If you’re single and want to purchase a home, know that with careful planning and the help of the right team of professionals, you can make your dream a reality. Research from Freddie Mac shows that 28% of all households (36.1 million) are headed by a single individual, and this percentage is rising. The number of single-person homes has nearly doubled in the last 40 years, and this trend is anticipated to continue. According to Freddie Mac:
“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households . . .”
If this describes you, here are three suggestions to help you achieve your homeownership aspirations.
1. Know Your Credit Score
When you buy a house on your own, you must qualify for a loan entirely on the basis of your own financial situation and credit history. According to Investopedia:
“. . . lenders will be looking at just one credit profile: yours. Needless to say, it has to be in great shape. It is always a good idea to review your credit report beforehand, and this is especially true of solo buyers.”
It’s crucial to figure out your score so you know where you stand. Meet with a specialist for expert guidance on your specific scenario if you’re not sure if it’s strong enough or where to put your attention to improve your credit score.
2. Explore Down Payment Options
Next, check at down payment assistance programs to get a sense of how much you’ll need to save to purchase a home. Down Payment Resource’s CEO, Rob Chrane, explains:
“Buyers should discuss their program options with their loan officer and real estate agent to make sure they choose the program best suited to their personal needs.”
Use the experts to figure out what you’re eligible for and what’s best for you in this phase.
3. Think About Your Future Home and Your Needs
You should also devote some time to contemplating your goals. What kind of house do you envision for yourself? Quicken Loans offers the following advise in response to the question:
“Think about your lifestyle, what you want out of your home and your needs. Is being close to work important? Do you need a lot of yard space? Do you want an extra bedroom that you can transform into a home office? Condo or detached home? Lots of space for entertaining? It’s all up to you (and your budget).”
Again, a specialist can assist you in balancing what you want with how much you should spend on monthly housing bills to determine which style of property is best for you.
While purchasing a property on your own might seem daunting, it doesn’t have to be. If you rely on specialists, they can assist you navigate any obstacles and ensure that you’re able to take advantage of today’s housing market’s wonderful chances (such as cheap mortgage rates) to purchase your ideal house.
The proportion of single-person homes is increasing. If you’re hoping to purchase a house on your own, know that your goal is within reach. When you’re ready to start looking, work with a professional so you can get expert assistance along the journey.