Hey guys! Hope you all had a good weekend! As a real estate agent blogger I’ve discussed a lot about the home buying process, but today I will shed the spotlight on single home buyers who are wary of purchasing a house all by themselves. Compared to the majority of buyers with families, single home buyers are definitely smaller in numbers. To those of you who fall under this category, here are some quick tips that will hopefully help you in the home buying process.
Interestingly enough, according to the National Association of Realtors’ Profile of Home Buyers and Sellers 2012, twice as many single women bought homes than single men. Of course, there are pros and cons in buying a home by yourself.
1. Master of your own domain. Naturally, you get to have full control of everything. The look of the house, the neighborhood… all of it gets to be decided by you.
2. Getting a mortgage. Studies show that it’s more challenging for single buyers to qualify for a mortgage compared to couples. Of course, it can also depend on the state of the economy, but one positive thing to qualifying alone is that you have no chances of being dragged down by a partner’s credit score, debt, or loan.
3. Basking in triumph. Simply put, it’s more rewarding realizing you managed to bought a home all by yourself.
4. Financial concerns. Unless you happen to be well-off, it’s clearly more challenging to purchase a home with only your funds. A partner could definitely help in shouldering the financial responsibilities.
5. Giving off the wrong vibe. Some might consider being a single homeowner as a sign that you are too settled. Also, while you may be single now, you might also consider having a spouse and children in the future, affecting the choices you make in choosing the right home at the right time.
These are just some points to consider if you are thinking of buying a home by yourself. To read the rest of the article, check it out here.
Enjoy the rest of the week, everyone!