Home ownership can be an overwhelming prospect for anyone, but especially so for single home buyers who are approaching the prospect of home ownership on their own. Although the trend for home ownership still skews toward families and couples, more singles are purchasing homes than ever before, according to a report by the National Association of Realtors. If you are flying solo on a home purchase, read on to discover some great tips to help you through the process.
Consider Your Budget First
Most homeowners are couples or families, and many have dual incomes that might make home ownership more affordable. When you approach home ownership on your own, it is important to remember that you are approaching a mortgage on your own, too. Consult your own finances or talk to a financial advisor before you make the decision to apply for a mortgage. Make sure that you can afford all the costs of home ownership on your own before you sign on the dotted line. In addition, you should have a well-funded emergency account with enough savings tucked away to pay for several mortgage payments—just in case.
Bring a Buddy
Most home buyers have the benefit of two sets of eyes looking at properties to spot potential pitfalls and problems. Just because you’re buying a home on your own doesn’t mean you have to look at homes by yourself. During your house hunt, enlist the help of a trusted friend or family member who can accompany you to showings. Another perspective can give you valuable insights that may help you make a great choice on your new home.
Don’t Forget the Future
When you buy a home on your own, it can be tempting to buy a home that is perfect for you—and just you. If you plan to add more people or even animals to your family in the future with marriage, children or pets, it is important to consider those needs when contemplating a home purchase. After all, buying a home makes sense if you plan to live in the same place for an extended period of time. You don’t want your new home to suddenly be unusable for you once more people (or pets!) pop into the picture.
Think About Resale Value
Even though you might plan to be in your home for a long time, the truth is most homeowners outgrow their starter home within 5-10 years. If you think you may be looking for something different a few years down the road, it pays to choose a home with potential resale value in mind. Although it may be tempting to update your home to your unique tastes once you buy, don’t let your exciting upgrades turn buyers off in the future.
Take a Home Ownership Class
When you are a single house hunter, it pays to be as educated as possible before your home search even begins. Home ownership classes and visits to a housing counselor in your area can help prepare you for owning a home with education on topics like home inspections, home maintenance costs and even foreclosure prevention. The NC Housing Finance Agency offers a directory of housing counselors in your area, so you can get the information you need easily.
The NC Housing Finance Agency offers more than the NC Home Advantage Mortgage™ with down payment assistance. The Agency also offers substantial resources for home buyers, so you can learn everything you need to know before you take the plunge. Check out what the Agency offers today!
