Home buying trends have changed over the last decade, and in today's new market, more single homebuyers are entering the real estate market than ever before. Single women have now outpaced single men as a percentage of homebuyers. A whopping 21 percent of all new home purchases are credited to single women. But as far as must-haves, what do singles tend to look for? A single man or woman or newly married couple wants to be closer to where the action is-great restaurants, nightlife, theaters, movies, sporting events, shopping, etc.
If you're looking at jumping into homeownership solo, here are my 5 top things to consider:
- Stay within your budget-Buying a home on your own is a fantastic move and great step toward your financial future. But make sure it's a home you can afford if there is a momentary-or longer-blip in your financial profile. If you lose a job, you have a health issue, or anything else happens that could affect your ability to cover your monthly mortgage and other costs, remember you don't have a spouse or significant other to fall back on for the additional monthly nut. So while you are on your own, don't overextend. Buy a home well within your means.
- Guess who's gonna mow the grass-Being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and overgrown lawn won't take care of themselves. For those single homebuyers who find the idea of maintaining a yard a bit daunting, or who worry that climbing up ladders to clean out the gutters every rainy season is just too "hands-on" for them, condominiums and townhomes or even smaller homes in new communities require less exterior maintenance and might be a good option. In other words, don't buy a home you can't manage yourself.
- Look out for your safety and security-Remember that being a single homeowner doesn't allow for someone to be home the majority of the time. So you will need to consider safety and security issues. You want to be able to lock the door on your way out, and not have to think twice about it. So make sure you are in a low-crime neighborhood and the house or condo feels safe and secure.
- Consider resale value and longevity-Purchasing a home is a great long-term investment. However, there are many reasons single homebuyers may need to move, such as relocating for a job or a lifestyle change. Therefore, it's important to think about the resale value of prospective properties during the search. You want to be aware of homes and condos that have great general appeal and will be easy to resell if need be.
- Keep an eye on the future-You buy yourself a nice little home or condo now. But someday you might not be single and you'll add a significant other to your team and possibly even children. Though additional space may not be needed immediately, it's important to consider potential future plans for a home. Having a spare bedroom, if it's affordable, is a smart choice.
How fantastic that you, a single man or woman, are already planning to be a homeowner! Being financially smart and responsible may have seemed like strictly your parents' lifestyle a decade ago. It used to be sexy to be footloose and fancy-free, spending all your income on living the high life. Well, when the economy turned in 2007, that disposable-cash lifestyle became just that-disposable. So don't think that if you are a single gal with your own home, men will find that intimidating. And don't think that if you are a single guy with your own home, women will think you are too set in your ways. Being a smart and financially responsible homeowner is the new sexy! That's right, you just became hotter.
Trulia's Michael CorbettMichael Corbett is Trulia's real estate and lifestyle expert. He is also the host of EXTRA's Mansions and Millionaires on NBC. In addition to his regular segments on ABC's The View and Fox News, he is a national best selling author with three critically acclaimed real estate books:Find It, Fix It, FLIP IT!; Ready, Set, SOLD! and Before You BUY! His years of experience in buying, renovating, and selling homes have made him a sought-after nationally recognized real estate expert.