5 STEPS TO BUYING A HOME ON YOUR OWN

While the portrayal of home buying often revolves around couples and families, the landscape is shifting. According to Zillow research, only 40 percent of first-time home buyers are married today, down from 52 percent in the late '80s.

Purchasing a home as a sole owner may follow a similar process, but there are subtle differences in how single buyers approach the experience. Here are five effective strategies to make your solo house hunt a resounding success.

 

1. Seek the Right Agent

​

Avoid settling for the first real estate agent you stumble upon online. Instead, leverage social media to seek recommendations from friends and family. Take your time to research agents in your area, focusing on reviews that mention experiences with solo buyers. Meet with multiple agents and ask plenty of questions to gauge their expertise and compatibility with your needs.

 

2. Educate Yourself on Resources

​

Having a competent real estate agent is crucial, but don't solely rely on them for information. Take initiative to educate yourself as a buyer. Explore books, online resources, and home-buying programs to understand your rights and make informed decisions. Consider all aspects of homeownership expenses, including maintenance and repairs, when assessing affordability. Remember, banks cannot discriminate based on marital status when evaluating loan applications.

 

3. Select the Ideal Home Type

​

Determine the type of home that aligns with your present and future needs. Consider whether you want a property to grow into or a smaller starter home that can be rented out later. Evaluate the advantages and potential drawbacks of purchasing a condo or townhouse, such as homeowners association dues and storage fees. Even with a smaller space, remember that regular maintenance is still essential.

 

4. House Hunt Confidently

​

Pursuing homeownership alone doesn't mean making decisions in isolation. Seek the input of trusted friends who have recently bought homes and can provide honest feedback. If considering a move to the suburbs, test the commute to ensure it aligns with your preferences and daily activities. Prioritize safety by using online tools to assess neighborhood crime data and be mindful of security measures during your house hunt.

 

5. Craft an Informed Offer

​

As a solo buyer, you may lack a partner's input when making offers or negotiating. This is where having the right real estate agent becomes invaluable. Consult with your agent to gauge how your offer compares to recent sales in the area and explore potential concessions from sellers.

​

Whether you are just starting to consider purchasing your first home or venturing into solo homeownership for the first time, following these five steps will empower you as a knowledgeable and savvy buyer. With these strategies, you can confidently pursue your dream of owning a home on your own terms.