More single buyers go it alone to home

If you are single and thinking of buying a home, you’re in great company. Solo buyers are averaging one quarter of all U.S. real estate purchases according to the National Association of Realtors, as more Americans are marrying later, divorcing, and living longer.

Qualifying for a mortgage may be the biggest hurdle to single homeownership since singles don’t have the advantages of dual incomes. But on the other side of the coin, they also aren’t dragged down by a partner’s credit score or debt. What kind of advice can I pass on to the intrepid single home shopper?

Location is always important.

Try to buy in the best neighborhood you can afford, but also take your passions and hobbies into consideration before investing. If you love the nightlife that a city has to offer, look in neighborhoods where you can walk to shops and restaurants. An outdoorsy type may enjoy a more suburban or rural setting for weekend activities next to Nature. Always consider the school district reputation and safety of the area for future resale.

For many solo buyers condition can be just as important as location. No matter how charming, don’t fall for a fixer upper that can turn into an expensive project you have neither time nor money to rehab.

Price range should reflect your comfort level in mortgage payments. Always get qualified on a 30 year fixed rate to establish a ceiling and then look a little lower to see how much you really need to spend to get what you want.

Consider your future and how long you plan to stay in the area. Some single buyers, especially younger ones, may not have a lot of regional tethers and could be subject to job relocation. Be sure you buy a property with good resale value or easy to rent if you need to move on.

Be realistic about how much upkeep and home maintenance you want to do. All the joys and burdens will rest right on your shoulders, so consider how much time you have to keep your investment in tip top shape.

Single home shoppers face decisions that can be daunting for a party of one. Find a good Realtor to be your sounding board and guide you when tackling one of life’s major milestones, then sit back and enjoy the sense of accomplishment in buying your own home.

Adriana Donofrio deasypennerpodley Glendora (626) 926-9700 adonofrio@dppre.com