particularly good strategy for those of you who are mechanically inclined or have access to people who are.

As previously mentioned, buying a home is likely to be the most expensive purchase you ever make. But it can also be the most satisfying and fulfilling purchase you ever make. I hope the aforementioned tips help you find the home of your dreams. Good luck!

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