Whether you are a divorcee or are a young professional, you may be thinking about buying a home on your own. While some people think it may seem impossible to be single and buying a home, it is possible if you make smart decisions. Let’s take a moment to talk about what you should think about before buying a home.
Be Realistic About What You Can Afford
The first thing you should do is think about how much you can afford. It is not a surprise that there is plenty of money being bounced around when purchasing a home. The average home ranges from $100 to $200 thousand dollars so it is important to make sure you are comfortable spending that much money in the matter of a few months. How much can you realistically afford to pay for a home? Research the average monthly costs of a home as well as the hidden costs like homeowners’ insurance, property taxes, utilities, and home maintenance to make sure you can afford to not only buy a home but to own it as well.
What Kind of Space Suits Your Lifestyle?
It is also important to think about your current and future lifestyle when buying a home. Do you eventually want to get married and have kids? Then you should rethink about buying that house next to your favorite bar and think about one with a yard. Think about where you want your life to go and how you want a house that can suit you right now as well as in the future.
What if You Get in a Relationship?
Since we’re talking about the future, we should probably talk about what would happen if you ended up in a long-term relationship. Would it change your living situation? You should think about the space you will need not only for yourself but for someone else. If you’ll need to sell your home down the line, think about resale values of the house before you buy. Is it in an up-and-coming neighborhood or in the slums where no one would ever like to move? Before signing your mortgage papers, look into mortgage prepayment penalties that could eat into your profits on a sale.
There are a lot of things you should consider before buying a home on your own. So before you sign on the dotted line, take a step back and consider these things when you are single and buying a home. For more information on buying a home, call Simply Referable today!
Single and Buying a Home with Simply Referable
There are any number of obscure and strange real estate laws in Maryland. The small team of realtors at Simply Referable will be happy to help guide you through the thicket. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.