Choosing to Become a Solo Homebuyer
Buying a home is often considered the domain of couples transitioning into a new phase of their lives. They are in a committed relationship, their careers have stabilized, and starting a family may become a priority. It makes sense to find a home that could help them build wealth, offers space to grow, and is zoned to the preferred schools.
However, plenty of single adults come to the same conclusion for similar reasons. There’s no requirement to be one-half of a couple before you buy a home. It can be a wise way to solidify your financial future and may also be the best option for your current or future family, even when a significant other is not part of the equation. If a solo home search is something you’re considering, keep these tips in mind to make the most of your decision.
The biggest impediment to getting a mortgage on your own is often the budget. Notably, this hurdle is no different than the one faced by couples with only one income. The ceiling of your borrowing power is determined by how much money you make, so it makes sense that a co-borrower could increase the price of the house you can afford.
But debt is equally important. A partner with significant monthly debt may not have as much income as buyers expected. As a single homebuyer, the only concern is what budget is supported by your income, debt responsibilities, and credit score. Saving for a large down payment can help to increase that number, but it’s not imperative. With lots of low down payment loan programs, including many designed for first-time buyers, you could likely afford a home in many areas without any additional income.
An individual approach to homeownership also comes with advantages. For one, you will be entirely in charge of the search. You won’t need to worry about having to compromise your preferences or balance two competing wishlists. When you find a home that checks the boxes that matter to you, you’ll have the ability to move forward quickly.
You will also enjoy some money-saving possibilities that might be less appealing with a family-filled house. Many single homebuyers opt for one or more roommates to minimize the costs that come with owning a home. It can be an excellent way for young buyers to get a financial head start even if they aren’t ready to leave the social aspects of sharing a living space behind.
Solo, Not Alone
Fortunately, buying a home by yourself doesn’t mean you’re doing it alone. Finding a fantastic Realtor and working with a trusted lender will make the process much less intimidating. These professionals can provide you with an understanding of your budget and what it will buy.
You may also want to consider using a trusted friend or family member as a co-signer for a mortgage if your credit is holding you back. They would be equally responsible for repaying the loan, so it’s not a decision to take lightly. However, it can be a smart way to shorten your path to homeownership.
Our experienced lenders are ready to help you take the next step toward buying a home regardless of where you’re starting from. Explore our website for lots of tools to guide you through the process, or call today to speak with a representative.