3 Home-Buying Tips For Singles
It often seems that everything in the U.S., including advice for prospective homebuyers, is geared to married couples or people with families. However, in 2014, the Bureau of Labor Statistics reported that more than half the population of America was single. More and more people are choosing to delay marriage and children, or deciding against it altogether. That doesn't mean, however, that you're stuck renting forever. Take a look at some important tips that singles need to know about buying a home.
Make Your Budget Tighter Than It Needs To Be
Every prospective homebuyer has to crunch the numbers to figure out how much house they can afford. If you have a good income and a good credit rating, chances are good that you'll be able to find a generous mortgage offer. However, while you're taking into account how much you want to spend each month on mortgage payments, home insurance, and all of your other expenses, it's also important to consider how you'll make the payments if you have a change in circumstances.
Couples often have two paychecks, so there's income to fall back on if one spouse loses a job, or becomes ill or injured and can't work. And even in a household where only one spouse works, there's always the option for the other spouse to get a job if need be. But when you're single, it's all on you – if your income changes drastically for some reason, you won't have another person to fall back on. That means that what you really need is some money in savings. Opting for a home that will cost less than what you can afford to pay gives you the ability to put aside some money away each month for a rainy day.
Keep The Resale Value In Mind
One of the joys of being single is that you can make a major life change if you need to, without uprooting a family. If you're offered your dream job on the other side of the country, you can pick up and go. However, owning a home ties you down a bit more.
Only you know if you're really ready for a long-term investment. However, if you think there's a chance that you might want to relocate or make a major lifestyle change in the not-too-distant future, you can still buy. Just make sure that you look for homes in desirable locations with broad appeal. You want a place that will be easy to resell and won't sit on the market for long if you decide to sell in a few years.
Take Maintenance Into Account
If you're used to renting, you're also used to some of the benefits of not being a homeowner – like not having a lot of home maintenance to deal with. And if you're a busy person, you might prefer not having to mow the lawn and clean the gutters. But since you're on your own, you'll be the one responsible for all the maintenance once you become a homeowner.
You may be looking forward to having a yard to tend, or you may be able to afford to hire someone to handle those tasks. But if you find yourself daunted by all of the time or money required to take care of a home, you may want to look into buying a condo or townhome instead of a larger standalone home. This gives you the benefit of homeownership, but with fewer maintenance tasks to manage.
Buying a home for the first time is exciting, but there's a lot to consider, no matter what your personal circumstances may be. Contact a good real estate agent like Seattle Metro Property Management-John L. Scott to help you find homes in your area that meet your needs.
Share