Women account for a large part of this group. Last year 21% of new home purchases were done by single women. Most cities have areas of town that are specifically targeted towards “young professionals.” Those areas usually have all the trendy restaurants, bars, shopping places and most extra curricular activity spots that interest single homebuyers. If you are a single potential homeowner, here are some tips for you!
Stay Within Your Budget
The first of our tips for single home buyers is to buy a home that’s within your means. Make sure you buy a home that you would be able to afford, for instance if you lost your job and be sure to save and practice smart spending!
Don’t Buy A Home You Can’t Manage Yourself
Buying a home by yourself pretty much means you are the only person that is responsible for maintenance. Whether it’s cleaning out gutters or taking care of a leak, you have to be able to either fix it yourself or be able to pay someone to fix it. If being your own personal handyman/woman isn’t something that appeals to you, perhaps living in a townhouse or smaller home would suit you best.
Look Out For Your Safety and Security
Safety and security is always priority as well as a concern for any homeowner. When you start looking for a home, make sure you do your research and pick a neighborhood that has a low-crime rate and of course where you can feel safe and secure.
Consider Resale Value and Longevity
Purchasing a home is a great long-term investment. Sadly one can’t predict the future and many circumstances could arise that may force one to have to move away such as relocating for a job or a lifestyle change. It’s important to think about the resale value of prospective properties during the search. You want the property that you buy to be able to resell easily. It would also be smart to consider how the property would perform as a rental property.
Keep An Eye On the Future
As mentioned before, it’s important to think about the future and potential of the home that you buy. Not only does it apply to other potential buyers or tenants, but also to you. What could you do with the property in the future? Is it just useful as a bachelor/bachelorette pad or could you potentially fit a significant other or even children in it? Additional space may seem unnecessary at first but it’s important to consider potential future plans for a home.
Buying a home as a single individual isn’t impossible and can be a great idea. In fact, it’s probably one of the smartest investments one can make as a young professional. Just remember, it’s important to be smart and diligent when making such a major purchase and these tips should be able to make this major step a bit easier.