Single Homebuyers and Their Dreams
Many single individuals think that they are stuck with renting forever. However, if you are a single homebuyer looking to buy a home, you can make this dream a reality. One of the biggest factors in manifesting your dream is to get the right team of experts around you. According to Freddie Mac information, around 28% of all households, totaling 36.1 million, are sole-person owned. That number is, as a surprise to no one, is continuing to grow. Over the last four decades, the amount of single owner homeowners has nearly doubled. According to Freddie Mac, they predict that another 5 million sole-person households will be purchased by the end of the decade. This will bring the percentage up to around 40% of homeowners as sole-owners. Below, we will explain how single homebuyers can live out their dream.
Know Your Scores
The key to obtaining a home as a sole-person is to know your numbers. Knowing your incomes to debt ratio, your credit score, and how much you are able to save are all key to buying a home alone. You have a harder time qualifying as an individual, however, there are steps you may take ahead of time to qualify. 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 is significantly more important to know your finances and credit history as a sole-person. Knowing where your credit score falls is important, just to reiterate. Being able to have a handle on your finances before you start your homeownership journey will save time and headache.
Down Payment For Single Homebuyers
Having a down payment is essential to obtaining a home as a sole-person. There are down payment programs that offer grants for single buyers. It is also important to know just how much you will need to save in order to buy a home, especially as a first-time home buyer. According to Rob Chrane, CEO of Down Payment Resource says, “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.”
Future As Single Homebuyers
It is also important to spend time thinking about what you truly want. What type of home, where you want to live, and where do you see yourself in 10 years? These are all questions to ask before getting into a home as a single homebuyer. Quicken Loans shares this advice to single buyers, “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).”
Buying a home as a single individual can be quite challenging. However, the process doesn’t have to be difficult. There are professionals in this industry who deal with thousands of people throughout there career. These professionals should be used to help you with the challenging process of becoming a single homebuyer. Being able to take advantage of the great opportunities of the real estate market as a single buyer shouldn’t be impossible. Hopefully this guide can help give single homebuyers some bit of hope. Especially nowadays with such low interest rates, this is the perfect time to become part of history as a single homebuyer. Reach out to our team for help on making your dream come true.