Buying a home as a single person is a lot different than buying a home as a couple. When you have another person that is going to be buying a home with you, you have a sounding board to work with during the process. All of your concerns and questions can be discussed with your partner and at the end of the day it will be two signatures that are penned at the bottom of the contract instead of only one. When one person only has to sign, it can be a lot more stressful since you are assuming full responsibility for the new property and all of the payments that are going to go along with it down the line.
In order to help take some of the stress out of the situation, here are some tips you can use if you're a single person that is looking for a home:
Once you've made the decision to buy a new home it doesn't mean that you should be starting to shop right away. Do some initial preparation work first such as organizing a budget to find out exactly how much house you can afford and applying for a pre-approved mortgage. With a pre-approved mortgage at hand you'll find that you are taken a lot more seriously as a potential buyer by both real estate agents and sellers.
Stick To Your Budget
Always work within your budget and be firm with your decision to follow it. Let your real estate agent know the amount that you are prepared to spend on a new home and that you won't pay a penny more. With this information, your agent can look for homes that only work with your financial situation so that you don't get tempted by homes that cost more.
Don't Wait Too Long To Go To A Showing
The housing market moves fast. Just because there is a house that looks to be perfect available today does not mean it will still be available tomorrow. Do what you can to get into a showing quickly so you can make your decision on the property before someone else does. There is no worse feeling than knowing you missed out on a place that feels like home because you didn’t get in to see it fast enough. Your agent should be able to help you secure the fastest possible showing--assuming your schedule works out.
Don't Buy A Home That's Too Small
Think about the resale value of your home. If you're planning on purchasing a single-family home with only one bedroom, it can be very difficult to sell down the road. You're better off buying a two-bedroom home and using the second room as an office or a guestroom. If you're looking at condos, you can go ahead and purchase a one-bedroom unit since it will be easier to sell in the future than a one-bedroom house.
Don't Buy A Place That's Too Big
Bigger isn't always better when it comes to owning a home as a single person. It can seem quite cold and empty living in a large home that has little furniture in it. Unless you're planning on inviting roommates in to live with you to help cover the rent, an overly big home can seem quite lonely and foreboding when you're alone.
If you're single and looking for a new place you've got the advantage of finding one that's right for you. You won't have to worry about compromising with a partner and can go ahead and purchase the one that feels most like home to you. Just remember to get prepared ahead of time, stick to your budget and purchase a home that will be easy to sell in the future.