If you live on your own and are looking to buy a home, know that you can make your dreams come true with thoughtful planning and the right team of professionals. A study by Freddie Mac found that 28% of all households (36.1 million) are single, and that number is growing. Over the past 40 years, the number of individual households has nearly doubled and this is a trend that is expected to continue. According to Freddie Mac:
“Our calculations suggest that there will be an additional 5 million individual households in the United States over the next decade. This means that 42% of household growth will be provided by individual households,. . . "
If this is the case, here are three tips to help you reach your homeownership goal.
1. Know your Credit Score When buying a home on your own, you should qualify for your loan based solely on your own finances and credit history. Investopedia said:
". . . Lenders will only consider one credit record: yours. Needless to say, he must be in great form. You should review your credit report first, and this is especially true for single buyers.
Knowing your score is important to know where it is. If you're not sure if it's strong enough or where you need to focus your energy to improve it, see a professional for expert advice on your individual condition.
2. Explore payment options Next, look at payment plans to see what you'll need to save to buy a home. Rob Chrane, CEO of Down Payment Resource, explains:
“Buyers should discuss their program options with loan officers and real estate agents to ensure that they choose the right plan. tailored to their individual needs.
At this point, use the pros to determine what you qualify for and what's right for you.
3. Think about your future home and your needs You should also take some time to think about what you want. What kind of house do you envision yourself living in? To answer this question, Quicken Loans shares this tip:
“Think about your lifestyle, what you want in your home, and what your needs are. Is it important to be close to work? Do you need a lot of space in the yard? Do you want an extra bedroom that you can turn into a home office? Apartment or detached house? Lots of space for entertaining? It all depends on you (and your budget).
Again, a professional can help you strike a balance between what you want and how much you should spend on your monthly housing costs to determine what type of home is right for you.
While buying a solo at home may seem like a big challenge, it doesn't have to be. If you rely on the experts, they can help you navigate these waters and ensure that you can take advantage of the great opportunities in today's housing market (like low mortgage rates) to buy your dream house.
Final Result The proportion of individual households is increasing. If you are looking to buy a house of your own, be sure that that dream is entirely possible. When you're ready to start your research, work with experts to get expert advice every step of the way.
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