Am I Ready to Buy a Home Alone?
NEW YORK, Jan. 21, 2013 /PRNewswire-iReach/ -- Realtypin.com just put out some great advice for single homebuyers. But before you take advantage of it, you need to ask yourself if you're really ready to buy a house all by yourself. Getting an honest answer out of yourself means asking yourself a variety of questions. Specifically, you need to ask yourself:
1. Can I handle the payments all by myself?
Becoming a single homebuyer can be extremely liberating. It can be your way of telling the world that you don't need a significant other to move forward in your life. However, it also means you won't have the benefit of a significant other's paycheck! In today's world, count on making a down payment of 20%. Then, you'll need to have money for your mortgage payment, homeowner's insurance, property taxes, and any homeowner's association fees. Can you swing all of that on your salary? More importantly, do you feel comfortable fitting all of that into your salary?
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2. Will I have enough money left over to furnish the place?
Buying a home means more than just coming up with a down payment and budgeting your monthly mortgage payments. You've also got to come up with enough money for furniture and decorations! And, when you actually own the place, you want stuff that's a little nicer than that card table you've been eating off of since college. If you're going to own your own home, it's time for "grown-up stuff".
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3. Am I prepared to tackle the problems all by myself?
This is an especially important question for anyone who isn't comfortable around a set of tools. What will you do if the kitchen sink starts leaking? What if a part in the toilet needs to be replaced? Will you learn how to do these things, or do you have the money to pay someone to do them for you? (After all, when you rent, all of this is taken care of for you!) When you're a single homebuyer, you won't have a significant other or a handy roommate to come swooping in with a pipe wrench in the middle of the night. Keep that in mind before you sign on the dotted line
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4. Will I feel comfortable living all by myself?
If you're already renting an apartment by yourself, this question is a non-issue. But if you're living with a roommate (or three!) in an effort to save up for a place of your own, you might be surprised at just how quiet things get when you live alone. You may love it. Or, you may get totally freaked out by things that go bump in the night. Either way, you'll need to be prepared.