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Tips for Single Homebuyers

Thursday, December 30, 2021   /   by Margie Wright

Tips for Single Homebuyers

There's been a rise in single homebuyers over the last 40 years. Experts predict that this number will continue to grow over time. Though it's also not uncommon for groups of friends to buy homes together, there is a greater rise in single homebuyers. This can be a great move if it's right for you! You don't have to share the space except with those that you truly want to. You get to dictate how the space is decorated. Want to move around the furniture every other day? No one can stop you! But with all these benefits comes some things to think about moving forward. These tips will help you make you dream of being a sole-homeowner possible!

1. Know Your Credit Score

Your loan qualification will be solely based on your finances and credit score. It's important that you know what your credit score is to see where you'll fall for qualifying for a loan. Lenders will be looking only at your credit report. While it's always important to review your credit score and credit report even if you're buying a home with someone else, it's even more important for solo homebuyers since that's the only credit report that will be looked at and used.

If you have any concerns, meet with a professional expert. They can help you identify where to put your energy to raise your credit score. They can help you understand your credit history, credit report, and credit score to know what to expect from lenders. Your real estate agent can also help you with different options for loans based on your credit score!

2. Explore Down Payment Options

Look into down payment programs to understand how much you'll need to be saving for the down payment. With all kinds of programs to choose from, you'll want to sit down with your real estate agent and loan officer to discuss which one is best for you. They'll know what's best for what you're looking for and for what your finances are like. By working together, you'll find out what you're eligible for. Then, you can decide with your team what will be the best option for you in the long run.

3. Think About Your Needs and the Future

You may be a sole homebuyer, but do you foresee any changes in the future? Do you anticipate having a roommate or living partner? Do you want to have a spare room to use as a guest room or office area? Do you want room to entertain? Think about your lifestyle as well. Do you need a large yard? Do you have pets or plan on getting pets? How important is it to you to be close to work? What area do you want to live in, and is that area good for the long term?

These are all things that you should talk to your real estate agent about. These answers (and all other factors not mentioned here) will impact your budget and options to look at. Be open. Be honest. Don't hold back what you think about any listings or what you want and need. As an agent, my job is to help you find the home of your dreams. I want you to have the best home possible. The more you give me to work with, the better I can work with you!

Being a sole homebuyer can be challenging, but it can also be one of the most rewarding things when it all comes to fruition!

  homes, financing, homeowners, tips, homebuyers

Hurst Real Estate and Auction - Margie Wright Property Marketing Group
Margie Wright
221 East Main Street, Suite 103
Morristown, TN 37814

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