Tips for the Single Home Buyers

Buying a home on a single income is no easy task. According to the NAR (National Association of Realtors), 42 percent of all homebuyers are first-timers. In this crowd, roughly 53 percent of single men and 52 percent of single women are new to the home buying experience. This is important, because depending on the market, single home buyers can have a tougher time competing against dual incomes on the home of their dreams. So what does a single person do?

Well...there are no perfect answers to that question...but there are a few things that will get you going in the right direction. You'll want to:

• Do your homework. Determine what you want - how many bedrooms, approximate square footage, and which neighborhoods you prefer.
  
• Think about condominiums and townhouses. These are typically more affordable and may suit your lifestyle: typically there's little upkeep, you have neighbors - likely other singles - close by, and you may have access to community facilities, like a pool or workout room. But you'll also need to consider you probably won't have much privacy outdoors or any type of back yard. You'll also need to factor in how much you'll pay for your homeowners association fees.
  
• Spend time comparing mortgages to get the most advantageous plan for your requirements and financial situation.
  
• Get pre-qualified for a mortgage before you begin looking at homes. Not only will this give you an exact price range for your purchase, but pre-qualification will add a great deal of strength to your offer.
  
• Stay in close contact with your agent and clearly express your needs. This is especially important if you're in a market where inventory is low. You'll want to be notified as soon as a home that fits your criteria goes on the market.
  
• Keep in mind that there's no such thing as the "perfect" home. Instead, set priorities. Determine what you're willing to sacrifice, especially if you're in a tight market.
  
• Bid competitively. Keep in mind you'll likely be competing against other offers. If you're in a tight market, it's not the time to see how low the seller will go.
  
• Protect yourself by investing the $200 to $500 for a professional inspection before you buy the home and sign the final mortgage loan papers, otherwise you run the risk of not exposing potentially expensive - or even hazardous - defects in the property.

Most importantly, if you're determined that now is the time to buy, don't be timid. You'll need to be ready to pounce and make an offer as soon as you see that close-to-perfect home that hits the market.

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