If you’re living alone and considering buying a home, you’ll be glad to know that you can reach this goal with detailed planning and the right team of real estate experts.
Research from Freddie Mac shows 28% of all households (36.1 million) are sole-person, and that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue. According to Freddie Mac:
“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households, . . .”
If this sounds relatable to you, here are three tips to help you achieve your homeownership goals.
Look at Down Payment Programs
Look into down payment programs so you can get a feel for what you’ll need to save to buy a home. Rob Chrane, CEO of Down Payment Resource, explains:
“Buyers should discuss their program options with their loan officer and real estate agent to make sure they choose the program best suited to their personal needs.”
You can depend on your real estate agent to determine what you’re eligible for and what’s right for you.
Check your Credit
When you buy a home on your own, you have to qualify for your loan based solely on your own finances and credit history. It’s critical to find out your score so you know where it falls. If you’re not sure if it’s strong enough or how to improve it, meet with a professional for expert advice. They can assist you with figuring out the best course of action.
Investopedia says:
“. . . lenders will be looking at just one credit profile: yours. Needless to say, it has to be in great shape. It is always a good idea to review your credit report beforehand, and this is especially true of solo buyers.”
Think About Your Needs
What type of home do you picture yourself in? To answer that question, Quicken Loans shares this advice:
“Think about your lifestyle, what you want out of your home and your needs. Is being close to work important? Do you need a lot of yard space? Do you want an extra bedroom that you can transform into a home office? Condo or detached home? Lots of space for entertaining? It’s all up to you (and your budget).”
Again, a professional can help you balance what you want and how much you should spend on your monthly housing costs to determine what type of home is right for you.
While buying a home solo can feel stressful, it doesn’t have to be. If you lean on the professionals, they can help you navigate these waters and make sure you’re able to take advantage of the great opportunities in today’s housing market to help you land your dream home. When you’re ready to begin your search, connect with one of our agents so you have expert advice each step of the way.