It used to be that more than half of all first-time home buyers were married couples. However, in today’s market that number is down to just 40%. This means that 60% of people who are looking for a home are single and their approach to the process is slightly different.
If you are house-hunting on your own, here are a few tips for making the process as successful as possible:
Ask for recommendations
Talk with friends and family to find out who they recommend as a real estate agent. Do some research and see if there are any agents who promote house-hunting for single buyers rather than couples. Once you have a short list of options – meet with each of them, ask questions and choose the one you resonate with the most.
Make sure your finances are in order
When you are shopping for a new home – whether you are a single buyer or a couple – it is important to make sure that your finances are in order. One way to make the process go faster is to go through the loan process and get pre-approved. This will help you to set a budget so you know how much money you can afford to spend each month on a mortgage. While qualifying for a loan on a single income might be more difficult, it definitely is not impossible.
Which home is best for you and your situation?
As you are shopping for your new home, be thoughtful about the size of the home you are shopping for and how it might grow with you. Consider whether or not you may want a roommate to help with the bills or if you have an older child who might be needing a place to stay while on break. Being a solo home buyer doesn’t mean that you can only look at two bedroom homes.
Don’t be intimidated by the process
House hunting as a single buyer doesn’t mean that you need to do your shopping alone. Invite a friend or a family member to participate in the process with you. Have them walk through the houses with you and discuss which parts of the home are on your wishlist and which parts might need some work. These types of discussions can help you to keep each of the homes you view separate in your head
Be informed every step of the way
When you are a single home buyer you don’t have the benefit of discussing options and specifics with a partner. Instead, create a strong partnership with your real estate agent and make sure he or she works to keep you informed throughout the process. This is especially important when it comes time to put in an offer on a home – you want to make sure that your offer is competitive and that you have a chance at getting the home.