5 Tips for Anyone Buying a Home as A Single PersonOctober 28, 2022
The thought of purchasing a home on your own can be a daunting one, despite the fact that in some ways, it’s easier to find a tailored mortgage solution and a home that suits your needs when going it alone.
If you’re not in a relationship (or at least not with someone who wants to buy a home with you!), you might be understandably concerned about the process of buying a home alone. However, with the following 6 tips and some expert guidance from a mortgage broker, you can glide through the mortgage process and become a proud homeowner:
- Understand your financial history
Qualifying for a mortgage is always made easier if you understand your credit score and financial history. If you have a credit score that’s lower than you’d like, if you’re aware of it, you can at least take steps to improve it for better mortgage results.
- Boost your savings
Having a clear idea of your budget so that you know what you can afford is always a smart idea, as there’s a down payment, closing costs, and ongoing maintenance to account for. It’s also a good idea to try and increase your efforts to bolster your savings, that way you can put more down and reduce the overall cost of your mortgage.
- Study the market
Understanding what you can afford as a single homebuyer and knowing where you want to live, are crucial aspects of homeownership. By studying the housing market in the area you want to live in, you can get a much better idea of what you can get for your money.
- Be as flexible as possible
Unless you plan to remain single for the rest of your life (and nothing wrong with that!), it can be helpful to at least think about your future needs should you decide to get married and/or start a family, or even have a lot of pets. Being concerned about your own needs is of course important, but keeping your options open can be beneficial for the sake of your future, too.
- Protect yourself
While you might be buying a home on your own now, there’s always the possibility that someone else will move in with you in the future, and should the relationship be deemed as common-law, this could potentially cause complications. Make sure that you discuss your expectations and responsibilities with any future partners to prevent problems.
Buying a home as a single person is more appealing to some than it is to others, but either way, if you’re single and want to buy a home, you’re going to need the 6 tips above, and ideally, some informed and up-to-date mortgage guidance from an experienced mortgage specialist in your area.