Buying without a spouse
Are you looking to buy a house without a spouse? Whether you’re single or in a relationship, opting to buy your new home solo isn’t actually a problem at all. However, the idea causes a bit of anxiety for some people. We’re here to walk you through this process, showing you the idea is actually pretty cool.
Our first tip is super simple: make sure you have your funds down to a science. It’s important to make sure you not only have money for your down payment, but also for other costs that come with buying your first home. If you’re not a number person then it’s time to sit down with a financial advisor…make sure you show up with a ton of questions and focus on creating a budget that you understand number per number.
Next, get ready to shop around for different mortgages. It’s time to consider yourself a professional researcher, or at least one who’s willing to check out all their options. Sit down with different reps and rely on not only logic, but also your own gut feeling. Don’t commit to anything until you’ve had the opportunity to sleep on each decision.
Don’t lose touch with reality when you’re trying to choose a place. The truth about purchasing alone is that you might have less financial flexibility, but don’t let this deter you. Within this context it’s important to open up your mind. Recognize you might have to consider a few different neighbourhoods instead of one. The great twist to this is that instead of negotiating with a spouse, which you’d have to do otherwise, you can still focus on exactly what it is that you want. This is one of those rare situations when it’s ok to be selfish for yourself.
The process of buying a house alone can get some people down. Remember that you’re not the only one experiencing this. According to the Australian Bureau of Statistics, almost one quarter of first time homebuyers are actually single. If other people can do it then you certainly can too. Believe in yourself.
If you’re climbing the property ladder then don’t assume that you have to follow old-fashioned traditions. You don’t necessarily need to live in the house that you buy— you can opt to rent it out instead. If you’re considering this then don’t only think about what you want; try to imagine yourself in someone else’s shoes. What would make your place the most versatile and accommodating for everyone? Thinking this way can really work to your advantage. And don’t forget, purchasing alone means you can furnish, renovate or decorate the place at your own pace.
Always think this way: if you’re not in a long-term relationship, this doesn’t mean you shouldn’t think long term for yourself. Property ownership in an asset that can benefit you in the future if you do it right. Can you look ahead and confidently imagine yourself fixing things if need be? Are you prepared to hire people on if a situation necessitates such? Are you ready to pay for insurance and varied types of maintenance?
Keep thinking positively. Not having to prioritize someone else mean you can do you, and that’s a huge advantage when entering the market solo. If you’re single then get ready to mingle with house decisions. It’s the one type of relationship that can ultimately last if you’re thoughtful with each decision. Good luck!