Tips For Singles When Buying A Home Alone

Singles buying a home alone

With singles representing one of the fastest-growing demographic groups in Canada, buying a home alone may just be the next coming trend.

According to a recent study, about 20 per cent of Canadian home buyers are single and of that number about 45 per cent are women. In fact, Statistics Canada Census data shows that for the first time ever there are more people living alone in Canada than there are couples with children. Households of one comprise 27.6 per cent of all homes. That’s three times as many since 1961.rend.

If your stability quotient is high – you’ve been at your job a while and you plan on staying in the same city – buying is certainly a better option than renting given today’s low interest rates. But there’s no doubt that saving up for a down payment will be more challenging with only one income to depend on. Ditto that for your monthly mortgage payments, condo fees and the maintenance that accompanies home ownership.

Since 35-year amortizations have been eliminated, qualifying for a mortgage as a single person makes it that much harder. You might want to consider asking a parent or a close friend to co-sign your loan.

You should also consider your lifestyle. With more of your income going to your new house or condo, you may not be as free to spend your earnings on pricey clothes, dinners out and exotic travel.

What will your chore list be? If money is a concern, you probably won’t be hiring someone to shovel snow, cut grass and wash windows. Do you have the extra time for these jobs?

Choosing location should be as equally important a decision as a couple buying a home, perhaps even more so. As someone who lives alone, you’ll want to be safe and secure in your new digs, so check out the neighbourhood’s crime rate. Install a security system. You should also walk the neighbourhood to see how safe you feel.

Flying solo on your home purchase may seem daunting but with the right preparation and research, buying a home should be a breeze.

See what’s for sale in your neighbourhood – Do a quick search

Do a Quick Home Market Evaluation and see how much your home is worth.

Thank-you for reading our article about Tips For Singles When Buying A Home Alone, contact us if you need anything or leave us a comment below.

Enhanced by Zemanta

Tips For Overcoming Those First-time Home Ownership Jitters

Woman Stands By an Open Patio Door Examining a Document and Biting Her NailsFirst time home ownership brings with it a daunting list of fears and what-ifs that are accompanied by an equally emotional list of joys and rewards.

Much of our anxieties as first timers stem from a lack of knowledge and understanding. While you know you want a semi-detached home over a condo, your grasp of mortgages, closing costs and realtor sales commissions may be a little lacking.

Unless your parents are in the real estate business, don’t look to them for advice. Chances are they haven’t purchased real estate in many, many years. Try studying your local real estate market online or attend a free seminar for first-time home buyers.

On the plus side, home ownership gives you independence; it sets you on the path to your dream home and helps you build equity. If you have a green thumb or a decorator’s eye, you’ll find hours of pleasure and pride working on your house and garden.

Here are a few tips that might allay some of those first-time buyer fears:

Buyer’s Remorse – Prepare a list of the must-haves you require and stick with it. Stay within your price range and be sure to sleep on your decision before putting in an offer no matter how much you love the house. Try to view it a second time before placing an offer as the property will either come more into focus or go out of focus.

Devalued Property – Even Warren Buffett can’t predict how the real estate market will fare. If you can afford it, buy in an established neighbourhood where homes are well maintained and lived in by their owners.

Too High Maintenance Costs – To avoid getting saddled with a money pit, buy a home that is well maintained or one that has recently underwent new upgrades such as a new roof, new furnace or new electrical wiring. You may want to buy a new home to avoid unexpected costs, though that’s not always a guarantee. Always get your home inspected before buying. While there are no guarantees, a good home inspector can ferret out problems you would likely oversee.

To help you on your journey of first time home ownership, be sure to use the help of our Team.

See what’s for sale in your neighbourhood – Do a quick search

Do a Quick Home Market Evaluation and see how much your home is worth.

Thank-you for reading our article about Tips For Overcoming Those First-time Home Ownership Jitters, contact us if you need anything or leave us a comment below.

Enhanced by Zemanta