8 Important Tips Single Homebuyers Must Know
People typically buy houses before marriage or when they already have kids. Thus, homeownership for single professionals can be both exciting and frightening. It is great to know that the rewards of having your own home far surpass the fear of not being ready. You can never be ready unless you take the first step. But before you jump into the market, you need to consider some guidelines.
Here are 8 must-knows for single homebuyers:
Consult an Expert
Accept the fact that though you have done your research comprehensively, you will still need to be guided by an industry expert. Real estate brokers know how to navigate the market to find the home that would best suit you. Buying a property is one of the biggest financial decisions you will make. Do not commit the mistake of not seeking the help of a skilled professional.
Feed your confidence
It is easy to look clueless when you do not have any idea how the sales process goes. A little research would not hurt. You can study the real estate trends and find developers that sell affordable houses. Do your research before the viewing. When you appear confident in front of the sellers and brokers, it opens the door for a sound negotiation.
Stick to your budget
Identify how much you can afford. Set a cost bracket. Do not buy an expensive house and be cash poor. Buy only what you can afford and remember you need to pay taxes, too. With the abundance of properties for sale in the market, it is easy to fall into the trap of signing a contract for a property that can considerably make our pockets suffer. Opt for a home that will give you and your savings account peace.
The neighborhood should affect your decision
A house that is close to cafés, restaurants, and boutiques is a great investment. The location is beyond important. Find a home that complements your lifestyle, makes traveling from one place to another easy, and is in close proximity to schools and shopping malls. Choose a property that is nestled in a neighborhood you deem desirable.
Think of the possibilities ahead
Always consider your future needs. A long-term investment requires commitment. Think of your future plans and goals. Consider your career path, change in lifestyle as you age, and the number of kids you want. Do not buy a house out of a whim. Before you jump into the market, be sure you are fully convinced that you already need to have your own place.
Prioritize privacy and security
Being a young professional, you are not always at home, unless you work from home or run your own business. Assess the neighborhood to check if where your prospect property is located has a low crime rate. If you are planning to buy a condo unit, CCTVs and 24-hour guard services matter.
It is cautious and smart to have a savings account and an emergency fund. Expenses do not end when you buy a home. You still need to purchase new essentials like a water heater, kitchenware and utensils, and a bed. Having an emergency fund also prepares you for unexpected expenses. It spares you from the anxiety when you get caught off-guard when the inevitable happens.
Take your time
Buying a property should not be rushed. Take your time to plan and create a timeline, if possible. Great investments are truly worth the wait. Do not get too excited that you forget to do your research and probe to know not only the basic information of the house but also the unseen details.
Educate yourself about the sales process before you buy your first home. Avoid the future stress and find a place where you can have peace of mind.
What other tips do you have for single homebuyers? Share them with us in the comments section.