Single Home Buyer
When starting the home purchasing process as a single home buyer, there are some unique aspects you’ll face that don’t require as much attention from co-borrowers. While it might seem stressful, all you need to do is spend a little more time preparing. These 5 suggestions for single home buyers will lead to a stress free home buying experience.
1. Affordability: When purchasing a house with a partner, there’s usually two sources of income to cover a down payment, mortgage, and other bills. As a single buyer, you must be able to cover costs on your own. Take into account every possible expense, utilities, an emergency fund—when deciding on a budget. It’s important to make sure you’ll be satisfied in affording the home you choose. Consider saving more cash than if you were to buy a house with a partner. Doing so will provide peace of mind in knowing you can afford your home.
2. Maintenance: While you need to factor fees into your budget, maintenance might require more attention than expected. As the sole homeowner, you’ll be the one to take care of your home. Be confident in knowing you can maintain the home you choose.
3. Safety: Picking a neighbourhood is just as important as picking a home. Your home should leave you feeling completely safe and secure, so be sure you choose a neighbourhood or community that lets you be completely at ease.
4. Choosing a Home: You don’t have to go through the home purchasing process on your own. Single buyers, especially first-time buyers, might feel overwhelmed or have skewed judgement from excitement. Take a family member or trusted friend along when house hunting for a second opinion or to be a voice of reason. They only want what is best for you, so they’ll make sure the home you buy is perfect for you.
5. Thinking ahead: Buying a home is best as a long-term investment, but keep an eye on what your future may hold. Down the road you could find a partner, or your job might need you to relocate. The resale value of the property might be something you should seriously consider. Just because it’s only you right now doesn’t mean the addition of a partner or child is out of the question. It could be worth it to think about going bigger now, even if it is just a spare room. The extra space could come in handy—but only if the addition fits comfortably within your set budget.
The bottom line is simply to do your homework. Thoroughly research what you can afford that leaves you some wiggle room. Talk to your family and friends about their experiences with homeownership, especially if they did so on their own. Realtors are also there to provide information, give their advice, and to answer questions you may have.