Know Your Wants and Needs
Know what you want and need from your house 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 having your kids visit frequently, maybe consider something with more space.
Lot size: Do you want privacy? A spacious yard? Do you want to be close to your neighbors? These factors will impact your decision on 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 with room for your kids? 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 you don’t have kids, maybe you still want to buy in a nice area inside a school district for 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.
How Being Single Affects the Home Buying 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 from the divorce.
- 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 anymore. 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 newly single and looking to buy a house, get in contact with First Option Mortgage of Indianapolis today. If you’re looking for more tips on single-person homeownership, read our blog here.