Special Concerns for Single Home Buyers

At one point in time—not that long ago—buying a home was something couples did. It was something that happened when single life was off the table and starting a family was the order of the day; however, with the change of times has come a new real estate market with more single buyers jumping into home ownership than ever before.

While the task of purchasing a new home may seem a bit daunting in any situation, for those looking to go it alone, there are a few extra concerns that may be worth considering.

1.) SET A BUDGET AND STICK TO IT: Plain and simple, this step applies to everyone across the board, but it’s especially poignant if you have no one else to fall back on. When searching for the perfect home, it’s important to make sure that your selection is something you can afford should the unexpected life event make covering your monthly mortgage difficult. With this, making the choice not to overextend yourself is key. Save yourself the heartache—live within your means.

2.) THERE’S NO LANDLORD TO CALL: Sure, it’s nice to have a place of your own, but remember that your home’s maintenance will be left up to—well, you. Whether it’s something big like a roof replacement or something small like a leaky toilet, it will all be your responsibility. Therefore, if you find the idea of lawn care or annual gutter cleaning to be unsavory, you’ll want to either select a home that meets those needs or to make sure you have the necessary funds to pay professionals to manage those tasks instead.

3.) MAKE SAFETY A PRIORITY: Sadly, we don’t live in the same world that many of us grew up in, so considering safety and security issues is important. If your goal is to be able to leave your home without worrying about whether it will stay secure, you might want to consider adding space in your budget for an alarm system if you’d like some extra peace of mind.

4.) DON’T FORGET ABOUT RESALE VALUE: Buying a home is obviously a huge investment, so it’s natural to consider long-term resale value; however, as a single homeowner, this is even more important since chances are good that you may eventually need to sell in the event of a job or lifestyle change. Therefore, while conducting a search for the perfect home, pay attention to houses that have universal appeal and will sell quickly should another move be in your future.

5.) THINK ABOUT WHAT’S TO COME: Whether you’re a single male or a mother of two, life has a funny way of changing, which may require additional space should other people come into your life. While it may seem a bit far-fetched to be adding fictional characters into your life story so early, you don’t want to get caught off-guard when those fictitious people become a reality and you’re left without a spare bedroom or two. Make a smart choice and plan ahead.

In the end, more single home buyers are entering the market for a reason—home ownership is all about being responsible, setting smart boundaries, and having an asset that you pay into each month instead of a landlord. When it comes to improving your financial history, making the choice to purchase a home can be an extremely positive decision.

I have a long track record of working with single buyers—especially women—and I would love the opportunity to help you along your journey. Please do not hesitate to contact me.

Pam Evans | Hello Pam Evans Real Estate | www.HelloPamEvans.com | 678-778-6551