Who says you have to be married to buy a home? These days, it’s not uncommon for a single man or woman to purchase their own home. In fact, more single people are entering the market than ever before. They have been a major force in the home buying market. In fact, recent statistics show that single women accounted for 20 percent of home buyers, and single men accounted for 12 percent.
So what do they look for in a home? For singles, it’s not just about location. While single people want to be near nightlife, entertainment, and cultural activities, they also care about the price, the condition of the home, and whether or not the house fits their particular needs and tastes.
If you decide to jump into home ownership solo, here are some tips for you:
Buy within your budget. While purchasing a house is a smart financial move for a single individual, it should be priced well within means. There’s one income that can make owning a home possible, and if you lose your job or get sick, you are still the only person responsible for paying your mortgage. So make sure that you can afford the house for a long amount of time.
Be smart with security and safety. Since you will be away from your home at times and no one else will be there, you need to make sure that your home remains secure. Lock doors before you leave, and consider the safety of the neighborhood. Have a security system installed if you want complete peace of mind, even if you live in a low-crime neighborhood.
Remember that you are solely responsible for maintenance. Single home ownership involves being the only person around to manage the landscaping, gutter-cleaning, and general maintenance for your home. If you can’t manage these maintenance tasks yourself, then you probably shouldn’t buy a home. If you don’t want to be responsible for hands-on upkeep, perhaps renting would be a better option for you. But if you’re up for it, by all means go for it.
Consider the home’s resale value. Even though buying a home is a long-term investment, you may find yourself relocating for work or other reasons. This is why you should consider the resale value of the homes you look at. You want a home that will be easy to resell in case the need arises and you have to pick up and move.
Keep the future in mind. While you may be single now, a few years from now you might not be. In fact, you might even want to get married and have children. If these are in your future, it may be wise to buy a home a little extra space or an additional bedroom just in case there are potential future plans for a family.
If you are single and want to buy a home, you need to know its value before you make an offer. Rely on a free home value report from Neighborhood IQ to learn a home’s value so that you get a fair price.