Did you know that about one in four home buyers is a single buyer? Buying a house on your own can be a very smart financial investment if done wisely. Many single buyers choose to make upgrades to the property, and then when the time comes to move, they keep the property as an investment property, renting it out for additional income.
The process of buying a home as an individual is the same as it is for couples, but a single buyer might want to consider some aspects of the process from a different perspective than a couple would. So in this week’s blog, we’ve compiled a list of some tips that single home buyers can use when shopping for a home.
3 Tips for Single Home Buyers
Consider How Long You’ll Live There
Many single home buyers consider buying because the mortgage payment may be cheaper than rent. But in the end, you may or may not come out ahead, depending on how long you plan to live in the location. As a general rule of thumb, if you’re going to stay for 5 years or fewer, you’ll likely spend less as a renter. 5 years or more, and it’s more likely that buying will pay off.
Consider a Condo or Townhouse
A condo or townhouse is an ideal first home for a new buyer. The benefits of a condo or townhouse are many:
- Less square footage means less upkeep. Upkeep consumes a lot of time with larger properties, and an individual might find that they can better handle the workload of a smaller property.
- Generally speaking, they are less expensive than a typical single family home. This of course depends greatly on location and other factors.
- Smaller properties are also generally more private and more secure, of course there are exceptions.
Consider the Potential for the Growth of Your Investment
If you’re buying with the intention of later selling or renting your property, there are a number of factors you may want to take into consideration:
- The desirability and security of the neighborhood/location.
- Local school systems.
- The amount of time/money you’re willing to put into the property to increase it’s value. Of course, the potential ROI for your efforts will be dependent on factors such as its location, etc.
Real Estate Settlement Services from Colony Title Associates
Colony Title has been in business since 1995 and handles more than 2,000 real estate closings per year. If you have any questions or would like to speak to a representative about closing, please give us a call at 410-884-1160 or visit our website for more information.