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For Singles Only... 10 Tips for Buying a Home on Your Own

For Singles Only... 10 Tips for Buying a Home on Your Own

Are you single and ready to mingle? About buying a new home, that is! Don’t laugh; many single men and women are choosing to enter the realms of home ownership on their own these days. After all, nothing says “independence” like owning your own home, right?

It’s true; buying your first home really can give you a sense of pride, accomplishment and obvious independence. But, it also can give homebuyers a sense of anxiety, stress and frustration. The difference for singe homebuyers is that they’re sensing all of these things alone, whereas couples, who are looking to buy a home together, can bounce these feelings off of one another.

The reality is that any homebuyer, and particularly a single homebuyer, can use some help in getting through the home-buying process. Here are 10 things single homebuyers should keep in mind when they’re buying a home:

  1. Finances – Almost even before you decide you’d like to buy your own home, you need to be mindful of your financial situation. You should know how much money you have coming in and going out. On top of that, you should know exactly where your money is going, too. Oh yeah, and you should start saving… now!

     

  2. Budget – Why do you need to know all about your finances when you want to buy a home? Because you need to know what you can afford! Of course, a lender will let you know what you’re able to borrow, but their estimate may be more than you’re comfortable shelling out each month. When you’re going it alone, it is important to make sure you’ll be able to afford your mortgage payment in case of any unexpected financial struggles, like job loss for health issues. You may have no one to fall back on when you’re a single homebuyer.

     

  3. Lenders – Seeing the whole financial trend here? As a single homebuyer, it is best to research lenders and shop around for the best mortgage rate. Don’t forget to use that single buyer swag to ask for any available incentives as well. You never know what you may qualify for when it comes to your mortgage.

     

  4. Safety – Once you get your financial situation in order and you’re ready to start searching for available homes, keep safety at the top of your “want” list. This tip goes for anyone who is planning to live alone… whether they plan to buy or rent. Be sure you’re searching in neighborhoods where you’ll feel safe.

     

  5. Maintenance – When you buy a home, you instantly become responsible for all home maintenance. So, single homebuyers, when it comes to mowing the lawn, shoveling snow, planting shrubs, painting, sweeping sidewalks, removing debris from the gutters… well, you get the picture.

     

  6. Repairs – Regular maintenance may sound like burden enough for a single homeowner, but what about when it comes time for major home repairs? There are some things even the craftiest single homeowners cannot do themselves… think plumbing, heating and electrical tasks. For major home repairs, it may make sense for a single homebuyer to consider a home warranty.

     

  7. Upgrades (Or Lack Of…) – For budgetary reasons listed above, single homebuyers may have to come to terms with the fact that they may not be able to afford every upgrade they’ve ever dreamt of. At least not by move-in day. Consider looking for homes with great potential. If you’re unable to afford upgrades at first, you can work on completing those features while you’re living in the home.

     

  8. The Future – It may be hard to do when you’re looking to buy your first bachelor or bachelorette pad, but it is a good idea (even for a single homebuyer) to consider the future. This advice goes for every single homebuyer from a young professional to an older buy with children preparing to head off to college. Consider your present and future needs when looking at homes.

     

  9. Resale Value – Because no one can be sure what the future may hold, when you’re searching for your first home, you’ve got to think about resale potential and value. If your future plans include getting married, having children, downsizing or relocating, you should think about resale value while you’re making that solo purchase. You’ll only be making it easier on yourself whenever it comes time to list your home.

     

  10. Help – With everything else there is to consider as a single homebuyer, don’t forget to consider getting some help! A trusted real estate agent will be happy to work with you throughout the entire home-buying process. Find an experienced agent to help with your purchase as a single homebuyer. Contact Berkshire Hathaway HomeServices The Preferred Realty today.