Tips for First Time Single Homebuyers

In the last few years, homes have become increasingly owned by single homeowners. Many single people are realizing that there are many benefits to owning a home and that they aren’t just for married couples.

Housing Competition

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. For example, the biggest deciding 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, sellers are receiving multiple offers. If you find a home you like, you better be ready to jump on it. It’s important to know what you want ahead of time. Make a list of “must-haves.” 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.

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.

Get Planning

Be ready. Spend time getting your finances in order. Compare different mortgages and lenders so that you find the best plan for 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.

Keep in touch with your realtor throughout the search. Let your realtor know that you are a serious buyer. Make sure that he or she understands your needs. You want your realtor 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 realtor with any properties you are interested in.

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 lose a home by hesitating. Ask your realtor how long you have to decide and take their advice.

Most tips when it comes to buying a home when your single is basics in first time home buying regardless. You may find the financial part more challenging than others, but plan accordingly and be organized above everything else. Happy house hunting!