Single people buy homes too - Flying solo!
Homeownership can be beneficial in all life stages - don't put it off just because you're single.
Did you know that over 30% of homebuyers are singles?
Homeownership offers benefits for any life stage, but one thing applies to all buyers: Do your research on home buying. Whether you’re considering home ownership for the first time, or moving to a new market—perhaps due to a job relocation, talk to friends or acquaintances about their home buying experiences. Get recommendations and advice, on everything from neighborhoods to agents. Watch for my tips online here and on my Facebook page, attend seminars and have a look at the various lenders and the programs they offer. I’ll be happy to alert you to learning opportunities.
Learn and think about what you want when home buying.
Condos and townhouses are popular for singles, who don’t need all the room of a house, and appreciate the lower mortgage and the ability to leave for extended periods. Smaller properties may also mean less maintenance, which can be a time saver if its just going to be you doing all the mowing, painting and other chores.
Don’t hesitate to plan your purchase for the future.
Would your new place have room to include additions to your life? “Small” might be all you need now, but perhaps an investment in the future is worth making if you’re planning to stay in an area for years. It’s expensive to buy and sell twice! Going into your search with definite ideas about exactly what you want and will need helps keep you from buying more house, or less house than you need.
Resale value is a big deal.
You might not have kids, but I’d consider that a home in a good school district might retain its value better than others. The same goes for recreation areas and community amenities like shopping and proximity to highways. On the other hand, if you live in a heated market and aren’t worried about school districts, you might find your money goes farther in an area where parents aren’t competing to get into the right schools: you might get a lower price point for more square footage, modern upgrades. Condos and townhouses might feel right for your lifestyle, but they also may not hold their resale value, depending on the market.
Privacy and security.
If you’re single, it’s possible privacy and safety feature high on your list of needs for home buying. The types of things to look for could include: a neighborhood with a low crime rate (good advice for any buyer) , secure windows and doors, an attached garage accessible from inside your home with an electronic door. Condos, for example, often offer a high level of security, such as gated entrances, a concierge and underground parking.