Buying a new home on your own can feel a little intimidating, but don’t worry—you’re in great company. Solo buyers made up one quarter of all real estate purchases in the U.S. last year, and twice as many single women bought homes as did single men—let’s hear it for the ladies! To help our solo buyers out there, here are seven strategies that can help take the anxiety out of buying that first home.
1. Get a handle on finances. Understand your expenses and know how much you can safely spend before you begin shopping.
2. Come in under budget. Purchase a home slightly below what you can afford, so you have a financial cushion.
3. Use an agent you trust. Your agent may become someone you really depend on. Get referrals and spend time interviewing candidates.
4. Have back up. Enlist a family member or friend to help in the search to help give you added confidence in your decision process.
5. Stay flexible. Be open to compromise. You can always renovate or trade up later.
6. Be ready to get out. If you feel too pressured or can’t decide, step away and start looking for your new home again when you feel more comfortable.
7. Get a roommate. Single buyers often bring in a roommate. Many times, their rent will cover the majority of your mortgage payment!
Do you have any more great tips to share? Leave us a comment, then check out BrookfieldDC.com to find the perfect new place.