Tips For Single Home Buyers
Posted by Admin Staff on Monday, May 16th, 2022 at 6:43pm.
Purchasing a home is an exciting milestone in life. At the same time, it's stressful and seems like such a daunting process. For single individuals, this stress is amplified. This week, we're giving out our top tips to make any bachelor or bachelorette a savvy home buyer:
Be Aware of Your Finances
It's hard enough to qualify for a mortgage as a couple! Qualifying for a mortgage while solo carries more stress, amplified further by the fact that interest rates are on the rise right now. It's essential for the singles out there to know where their credit stands, since the higher your credit score is, the more favourable your interest rate will be. If your score is lower than you'd like it to be, check out our surefire ways to improve it. For additional help, check out our tips on saving money.
Take a look at your financial future, and the potential it can hold. While your mortgage will be based on your history, the home that you get can be a way to ease your financial burden. For example, an extra bedroom or a basement suite creates the opportunity of rental income.
Without another person in the picture, you don't have to compromise on home features because you don't have their needs to consider! Also, if your job is flexible or you work remotely, you can expand your search into more locations.
Be As Flexible As Possible
You get to search with your needs as the #1 priority, but don't be too rigid. What we're talking about here is the flexibility of an open mind. So for example, let's say you have a must-have list and a strong idea of what neighbourhood those must-haves will be in. If it turns out that the homes available in your desired area do not have what you're looking for, keep an open mind to other neighbourhoods or even different locations that do have what you're looking for. The flexibility to shift where your dream home will be focuses you on the overall theme of your dream.
Consider Your Present and Future
If you're focused on your immediate needs and circumstance, you won't need much. However, buying a home is an investment - there's a future involved here. This means that you should also be buying a house for your future self. We obviously don't know the future, but we can make an educated guess based on trends happening in our lives right now. Perhaps your interest isn't in having kids, but instead on the growth of your career. What about finding a home with more space? It can be utilized as a simple office, or if you've started your own business, it can be your base of operation. Think about the bigger and longer-range picture before putting in an offer, but prioritize what’s realistic and within your budget. Basically, dream your dream - all while being rooted in reality.
Sometimes, this advice (and the process as a whole) can seem contradictory. It's easy to second guess yourself, get stuck between budget and dream, feel like you're not getting what you need or want, etc. The beauty of buying a home by yourself is that other opinions don't really matter. Your opinion matters. Your approval is the only thing needed to get your home. This blog post is advice, and you can choose to use all, some or none of it. You'll know what will work for you and what won't. You'll know how much you want, how flexible you'll be, etc. Trust those gut feelings.
Before starting your house-hunting search, connect with a C21 Able Realtor and a financial advisor. This way, you can get a clear idea on what you can afford based on your financial history and current income. You'll be able to stay in the know and have first dibs on any homes that come on the market which fit your buying parameters.