July 29, 2022 • Buying
Going Solo: Tips for buying a home on your own
By Kate Barker
While it’s common to go in with a partner or friends on your first home, buying on your own isn’t impossible. It just takes a little more organization, planning, and preparation to make sure you’re ready to make that home purchase become a reality.
Figure Out Finances
Buying a home alone means you’ll need great credit and the cash for a down payment plus expenses. Mortgage lenders are going to look at your income compared to your expenses and judge whether or not you can handle making mortgage payments. A co-signer can be a great asset in this situation, but make sure you both understand the risks and responsibilities if you can’t hold your end of the bargain.
Buy for Your Needs
Since you’ll be limited by a single income, take some time to consider what you really need at this point in your life, and what you can afford to live without. The nice thing about buying on your own is you don’t have to make compromises, and you can focus on what works for you. As your life changes, consider what this purchase can do for you. Will it be a good rental property down the road? Will you be able to sell it and upgrade to a larger home? You can plan for the future while still staying within your present needs.
Get Some Advice
You’ll want a team of trusted professionals by your side to help you find the right place, secure the right mortgage, and make sure everything goes smoothly, but don’t be afraid to ask for help from friends and family. These resources can help with advice about your preferred neighbourhood, what your lifestyle could look like in your new place, whether or not you’ll have help maintaining the place, and how safe it is to live solo in this area. Having someone else around to discuss your ideas can give you clarity, and it can be helpful as you make some big decisions.
Live Your Best Life
Buying a home is a big move and it has many advantages for your finances and lifestyle. It can be scary to make such a big commitment, but consider the benefits to home ownership for your situation. Without a partner in the mix, you can get something that’s specifically tailored to your needs, and before long you could be living your best life in your very own home.