One of the biggest stereotypical ideas about owning a home is that it is only for families or married couples. This is completely untrue. You are not required to be married to own a home, and as long as you meet the criteria for a home loan, you’ll be on your way to purchasing the house you’ve always wanted.
Being “single” is defined as someone who is not married or has no partner, and there are more single people in the US than ever before. They could still have a significant other, but they’re still considered single. Around 40% of homeowners are single.
If you’re single and have been wondering if buying a house is the right move for you, read on to learn about how you can make your homeownership dreams a reality.
Choose the Best Real Estate Agent for You
An important part of the home buying process is choosing the right real estate agent for you. They should understand your wants and needs and they should have connections that can help you find a great house.
Each agent is different, so start by getting some referrals from friends and family. You can compare these agents to the ones online. When you find a few that you like, interview them so you can know which one is the right fit.
Your agent should connect with you since they will be out there working for you. The market is competitive, and you can get a house or lose a house based on how good your agent’s offer letter is. Make sure your agent can write a stand-out letter and is willing to go the extra mile during the offer process.
Know Your Wants and Needs
Know what you want and need to so you don’t get distracted by all the bells and whistles. Take a look at things like:
Home size: Do you need a home for your current situation or do you want some room to grow? One person will require less space. If you’re planning on starting a family in the future, maybe consider something with more space.
Lot size: Do you want privacy? A spacious yard? Do you want to be close with your neighbors? These factors will impact your decision in the size of the lot you choose.
Home type: Different types of homes come with different benefits. Are you wanting a duplex that offers space but less yard maintenance? Or do you want a single-family home so you have room to grow in the future? These are all things to consider when choosing your type of home.
Resale value: Is your home’s resale price important to you? Even if kids aren’t in your future, maybe you still want to buy in a nice area inside a school district for the future resale value. Maybe you’re looking for a place near more single people. Your realtor should be able to help you find homes in areas that appeal to you the most.
Understand How Being Single Affect the Homebuying Process
When you’re trying to get your hands on a single-income loan, keep these things in mind:
- Your income is the only income being considered for a loan, you carry all of the responsibility.
- Monitor your credit to ensure that your credit report doesn’t contain any harmful errors.
- Avoid large credit purchases immediately before and after applying for a home loan.
- Consider having a guarantor or co-borrower if your credit history isn’t too long. This can help you better qualify for a loan.
Having a single status won’t directly affect your loan qualification. You can’t be denied a loan just because you aren’t married. You may only afford certain things since you only have one income, but if you can afford the loan, you won’t be denied just because you’re single.
Single people can enjoy all the benefits of homeownership. If you’re single and looking to buy a house, get in contact with First Option Mortgage of Indianapolis today.
