The Singles Guide to Home Buying

Even under the best circumstances, buying a home can still be daunting. If you’re single, widowed or divorced, taking that big step alone can make the home-buying experience even more challenging. Here are ways to make that process run smoother.

Evaluate your financial situation. Make a detailed calculation of income, assets and recurring obligations to see what you can afford. Then speak with a reputable mortgage lender about what amount you can realistically afford. Afterwards, acquire a preapproval for a mortgage.

Include the costs of homeownership in your budget. Because singles are on their own, it’s wise to be extra conservative when working out a monthly budget including property taxes, insurance, maintenance, landscaping, repairs and homeowner’s association dues, if any.

Increase emergency funds. Instead of the accustomed three- to six-month emergency fund, single homeowners would be wise to have additional cash in emergency savings in case of job layoffs or disability.

The size.  Think about what your life might be like a few years from now when purchasing a home. Will you be getting married at some point? Do you want to consider a roommate or boarder to help shoulder costs? Do you have children from a previous marriage who will live with you at least part of the time? All these possibilities and more should be thought of when deciding how large of a home to purchase.

House or Condo?  Consider whether you want the low-maintenance condo life or a conventional home with landscaping responsibilities. Be sure to check differences in homeowner’s associations fees. Ask your insurance agent about differences in policies for houses and condominiums.

Seek advice from a trusted, experienced friend or relative. Along with a real estate agent trained to help first-time homebuyers, singles should also seek advice from a trusted friend or family member. Their knowledge can be a tremendous asset in helping you decide on a home.