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Tips for Single Homebuyers
By Mortgage Foxes | Broker
In the last few years, homes have became increasingly owned by single homeowners. Many single people are realizing that there are many benefits to owning a home that aren’t just for married couples.
Single homebuyers face unique challenges in buying. They have to compete with dual-income households, which can be tough when the market is hot and competition is fierce.
But whether you are single or married, some real estate basics hold true. For example, the biggest decision factor for both continues to be the old and true — location, location, location. The neighborhood, price, and closeness to work, school, family and friends are important factors to consider in a home.
With the ever-present economic uncertainty and high home values in many areas, many single homebuyers wonder if they can afford a home. With rising interest rates, this is a valid worry.
In many areas, inventory is slim. Sellers are receiving multiple offers. If you find a home you like, you better be ready to jump on it.
Be ready. Spend time getting your finances in order. Compare different mortgages and lenders so that you find the best plan for you and your financial situation. Go ahead and get pre-approved once you find the right lender. Not only will you know exactly how much you can spend, but you have an extra edge when placing an offer. Most sellers in a hot market only accept offers from pre-approved buyers.
Make sure you know what your requirements are before you begin looking. Think about the square footage, number of rooms and neighborhoods. This will save you time in your search by narrowing down the properties to only the ones that fit your needs.
Consider buying a condo or townhouse. Usually more affordable, this type of housing offers little upkeep, close neighbors and community facilites, such as a pool or workout room. But keep in mind that condo living means little privacy outdoors and virtually no back yard. If you like to entertain outside, it may not be for you.
Keep in touch with your agent throughout the search. Let your agent know that you are a serious buyer. Make sure that he or she understands your needs. You want your agent to call you first when a new listing hits the market. Don’t be afraid to search the MLS listings online and then call your agent with any properties you are interested in.
Remember that there is no such thing as a perfect home. Decide what aspects of a home are most important to you. You may find that you are willing to sacrifice, for example, an extra bedroom for the perfect location close to work.
Base your bid on what you want to offer, not what you think other people will offer. Don’t let yourself be stretched farther than you are comfortable with just to get the home.
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 loose 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.
