For most people, buying a home is the most significant financial investment they’ll ever make, and perhaps even more so for singles who are making the transition on their own. With that in mind, I’d like to offer a few tips to help single home buyers navigate the home buying process:
A family of one is much more likely to upsize rather than downsize. Some day someone who is single may add a ‘significant other’ to their family and possibly even children. Though additional space may not be needed immediately, it’s important to consider potential future plans for a home. Keep in mind that there is no such thing as the “perfect” house. Instead, determine what’s essential for the near future – number of bedrooms, approximate square footage, community, etc. But be cautious. Look to future needs but don’t overextend yourself buying space you may not ever need.
Again, since first time buyer needs are more likely to change within a relatively short time, resale value becomes all the more important. Purchasing a home is a great long-term investment. However, there are many reasons single home buyers may need to move, such as relocating for a job or a lifestyle change. Think about the length of time that the home may be owned and also consider the potential resale value of prospective properties during the search. I can help by providing the average price of resale homes in the area, how long each property has been on the market and what features increase – or detract – from a home’s value and appeal.
A pre-approval lets single home buyers know where they stand financially while informing the mortgage company that they’re ready to buy. As your local real estate professional, I can also tell you that this step will demonstrate to everyone involved in the purchase that you’re a serious and well qualified buyer, and strengthens your negotiating position.
Owning a home is a rewarding experience. However, being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in the budget. Keep in mind that certain properties such as condominiums and townhomes require less exterior maintenance and might be a good option for those single home buyers who find the idea of maintaining a yard a bit daunting.
Want to know more about the home buying and selling process? Give me a call and talk about how to make your dreams of home ownership a reality.
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