You’ve decided that it’s time to buy your first home, but, unlike most of your friends and family, you are single and have decided to go solo on the project. You’ve always wanted a home of your own and you’re not going to let a little thing like being single stop you from achieving that goal. Carrying nearly 20% of the 2019 home market, more single women bought homes than single men, according to the National Association of Realtors. This is despite the fact that there are so many misconceptions about how achievable the process actually is to do alone.
The good news is that it’s actually far easier than you think to be a solo property owner. This is especially true if you take the right steps and are properly prepared along the way. To help make the process of buying your first home alone a little easier, here are a few handy tips.
Start with a Clear Budget
The first thing to focus on is your budget, including your down payment and what you can handle as far as taxes and monthly payments. As a basic rule, most financial planners and lenders agree that your mortgage cost should not exceed 28% of your income. And, don’t forget to include taxes, principal, interest, and insurance in this number. Of course, you don’t have to push things to the limit, especially now during rocky financial times.
You might find that using a tool like MortgageCalculator.Org helpful for working out your budget more carefully and determining exactly what you can afford. Do also note that, when you buy property alone, often you require a larger down payment to be approved by a mortgage lender.
When it comes to looking at homes, be open-minded about all possibilities. While you might not care to live in a rough part of town, consider each home by how it meets your current needs as well as the future. Visit every area that you’re considering to form your own opinion, as some could be up and coming neighborhoods with potential for great resale value later on.
For instance, a lot of areas that have student properties are deemed undesirable, but in reality, they could be nice areas in which to invest if you’re interested in owning rental property in the future. Some older neighborhoods close to urban areas can be somewhat run-down but hold the potential to blossom into trendy and popular communities.
Know What You Want
When it comes to home buying, it’s important that you have a clear picture of what you want from your new home, as well as what you need. Think about how space needs, amenities, location, convenience, and energy of a neighborhood.
How important are certain features to you? Perhaps you want a large back yard where you can plant a veggie garden or want to be away from other homes. Do consider how convenient the location is to shopping, work, and your loved ones. Overall, you want to locate a home that meets as much of your needs as possible.
Buying a house is a big deal for anyone, whether you are single or have a partner. It’s an exciting adventure that takes time, effort, and patience to see through to the end. You may have some ups and downs as you move forward, but don’t get discouraged. You can always enlist a friend or family member to help you if things get challenging or you want another opinion.