The number of people buying a home on their own is on the rise. Are you one of them? While it may seem daunting to purchase a property solo, it is certainly far from impossible. In fact, it could be a smart financial move if you have a steady income and plan to stay in your location for the foreseeable future.
If you’re ready to be a single homeowner, here’s what you should know to make the process as easy as possible.
Be clear about what you want
When searching for a home, you’ll be bombarded with choices. How many bedrooms do you need? Would you like a home office? Do you need a place to park your car? Would you like to be close to amenities, nightlife or public transportation? There are many questions to consider, so it can be especially helpful to make a list of everything you need in a home. Once you’ve gotten the basics covered, spend some time creating a wish list of things it would be nice to have, but wouldn’t be deal-breakers. This could include having a Jacuzzi tub or walk-in closets. Once you’ve gotten your lists together, you’ll be better able to refine your search and only look at homes that are a good match for you.
Buy what you can afford
Once you begin your home search in earnest, it’s important to stay within your budget. It can be tempting to reach a little further beyond your means, especially for a home that you love. But that love can sour quickly when you find you’re unable to pay your mortgage each month. Use an online calculator to determine just how much you can reasonably afford.
Consider safety and security
While we don’t think making choices based on fear is always a great idea, it is good to consider how safe and secure your new home will be. Since you won’t always be around to check on your house, look for neighborhoods that have low crime rates. Take note of whether or not the house has a security system or the street is well lit. If safety is a big concern, consider buying a condo so that your neighbors are always close by.
Think about the future
You never know what life is going to throw at you, so it’s smart to think about your home’s resale value. Maybe you’ll relocate for a job or move in with a spouse and need to sell your home. If your new place is in a great school district, near popular amenities or has a stunning view, you’ll have an easier time selling down the road.
Work with an agent
Buying a home can be a little overwhelming, but working with a professional can help alleviate some of the stress. By partnering with an agent, you’ll have a person who can answer questions and guide you through the process. You’ll also have someone in your corner who will work with you to find a home that suits your needs. Don’t let the fear of navigating the process alone keep you from realizing your dream of owning a home. You can do it!