Are you dreaming of having your own home but are a little bit hesitant because you're just on your own, well don't be. By careful planning and with the help of experts you will definitely achieve your dream home.
According to research from Freddie Mac, 28% of all households (36.1 million) are sole-person, and that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue.
“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households, . . .”
If you fall into this category, here are three tips to help you achieve your homeownership goals.
1. Know Your Credit Score
When you buy a home on your own, you have to qualify for your loan based solely on your own finances and credit history. Investopedia says:
“. . . lenders will be looking at just one credit profile: yours. Needless to say, it has to be in great shape. It is always a good idea to review your credit report beforehand, and this is especially true of solo buyers.”
It's important to know your score so you know your status. If you are uncertain about your standing or if you need to improve it, connect with an expert for advice on your situation.
2. Check Your Down Payment Options
There are different down payment programs you can choose from. Check the options so that you know how much do you need to buy a home.
In this step, lean on the pros to determine what you’re eligible for and what’s right for you. Again an expert will be able to guide you regarding this.
3. Think About Your Future Home and Your Needs
Spend some time thinking about what you want. What type of home do you picture yourself in? Do you need it close to your workplace? Do you need a dedicated home office? Do you want to have a garden? A condo?
If you are undecided, a professional can help you balance what you want and how much you should spend on your monthly housing costs to determine what type of home is right for you.
Buying a home on your doesn't have to be challenging. Always remember that there are experts who can help you every step of the way, you just have to look for that right home buying team.
Our team of experts will be happy to guide you. Just send us a message.