5 Top Things to Consider for Single Home Buyers

Home-buying trends have changed over the last few years. In today’s market, more and more single people are buying their first home on their own, rather than waiting for a partner. Although married couples may represent a big portion of first time home buyers, investment in property by single home buyers is also seeing a whopping increase. But, the most important question here is, what do singles tend to look for? Whether you’re a single man or woman, your home should be located just where the entertainment or action resides – theaters, movies, nightlife, eating points, shopping malls, sporting events etc.

If you’re also on a house hunt and worried about the unknowns of solo home ownership, here are some tips to help you out:

Keep check on Home Buyers budget

The number one thing you need to ask yourself is, can you really afford to buy? It’s important to examine your finances carefully and draw up a budget to gauge your affordability. Remember, you won’t have a partner to fall back on the additional monthly nut. Also consider recurring monthly expenses such as paying bills, home maintenance and repairs. Another important thing when determining your budget is considering a part of the money that can be kept aside a contingency fund in case of any emergency.

Take resale value and longevity into account

As buying a home is a big long-term investment, it is essential to consider the resale value of prospective homes during house hunt. There may be various reasons single people may need to move, but they must be aware of homes and locations that have great general appeal and will be easy to re-sell in a case of a need.

Don’t overlook the security and safety

Don’t forget that, as you’re a single homeowner, you won’t be able to stay at home the majority of the time. Hence, you’ll need to keep security and safety issues in mind. So choose a home in a low crime neighborhood where there are no cases of theft or other crimes and your house feels safe and secure.

Determine the reason to buy home

It is vital to determine if the home you’re looking to buy will be for a primary residence to live in or investment purpose. Any decisions you make and home you choose to settle for basically relies on your reason for purchase. You tend to make decisions influenced by emotion when it comes to buying a primary residence. Whereas in a case of investment, your decision is likely to be affected by logic and research.

Don’t go for house hunting alone

Breaking into the property market as a single homeowner is difficult. And as it is a major investment decision, don’t let emotions cloud your decisions. Take advice from friends and family who are familiar with the buying and selling process. Real estate agent is also a valuable asset as he can provide guidance, area information and advice on properties that suits both your lifestyle and budget.

Sometimes you need to house more people in your flat and at that time you need a second bedroom. In such cases, 2 bedroom flat in Mohali is just right for single home buyers too.

Find your desired home from your own idea of the location at affordable prices and other elements just by calling SBP Group at +91 93160 05252.

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