If you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful planning and the right team of experts.
“The number of sole-person households has nearly doubled the past 40 years,” says Libera “Lee” Schilare, Sales Associate at ERA Justin Realty, “and that’s expected to continue as more and more young people are buying homes on their own.” Here are some tips for solo buyers.
“To qualify for a loan, lenders will look at just one credit score. Yours,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “So it needs to be in great shape.” Meet with a lender to find out how much you can afford and get pre-approved for a loan before you start going to open houses.”
Down Payment Options
“Despite common belief, you do not need to put 20% down to buy a house,” says Schilare, “That’s a myth. Few people put 20% down anymore, especially younger first-time homebuyers.” Your real estate agent or mortgage lender will work with your budget or see if you’re eligible for down payment assistance programs.
“Start monitoring how much you spend on what and create a monthly budget,” says Darby Metzger, “A professional real estate agent can help you determine what type of home is best for you based on how much you can budget for housing.”
“Take some time to daydream about your future home. Where is it? What does it look like? What do you need out of it?” says Schilare. “Is being close to work important? How about your hobbies? Do you need a home office or extra guest bedroom? What about space for entertaining? Really take the time to think about your lifestyle and how your home will enhance it.”
Go For It
“Buying a home solo can feel like a big challenge, but it doesn’t have to be,” says Darby Metzger, “Lean on the professionals. They will make sure you’re taking advantage of all the great opportunities in today’s market, like low mortgage rates, and buy your dream home.”
If you’re looking to buy a home on your own, be confident that the dream is achievable. Contact Lee Schilare or any agent at ERA Justin Realty by calling 201-939-7500.