With all the hoopla about the high averages of well-paid single men and women in the current economy, why does it appear that single people are pinned in the renting market? Perhaps it’s because they are unaware of available house buying options. Just because you’re single doesn’t mean you must choose renting over buying, here’s why.
Why should you rent? If you are in a transitory state of life, such as career building, wage limitations, or poor credit, there are home buying options available. Although these reasons are typical for delaying a home purchase, they’re not terminal. You want to be sure you have established financial stability before attempting to buy a home. Take a year or two to become stable; get all finances in order, including savings and credit scores.
Home buying for the single man or woman is in demand. It is estimated that 50.2 percent of individuals are single in America, with 16 to 21 percent being women between the ages of 30 to 45. As a single person navigating the waters of home buying, it’s best to hire a Realtor to help find your special place. There are numerous types of homes that will fit what a single individual is looking for.
Try a HUD Foreclosed home. U.S. Department of Housing and Urban Development (HUD) are homes insured by the government. These homes are placed into foreclosure by the lender because owners could no long pay their mortgages. These homes are very affordable and are great for first time home owners on a modest budget.
If you are a single parent or have bad credit in your history there are government house buying programs developed to aid you. Choose a real estate agent knowledgable about government programs to determine what is available. From FHA loans to private lending firms, your real estate agent can provide information that will steer you in the right direction.
Buy a Condominium. Often times being a single home owner means not being at home much of the time. The grass will need timely maintenance, or you’d like a pool but you can’t afford that luxury right now. Investing in a condominium may be an option that is best for your lifestyle. Prices are affordable from $100,000 but can extend to the millions.
When you are ready to buy a home, use a simple mortgage calculator. According to Labor Board statistics median wages for single individuals are $50,000 to $125,000 yearly. There are several mortgage calculators online that will help you figure out what you can afford. But be weary of the one you use, some sites will prompt you to answer unnecessary questions. If you are uncomfortable with looking to the internet, meeting with a realtor is your best bet.