A family or a young couple is the typical image people have in mind when it comes to home buyers. In fact, just read up the articles online about advice on loan applications or house hunting and you would see mentions of combined income, nursery rooms, and school districts. However, in real life, it’s not only families buying properties. Many are going solo — the young professionals, the single moms, the divorcees, and the widows or widowers. Many people are taking the solo route when it comes to buying homes.
The Rewards of Buying Alone
There’s a lot of sense in buying solo. For younger buyers, it could be your first real experience of “adulting.” When you’re only managing shopping splurges and credit card swipes before, but now, you’re saving up for down payment, talking about interest rates with lenders, and calculating property taxes. It’s a level up in terms of financial knowledge and responsibility.
If you’re planning to get married or build a business soon, then buying a property is a good “training ground” so to speak for getting your finances in order. Of course, this isn’t just adulting in the financial sense. It’s adulting in the emotional aspect, too. As you start living alone later, you would be forced to manage your own house, which means doing all the house chores, paying the electrical bills, and perhaps fixing some faucet leaks.
In the case of single moms, divorcees, and widows, buying a home alone is more of like a symbol. A symbol of accomplishing things even without the help of a significant other. A symbol of turning over a new leaf. A symbol of moving forward with life. When you’re at the emotional crossroads of life, you need such visual reminders of strength and hope. Financially speaking, a house is an investment that provides security, something to hold on to, when one is at such an unstable life phase.
The Way to Pull It Off
While it makes sense to buy home alone, it doesn’t make the process easier. In fact, you’re facing a lot more challenges doing this solo. Nevertheless, there are many ways to be successful in this lone journey.
The first thing to do is to read up on as many resources as possible, more specifically on the budgeting and loan application. If reading isn’t your thing, at least talk to agents and financial experts. Go to a mortgage company. Utah lenders should be able to walk you through the process of coming up with how much house you can afford. From here, save up for down payment. Cut down on unnecessary splurges. Commit to a certain amount to set aside every payday for your home buying project.
The second thing you should focus on is thehouse hunting itself. Before you go touring neighborhoods, make sure to have a wish list on hand. Decide what type of home you want, based on your lifestyle. Is it a condo? A duplex? A property you can rent out in the future? From there, list down your non-negotiables. Open-floor plan? Big kitchen? Garden space? Be realistic; that 3-bedroom space isn’t exactly a “must-have” for a solo dweller like you. Don’t forget the location, too. Should it be near downtown or close to the lake? Do you have to be in a school district or just near it? Take note of the crime rates, as well. As a solo homeowner, you need to make sure you’re in a safe community. Be detailed in your wish list so you can narrow down the properties you would see in your hunt.
Buying a home solo is rewarding. More importantly, it’s possible. Don’t be overwhelmed. Just do your homework and you’ll be a homeowner sooner than later.