In the last few years, single-homeowners have started to outnumber married homeowners. There are many benefits to owning a home beyond marriage and, because of this, single people are embracing the idea and buying homes for themselves.
Single homebuyers are always at a disadvantage in the housing market. They haven’t got the same buying power as dual-income households, so when competition is tough they find it hard to get what they want.
But whether you are single or married, some real estate basics always apply. For example, in this case the most important decision factor continues to be old and true- location, location, location Neighborhoods, price, and proximity to your work, school, family and friends are all factors you should consider in a new home.
The dynamics in the housing market are changing, and this has many single homebuyers wondering if they can afford a home. Will higher interest rates make the purchase of a new home unaffordable? With so many people looking for homes, inventory is scarce and buyers have more offers to choose from. If you find something you like, be sure to act quickly and decisively because your time may not last.
Be prepared for anything to happen. Spend some time and get your financial situation in order. Compare different mortgages and lenders by finding the best plan for you so that you are always ready for a change. Pre-approval is a great way to know that you’re within budget and ahead of the competition. This can give you an extra edge when it comes to placing your offer.
Before you begin looking for your home, make sure you understand what’s important to you. Think about the number of rooms, the size and location of the house. This will help you cut down on your search time by only looking at properties that suit what’s important to you.
If you’re looking for a space that takes minimal upkeep, then purchasing a condo might be the best option. These can also be cheaper, especially when you buy in bulk. And you’ll have close neighbors and community facilities to enjoy too! However, condo living typically means a lack of privacy outdoors and a lack of outdoor space. If you like to entertain outside, it might not be for you
Always stay in touch with your agent throughout the home buying process. Make sure they understand what you are looking for and that they contact you before other buyers can make a move. People are always worried about submitting too many requests to agents, but we can’t stress enough how important it is to truly find a home you love! As the buyer, you have every right to look for homes online and then follow up with your agent.
Consider what your priorities are when looking for a place. You may find that you’re willing to downgrade, say from an extra bedroom to choosing a house in the perfect location close to work. Base your bid on the services you provide, not how much other people will charge. Don’t overstretch yourself just to win a piece of work.
Don’t be shy. If you find a home that fits your criteria, jump on it. When markets are hot, as many are in the metro areas, you can lose a home by hesitating. Ask your agent how long you have to decide and take their advice. If they say you have to decide within a few hours, you have to decide.