Should You Buy a Property on Your Own
Once upon a time it was the norm to wait until you got married to purchase a home. However, times have changed and an increasing number of singles are taking this important life step on their own. Buying a home has never been simple, but it appears that the process is even more challenging for single people due to the fact that there is only one income to rely on. It is against the law for banks to discriminate against single buyers, however, tighter lending standards can pose several challenges to single buyers when it comes to qualifying for a loan.
First Home Owner's Grant: As a single buyer the first thing you should consider is a First Home Owner’s grant. This grant, which was introduced in 2000, provides a one-off payment to first time home buyers who qualify. The eligibility criteria is dependent upon the state that you reside in.
Examine Your Finances: Getting on the property ladder may be great if you can afford it but you don’t want to make the mistake of getting yourself into a financial bind because you are desperate to purchase your first property. Carefully scrutinise your finances to make sure you are confident enough about your income and your savings to buy a home. If you have any debts, make sure that you pay them off first before paying a deposit. Make sure you factor in all of the associated costs of buying a home such as closing costs, mortgage costs, home maintenance and insurance. It is essential that you think long term to ensure that you are going to be able to keep your home.
Don’t Look For Your Home Alone: Even though you are purchasing the home as a single person, two pairs of eyes are better than one when you are looking. Take a friend or a family member to help you. You might find a place that you really like and get swept away by your emotions. You need someone who is going to give you a reality check when you fall in love with a house that has a mould problem!
Future Planning: Despite the fact that you are single now you might not be single next year. Think about what you are going to do if you find a life partner. Are you going to move into their house or will they move into yours?