What does the average Southern Maryland home buyer look like? Well, if you believe the advertisements, they’re families and couples.
But times have change. Nowadays, only 40 percent of first-time home buyers are married, down from 52 percent in the late 1980s.
The process of buying a home is the same whether you’re buying solo or with someone else, but there are a few slight differences in how a single home buyer may approach the experience.
Here are five ways you can make your solo Southern Maryland home hunt a success.
Find your real estate agent
Don’t choose the first Southern Maryland real estate agent who comes up in an online search. Get recommendations from family and friends, especially those who have recently purchased a home. Look for positive reviews that may shed light on buying alone rather than as part of a couple.
Once you have several real estate agent options, meet with each one. Ask a lot of questions; don’t let them do all the talking.
Read up on your resources
You’ve found the right agent, but that doesn’t mean you shouldn’t read up on everything on your own as well.
Don’t depend on your real estate agent alone to learn the details of the home buying process. The agent will – and should — explain the process to you, but it is also your job to be an informed buyer. Check out online resources or visit the library. Learn about the various home buying programs and find out more about your rights as a buyer.
When you’re figuring out how much you’re able to spend on a Southern Maryland home, don’t forget to take into consideration all of the recurring expenses that come with owning a house. Think beyond closing costs and mortgage payments, including expenses like home repairs and maintenance.
Try not to be nervous about whether you’ll be turned down for a loan because you’re buying a house on your own. Qualifying for a loan on one income might mean buying a smaller house, but it doesn’t mean you can’t buy. In fact, banks are not allowed to treat applicants differently based on marital status.
Single buyers purchased a house with one income can look into getting an FHA loan. Borrowers that have good credit can qualify for a small down payment.
Select the right kind of home for you
What kind of house are you looking for? Something you can grow into? A small starter home that you can later rent out? You have many options regarding the kind of house you buy.
A Southern Maryland townhouse or condo might leave you with a lower mortgage, but you will possibly also have to pay storage fees and homeowners association dues. And though a smaller house means there’s less to maintain, you home still needs regular maintenance.
House hunt with confidence
Just because you’re buying a house on your own doesn’t mean you’ll have to make all the decisions alone. Bring along a couple of friends who have recently bought a house and who you know can give honest feedback.
If your plan is to move to the suburbs so that you can get more house for your money, consider whether you will be happy living further from your favorite spots. Give the commute a test – drive from your potential house to work, favorite restaurants, and shops. If it seems too far, narrow your search.
Make an informed offer
When you are buying on your own, you may not have someone to help you how to negotiate or what to offer. This is where finding the best agent for you will serve you well. Talk to your real estate agent about how your offer might stack up against other recent sales in the area and what kinds of concessions you might get from sellers.
Hughesville MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309
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