Insights for Buying a Home as a Solo Buyer

Published on 12/10/2021

Buy a Home as a Single Buyer With These Tips

Buying a home is always an exciting and big adventure. But if you’re planning to buy a home as a single buyer or a solo buyer, it can feel even more daunting at times. But here are a few tips to get you started off on the right track. 

1. Know your finances and credit score

It’s very important to have your finances in order and know where you stand as far as credit. Because lenders will only be looking at your finances and not more than one person, it carries more weight. Don’t panic if your credit score isn’t exactly where you want it to be. There are ways you can work to bring that up before applying for a mortgage. For instance, you could work on paying at least the minimum amounts due on loans on or before they’re due. You could pay off certain debts completely. If you don’t have much credit, opening a credit card (well before you need to apply for a mortgage) would help and then make those monthly payments on time. Talk to your real estate agent today for more help bringing up that credit score.

2. Explore multiple options for a mortgage

Next, shop around for a mortgage. Don’t blindly go with the first lender you meet. There are many options available with different programs or lenders. So shop around. Don’t be afraid to ask questions and learn as much as you can along the way. Find out what length mortgage is right for you, how much down payment you can feasibly pay, and what kind of special deals you might qualify for such as a VA loan or a USDA loan.

3. Consider what you want out of a home

Lastly, before you start attending open houses and showings, spend some time thinking about what you truly want out of a home. What are your top priorities or must haves in a house? Is being close to work a must? Or would you rather a large yard even if it meant a longer commute? What kind of lifestyle do you want to be able to have while in this home? Do you want a larger space with room to spread out? Or is cozier and smaller better for you if it means saving some on the monthly mortgage payment? Is the locale super important for school district purposes? What about how close a home is to a busy part of town where there are restaurants and local shops nearby? Decide what’s crucial to you in a home and what doesn’t matter as much. This will help you narrow down potential homes. It will also help your real estate agent to know these aspects from the get go to help only show you homes you’re truly interested in. 

Buying a home as a solo buyer presents its own challenges for sure. However it also offers unique opportunities to make the place completely your own. Let us know how we can help with your storage needs as you move along with the buying process.