If you’re single and thinking of buying a home, a townhouse or a condo, you’re ot alone. Solo buyers represent about 25% of real-estate purchases in the recent years. 50% more single women bought properties compared to men.
Buying a home as a single person is much like buying with a partner. You shop, select and finance a your property, as most buyers do. But there are distinct differences when you’re alone in the deal. You have to tie all the loose ends and make decisions on your own. From researching homes for sale, shopping, financing and, eventually, paying bills and up keeping your new piece of real estate property. While that probably sounds obvious, there are implications you may not have considered. You may want to consider buying a recent low maintenance home, townhouse or condo. You don’t want to have to replace water heaters, furnaces or windows right off the bat.
You may not be a parent, but consider shopping only in highly rated school districts to help ensure the resale value of your purchase. You want to enjoy the house, the neighbourhood and the sense of independence that owning his own home gives you. Most solo home buyers face challenges. The recession has been one of the biggest. In the early recession years, single homebuyers enjoyed a boost from federal first-time-homebuyer tax credits in 2009 and 2010. But in 2011, the recession hit single home buyers hard. “Single-income households are more reluctant to make big-ticket purchases in times of economic uncertainty,” according to the NAR’s Profile of Home Buyers and Sellers. Home purchases by singles fell an “unprecedented” 7% between 2010 and 2012.