The market is full of single home buyers (predominantly women, although there are many single male buyers) who are looking to buy a home on their own. The home buying process can be intimidating even when it isn't a single person buying, so to begin the process of purchasing a home on your own can be very overwhelming.
If you're thinking of taking this on, we put together some tips for you to get started. We understand how stressful the home buying process can be, and we want to make sure you're ready for it.
Get Everything In Order
The first step in buying a home on your own is to get everything in order. Contact your bank or credit provider and ask about a free credit check. You'll want to ensure that your credit is in good standing before you apply for a mortgage. If your credit isn't in good standing, there are things you can do to improve your credit.
If your credit is in good standing, you should then get your documents together. Applying for a mortgage involves a great deal of paperwork, so make sure you have everything in order before you start the process. Then, set yourself a budget. This budget will be based on what you can reasonably spend on mortgage payments monthly. Keep in mind that being a home owner involves unexpected costs, so don't stretch yourself too thin.
House Hunt With Someone You Trust
Just because you're buying alone, doesn't mean you should shop alone. You risk being too emotionally involved in the process, and you need someone you trust to be your objective eyes. You want to bring along a voice of reason for you who can point out things you may have overlooked.
The Bigger The Down Payment, The Better
An ambitious goal is to aim for 20-25 per cent of the price of the home as your down payment. Overall your goal should be to put down no less than 15 per cent, but of course, the more you can put down up front, the better.
This can be difficult if you're relying on just your own income with no other support. The process may take a bit more time, but in the end it will be worth it. For more information on how to prepare to buy a house for the first time, download our free Home Buyer's Guide.