Although many single people choose to save money by renting, home ownership can appeal to many singles. Owning a home allows greater privacy and security, and many singles see a home purchase as an excellent investment in the future. Owning a home can benefit someone at any stage of life, but there are important considerations a single home buyer will want to think about when looking at Upper Valley homes for sale.
There is no doubt that owning a home comes with a rather long list of extra responsibilities and expenses. The mortgage payment is only a small piece of the financial puzzle. A homeowner must also consider property taxes, all utilities, maintenance and other possible expenses that don’t happen when renting. Since all of these expenses must be handled solo, it is important to feel very secure about the added costs when thinking about Upper Valley homes for sale.
A down payment is often the next stumbling block for single buyers. Unless they have a large amount of disposable income, it can be very difficult to save up the amounts needed for a down payment. First-time buyers may qualify for an FHA loan that could help ease the cost of down payments from 10-20 percent to less than 5 percent.
Plan for the Future
Unlike an apartment or rental that can be leased and let go almost at will, a home is a serious and long-term investment. When selecting a home, it can be beneficial to plan for future needs rather than current ones. While a small one bedroom townhouse may seem ideal for a single person at the moment, it leaves very little room to expand and start a family. A two or three bedroom house is going to give a person more options.
Consider Renting Extra Space
Many single people transition from renter to landlord in order to ease the financial burden of home ownership and the downsides of living alone. There are many advantages to being a single landlord, and it could allow a person to afford a larger and better home than they could otherwise. Renters can always be given notice if space becomes needed later on.
Choosing a new home can be a bewildering decision for single first-time buyers. Having the experienced advice of an exclusive buyer’s agent can make all the difference. There is no need to rush the home buying process, and finding a good deal on the right home can be a life-changing experience. Keep these points in mind when considering any Upper Valley homes for sale.