Have you been considering buying your own home on your own? It’s always something that real estate agents or sellers think would only target couples or families while excluding singles from their mind. The home buying experience typically does appeal to those demographics but many singles are finding that buying a home is on their mind as they become financially stable and career-oriented.
Whether a single is looking to purchase a home in the hopes that starting a family will come next or its simply the next step in life regardless of future plans, it’s important that singles don’t feel discouraged from perusing this dream due to their marital status. Many singles are more than capable of affording a mortgage from their solid career and their great credit situation, which allows those that want to start a family to feel that a great home is already setup for it.
In fact, only 40% of first-time buyers are married in today’s market which is a huge drop since the 80s. Solo buyers should be able to have the same experience as anyone else buying a home, but the experience may be even better as decisions aren’t shared and preferences get to be really personal. Take a look at a few tips to buying a home on your own so that you can be prepared for the type of experience you may encounter.
First, do your homework
You’ll be on your own as a buyer in the market, outside of working with an agent, so it’s going to be really important that you are doing your homework and researching on how the process goes. Your agent will guide you but you are still responsible for knowing what you’re doing. Going in blind is only going to harm you. Become an informed buyer by reading up at the library or checking out links online about your rights and what types of programs are available to you.
You’ll need to understand your budget to understand what you can afford because your home owning expenses may be higher than you think with recurring costs and varying payments. You’ll need to consider not only mortgage payments in your budget, but also home repairs, closing costs, property taxes, and more.
You’ll need to understand how to qualify for loans because your budget, credit score, and job stability will all be factors. You can qualify for a loan on your home by learning what it takes to get approved and then making sure you’ve completed those steps before deciding to get a home. Fortunately banks won’t turn you down based on marital status but only on financial or employment matters. Typically people that are struggling to get approved may just need to look for something more in their price range.
Choose a great agent
Choosing a great real estate agent is an important step in the process. Use a referral from someone you know or look online for reviews. Sometimes a friend or relative will know of someone that did a great job in the past and can refer you, or you can ask your friends on social media for help.
Look for reviews of great experiences with agents and note if any of them have worked with single individuals. You can meet with different agents to see who you click with and by bringing a lot of questions to the table before deciding on the right one.
What’s the right type of home for me and where do I find it?
It’s time to nail down the type of house you need and where to find it so that you can put down an offer. You get the joy of choosing your wish list on your own but you can definitely seek counsel for useful tips. Many people know off the bat if they want to be downtown in the city, in the suburbs with other families, in the country away from people, or otherwise.
There are many location options to choose from, many different styles and sizes of homes, and many considerations such as community pools, school districts, security, and lot sizes. It’s important to balance your budget with your needs by making a list of must-have’s, things you’d like to have, and deal breakers.
Look at listings to get an idea of what neighborhoods you can afford and talk to your realtor about your needs in order to pick an area and a home that makes sense for your needs. Then, make an informed offer by working with your agent on the right negotiation strategies based on recent sales in the area and possible concessions you can get from the seller.
When you’ve decided to take on the exciting journey of buying a home on your own, go into the process with confidence and knowledge on what to expect to make it a great experience.