If you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful planning and the right team of experts. Research from Freddie Mac shows 28% of all households, 36 million, are sole person in that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue.
According to Freddy Mac:
“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households, . . .”
If you fall into this category, here’s three tips to help you achieve your home ownership goals.
Number one, know your credit score. When you buy a home, you have to qualify for a loan based solely on your own finances and credit history. Investopedia says,
“. . . 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’s important to find out your scores so you know where it falls. If you’re not sure it’s strong enough or where to focus your energy to improve it, meet with your mortgage professional for expert advice on your individual situation.
Two, explore down payment options. Next, we look into down payment program so we can get a feel for what you’ll need to save to buy a home.
Rob Chrane, the CEO of Down Payment Resource explains,
“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.”
In this step, lean on the pros to determine what you’re eligible for and what works right for you.
Third, think about your future home and your needs. You should also spend time thinking about what you want. What type of home do you picture yourself in? To answer that question, Quicken Loan shares this advice.
“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).”
But again, a professional can help you balance what you want and how much you should spend on your monthly housing costs to determine what type of home is right for you.
While buying a home solo can feel like a big challenge, it doesn’t have to be. If you lean on the professionals, they can help you navigate these waters. Make sure you’re able to take advantage of the great opportunities in today’s housing market, like low mortgage rates, to buy your dream home. Bottom line, the share single person households is growing. And if you are looking to buy a home on you own, be confident that the dream is achievable. When you’re ready to begin your search, let’s connect so we can have expert advice each step of the way. As always, reach out to us here at Mike Zahn Homes, where we help find people, the home they'll LOVE!