Singles Guide to Home Buying
Posted by Eric Skates on
Buying a home can be an intimidating experience, especially if you're taking this big life step alone.
Whether you are single, widowed or divorced - it can make the home buying experience more challenging, but we're here to help! Here's some tips and things to consider if you're buying a home as a single person:
Look at your financial situation as a whole. Just like a couple buying a home, you must do a detailed inventory of income, assets and recurring financial obligations to see what you can afford. We're happy to help you get started by getting you pre-qualified and figuring out exactly what price range you should be looking at houses in.
What are the additional costs of owning a home? If you're working off a single income, it would be wise to be a little more conservative when coming up with a monthly budget including things like property taxes, insurance, maintenance, landscaping, repairs, HOA dues, etc.
Beef up the emergency fund. Instead of a customary 3 or 6 month emergency fund, single homeowners should plan for having additional savings to be safe.
House or condo? Consider whether you want the low-maintenance condo life or a conventional home with landscaping responsibilities, etc. Would you rather live in a neighborhood with children or one with mostly other single adults? Be sure to check differences in HOA fees, they're likely going to be higher with a condo.
Size. When purchasing a home, it's smart to think about what your life might be like in a few years. Will you be getting married at some point? Do you have children from a previous marriage? Do you want to consider a roommate to help with costs? These factors will play a role in the size of home you choose.
Shop for your home with a trusted, experienced friend or relative. Along with your agent, you should ask advice from a friend or family member that has purchased a home before; their advice can be very helpful.
Buying with a friend. If you and a friend or relative who is not a spouse decide to purchase a home together, consult with an attorney or lawyer. Purchasing with a non-spouse can present some issues so it is wise to be aware of the property laws in your area.
We're here to help you with your journey to homeownership, contact us today (877) 255-3554 to get started or log on to equityprime.com