The real estate business has no shortage of home buying tips for people with families. There are plenty of resources for finding a neighborhood with a good school, a family-orientated atmosphere and everything else that married couples typically covet. There are far fewer sources of good information out there for single people looking to take the plunge into home ownership. Here are a few tips that might help you if you fall into that group.
4 Home Buying Tips for Singles
- Plan for your social life: If choosing a home in a good school district is a major location factor for families, a single buyer might want to choose a location around their social life. Most young people rent their housing. It might not be in your interest to relocate so far from the city center that you isolate yourself from your friends. Costs do tend to go up closer to city centers, but location might be more important than size at this point in your life.
- Pick somewhere roommate friendly: If you are not living with children or a significant other, roommates might be a good way to cut costs and keep company. Try to pick a home with privacy for extra bedrooms, multiple bathrooms and proximity to areas that create demand for renters, such as college campuses. These factors will increase your chances of renting extra rooms at a competitive price.
- Watch out for energy costs: Many people who have never owned a home before underestimate the utility bills. As an owner you will have to pay much higher costs for things like heating, maintenance and repairs than you did when you were renting. Don’t count on your energy bill being similar to the previous owner’s. These costs change with the market. Plan for the worst in terms of electricity costs by buying an ecofriendly home.
- Don’t stretch your budget: Unlike many married couples, single people usually do not have a second income to fall back on in the event of a job loss or medical issue. Remember that your financial situation is more vulnerable in many ways. It’s not typically wise for a single first-time home buyer to stretch their budget too much. Buy something firmly in your comfort zone.
Buying a home is major life choice for anyone, especially those who are taking a mortgage for the first time in their lives. This list includes only a few things that you will need to consider. It’s always wise to spend an ample amount of time doing your research before you start the home buying process.