4 Tips for the Single House Hunter

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While waiting to buy a home until you are married is still a common practice, single homebuyers have grown exponentially over the years. A number of factors likely account for this, such as increased purchasing power of single women, higher divorce rates and people deciding to marry later in life or not at all. While the core considerations for purchasing a home are applicable to anyone looking to buy a home, regardless of relationship status, the single home buyer has some unique aspects to think about. Here are some helpful tips for navigating your search for the perfect home.

Staying within Your Budget is Crucial

Staying on budget is of course important for any potential homeowner, but it is even more so for single people who are working with just one income. You never know what will happen in the future that will mess with your financial situation, from a job loss to an unexpected illness. There is no one else to pick up the slack so don’t get in over your head.

Think about the Future

Sure, you may be a swinging single now, but if you hope to marry one day, maybe you want a home with some extra space. If kids are definitely part of your future plan, consider the two-bedroom house. Of course, you want to weigh future possibilities against what you can afford now and what you need now. If buying a larger home would require you to put every dime towards your home, that is not a smart idea.

The Investment Angle

A home can be a good investment and it is a primary reason people want to purchase one. But, the top concern for most home buyers is understandably finding a roof over your head that you will eventually pay for in full and own outright. But, for a variety of reasons, people end up moving at least once in their lives.

As a single person who is not worrying about a spouse having to find a new job in a new location, or pulling your kids out of the school system you love, you may be more likely to sell this current house because you took a new job across the country or wanted a change of scenery.  Or maybe you will end up moving in with your future spouse, who has a much bigger place. When evaluating potential abodes, think about how easy it may be to sell this home if necessary. The cozy one-bedroom condo may be a perfect fit for you, but not for newly married couples looking for the home where they will eventually start a family, or the recently divorced single mom with a son. Again, you need to consider what you can afford right now; but, if you can afford a house that may be suitable for multiple people rather than one, it would be a smarter choice from an investment standpoint.

Don’t House Hunt Alone

When watching the myriad shows about people looking for a new house, the single homebuyer always has a friend or family member with her. While that is probably more about the entertainment value of the show—it is not very interesting watching someone wander through a house silently– it is also about the fact  at least two sets of eyes are better than one when considering such a major purchase. While the ultimate decision is up to you, and you should not buy a home based on other people’s opinions while totally disregarding your own, you will receive valuable insights and input that will certainly be helpful.

About the Author: Kelli Cooper is a freelance writer who blogs about all things real estate; she recommends the services of RE/MAX Cincinnati Ohio if you are looking to buy or sell a home in this area.

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