Shopping for homes for sale in the Menifee, CA area is often a milestone for many people. More specifically, it’s the logical next step for married couples who want to finally put down roots and start a family.
Yet, there’s an interesting trend among homebuyers in the country: more and more of them happen to be single. Statistics show that in 2013 alone, 16% of homebuyers were single women and 9% were single men. In other words, a significant portion of homeowners are single.
That being said, looking at Menifee homes for sale presents unique challenges to the single buyer. For one, you won’t have a confidante with whom you can discuss the pros and cons of shortlisted properties. And if you do end up purchasing a home, you won’t have anyone to split the mortgage with.
Set a Budget and Stick with It
Since the house will be solely in your name, you’ll also be solely responsible for paying it off. As such, don’t bite off more than you can chew. While homeownership is a worthwhile dream, be sure it’s something you can truly afford. Take a long, hard look at your finances and gauge how financially ready you are for this big leap. Make sure you can still make payments if unfortunate events, like a sudden illness or job loss, occur.
Work with Experienced Brokers
You already have a lot on your plate, so don’t shoulder the task of house hunting all by yourself. To find the best property possible at the most competitive price, it is advisable to work with an experienced local broker. More specifically, look for brokers that have a good track record of working with first-time home buyers like yourself.
Know Which Mortgage to Get
If you’re a single person with a single source of income, make sure to ask about FHA loans, which require a lower qualifying credit score while also offering lower interest rates. And if this happens to be your first home, your down payment may be as low as 3.5% of the total property price. Do note that FHA loans require stricter documentation and stringent underwriting, but the extra work can translate to considerable savings.
Everyone dreams of owning a home and being single should not stop you from achieving this goal. With these tips, you can start preparing and saving money on the first property you will ever own.
Sources:
Single and Thinking of Buying a Home? Here’s Some Advice
time.com
5 Essential Tips for Single Homebuyers
www.huffingtonpost.com
How I Bought My First Home As a Single Person
www.simple.com