Should You Buy A Home If You're Single?
Posted by JD Esajian // May 10, 2011
When it comes to buying a home, it seems like most of the attention goes to young families and just-married couples. However, singles have tons of buying power – and with people getting married later and later in life, why should singles wait to find the home of their dreams? There are tons of things to consider when buying a home if you’re single, including:
- Buying a home is real estate investing. The phrase “real estate investing” often brings to mind images of older men sitting at desks in fancy suits, but real estate investing can be as simple as buying a home. If you’re planning to sell the home for more than you paid for it, you’re a real estate investor.
- Shop around. Before you commit to buying a home, make sure your finances are in order. Do some comparison shopping with various lenders to see if you qualify and if so, what your monthly payments will be. Ensuring that you can follow through with a purchase is the first step toward owning a home.
- Make sure you can maintain a property. One person living in a home means one set of hands to do all the work. A single person may be more comfortable in a town home or condominium that has a homeowner’s association. From mowing the lawn to snow removal, buying a home brings a lot of potential maintenance.
- Don’t expect results overnight. As a single buyer, it may take a little longer to find the perfect home. Most properties are geared towards small families, so a one-bedroom, one-bathroom home may be hard to find.
- Make sure you look serious. A single buyer is apt to raise more questions than a couple looking for a home. You may find some people are curious or cautious about a single person buying a home. Make sure you have a good real estate agent and that you dress professionally for any real estate meetings. A confident attitude can go a long way towards dispelling any uneasy feelings people may have.
Don’t wait to find your dream home – if you want to have the freedom and responsibility of buying a home, then get started today.