When it comes to homebuying advice, much of the content is geared toward families. However, single people buy homes too. In fact, single adults make up nearly 25 percent of all homebuyers. If you're single and looking to purchase a home, make sure you know what factors are most important.
Loan Approval Amounts Are Only Guides
Lenders use a formula to determine how much a borrower is approved for. This formula is generic and generally only uses information like your credit score, income, and fixed expenses like car payments. They do not account for things like daily coffee runs and weekend shopping excursions.
Since you don't have a second income to rely on, only use the approval as a guide. Should you choose a home valued on the upper end of your approval, you may run into trouble when these small expenses start adding up. Stay on the lower half of the approval to be safe.
Neighborhoods Are Very Important
The neighborhood a home is in is important for any homebuyer, but for single people it's especially important. You don't have a second set of eyes to watch over and protect your home so a safe atmosphere is critical. Most real estate appointments are during the day, when most people are at work. To ensure you will be comfortable in the environment and you're seriously considering the property, make a second trip later in the day once most people are home to get a true feel for the neighborhood. This can even give you a chance to knock on potential neighbors' doors and ask about the area from a first-hand source.
The Home Should Complement Your Future Plans
How well does the property fit into your short and long-term plans? For example, if you are single, seriously dating and open to marriage, there is a real chance that you might get married in just a few short years, leading you to sell the property. If this is the case, you don't want to purchase a home that will be difficult to sell, such as a home with an awkward layout.
You also don't want to purchase a home in an area where the appreciation is going down. Since you won't be in the home that long, the market might not take an upturn before you sell, causing you to lose money.
Buying a home is a big investment and step, especially for a single person. Take your time and get advice from a real estate agency like Cooke Realty - Keller Williams Plymouth-Canton to ensure you are protecting yourself.