The home buying process is typically portrayed in advertisements toward families and couples. These days, approximately 40 percent of first-time home purchasers are actually married. That means that a large percentage of home buyers are deciding to go solo. The process of buying a property on your own may be simple, but there are a few differences you may want to note.
Decide on a Location
You don’t need to focus on the United States in your solo home search. There are plenty of places to move internationally that won’t drain your bank account. Latin America is a great location because you can travel to and from the U.S. easily. The residency requirements are pretty straightforward as most countries don’t mind dealing with foreigners. Western Europe is another inexpensive region to live. Housing prices in Hungary, Portugal and Bulgaria have all remained stable. With food and drink also reasonably priced, you can afford to live comfortably without it becoming a hardship. Distance to work, transportation, family and lifestyle are other critical considerations when deciding on a location.
Define your Search
Once you’ve decided on a location for your solo residence, you want to define your housing search. New construction housing can be a great option for those who want turnkey. If you’re handy, a fixer upper allows you to hone your remodeling skills. A 203k loan is geared toward helping a homeowner borrow money to fix up an older dwelling. To get this type of loan, you need to work with a lender who is FHA approved. You must also provide the lender with a detailed outline of the repairs you wish to tackle.
Find an Agent
The Internet has a host of options that can help you find the right real estate. Don’t pick the first one that you encounter. Use social media to get insight form your family and friends. You can also look for online reviews and references. Once you’ve selected a few agents, meet with them to determine which you like best. Have on hand a list of interview questions that can make it easy to whittle down your search.
Become an Informed Buyer
Your real estate agent will be crucial in the purchase of your property. It’s also your duty to be informed about the purchasing process. The Internet should have a wealth of information that pertains to the home buying process and your rights.
Think Beyond the Purchase
As a solo buyer, you’re going to be responsible for the entire costs of the project. That’s why it’s important to think beyond the sale. Mortgage payments and closing costs are costly on their own. You also need to take into consideration maintenance, utilities and repairs. Banks aren't allowed to discriminate against a buyer based on their marital status. Before you begin your search, have your lender qualify you for your mortgage. This helps you determine the amount of home you can afford to buy on your own.
Have a Support System
Homeownership can be a major step for someone to undertake as a solo. This doesn’t mean that you have to do everything on your own. If you’re having difficulties making a decision, enlist the help of family or friends. This support system can also come in handy when you have to make repairs on your dwelling or it’s time to move. They could have a list of reputable professionals who can offer their assistance. Your neighbors or community Chamber of Commerce may also have some helpful advice. As a single homeowner, ask the police for crime statistic data on a particular community. This information can prove helpful when you’re looking for a safe neighborhood to buy a home.