It used to be that the typical image of a homeowner was a person married with kids. Today, though, more single homebuyers are entering the real estate market. According to a report from the Australian Bureau of Statistics, almost a quarter of first-time homebuyers are single young professionals.
Here are a few tips to help you out if you’re thinking of buying a property on your own as well:
Research Comes First
Familiarise yourself with the different aspects of the sales process before searching for a home. Learn more about what goes into making an offer and what to look for when buying property. You should also know about real estate agent tricks and traps and the ways to avoid them.
Develop a Financial Strategy
Create a detailed financial strategy to assist with your purchase decision. Your strategy should include an evaluation of your current and potential earnings, including your financial and associated lifestyle goals. Consider all relevant factors before moving forward with the purchase.
Be Ready to Make Compromise
It is important to be realistic when choosing a home. Keep in mind that buying on your own limits what you can afford, as you don’t have anyone to help you in terms of finances. VisionOneHomes.com.au suggests looking for property with long-term financial sustainability and strong potential for growth.
Think of the Worst Possible Scenario
It is best to do make calculations and projections while considering worst possible scenarios that could arise. Things to take note of include rising interest rates, possible job loss, and inability to work. Plans for the management of these unfortunate events will make it easier to handle the repayments and debt on your own.
Seek Advice and Support
Get advice and support from someone you trust. Work with a family member or friend who you think will give a fair assessment.
Buying a home on your own is a big financial step that you have to think through carefully. Get expert advice from a real restate expert to help you find a home that suits your budget and needs.