Buying a Home as a Single Person: What You Need to Know

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Buying a Home as a Single Person: What You Need to Know

Buying a home used to be associated with getting married or starting a family. But, that isn’t the case anymore. Marriage rates are declining in the U.S. and people are choosing to stay single longer. So, you certainly don’t have to be in a relationship to buy a home. Homeownership has long been a part of the American dream, whether you’re a couple or not.

You can obtain that dream on your own, and make a solid investment while you’re at it.

That being said, buying a home on your own can feel a bit intimidating, especially if you’re doing it for the first time. How do you know if you’re ready? What does the market look like? What should you know before you even make an offer?

Let’s cover a few things you should know before you buy a home as a single person. The more informed you are about the process and what to expect, the easier it will be. If you find that it’s the right option for you, you’ll be moving into a place of your own in no time.

Are You Ready to Own?

It’s not uncommon for single individuals to choose to rent over buying a house, and it has its benefits. You don’t have maintenance issues to worry about on your own, and you’re not “tied down” to one place. But, there are so many additional benefits to owning your own home that often outweigh the pros of renting. Some of those benefits include:

  • It’s a good long-term investment
  • You’ll build equity
  • Tax perks
  • More privacy
  • Greater stability

You can also put more into a home you buy, making upgrades that could increase its value if you ever decide to sell.

Once you’ve decided that you want to buy, your next question should be if you’re truly ready. Take a look at your financial situation. Crunch the numbers and be realistic about your budget. If buying a home is something you truly want, you might have to cut back elsewhere (including that morning coffee run for a $5 latte). In addition to thinning out your expenses, consider getting a roommate while you save up, or even moving back home with your parents for a few months, if possible.

In addition to knowing if you can afford it, it’s also important to know whether you can handle the everyday responsibilities of a home. If there are any maintenance issues, they fall on you. Emergency repairs? That’s on you, too. You can be as prepared as possible, and the unexpected can still occur at any time. Make sure you’re ready for that before you commit to anything.

Getting What You Need

You’re officially ready to start house hunting and eventually make an offer. But, do you have everything you need to get started? Even if you know your budget and how much you’re willing to spend, there are a few things you’ll need to move the process along:

  • A real estate agent
  • A lender
  • Insurance
  • A real estate lawyer

It’s also important to make sure you qualify for a loan. Having a good lender to work with will help, but you can figure things out ahead of time and make life easier on yourself. Conventional down payments on a home are 20%. If you’ve figured out your budget and don’t have that kind of money, don’t stress. You may qualify for an FHA loan if you have a decent credit score and you can verify that you’ve been consecutively employed over the last two years.

Getting organized before you start the process will make things less complicated for you. In the end, when you finally make an offer and finalize the buying process, you’ll be more prepared to deal with the pile of paperwork that follows because you’ve done so much leg work already.

Don’t Buy “Too Much House”

Some people say single people should look for homes that are attractive to married couples and families. Why? Well, you might decide to start one of your own someday. Beyond that, though, family-style homes are usually more desirable. You may be able to eventually sell your house for a profit.

But, a larger home may not be within your budget right now, and that’s okay. There are some risks to buying “too much house.” You won’t have much equity, your payment could be eating up too much of your income, and you might not be able to afford to keep up with general maintenance. If that’s the case, it’s unlikely the house will ever be in good enough shape to upsell anyway.

Buying a house you can afford is crucial. While staying within your current budget is smart, you can always choose to take on a side gig to earn extra money. You can earn money freelancing through sites like Upwork, Elance, or SimplyHired and work as much or as little as you want to bring in extra income every month. Freelancing has its risks, of course, since there’s no way to determine how much you’ll make. But, if you have a “dream home” in mind and are willing to work harder to afford it, a side hustle is a great way to do it.

Don’t let the concerns over buying a home for the first time consume you. It can be a lot of work, but it’s well worth it, in the end. Keep these ideas and tips in mind as you go through the process, and you can be confident in every step of the buying process.

Child Proof Cabinets With Zip Ties

Becoming a grand parent brings up some problems around the house. The biggest being that our house is not child proof. Haven’t had to worry about that in many many years. I want our home to be safe when they come for a visit but at the same time they are not here all the time so I don’t want to invest a lot of money or install anything permanent. That’s where I found the best idea. Using a zip tie to tie two handles together. It can keep the babies out of cabinets with breakables or cabinets filled with dangerous chemicals. A simple a cheap fix that can be eliminated when they leave.

Drain Clog Fixed With A Zip Tie

We all have problems with drains every once in awhile. Most of us have zip ties or they are now very cheap to get. Its easy to use a zip tie to clean out a drain by cutting little notches in a zip tie as shown in the picture above. Then take the zip tie and push in and out of the drain. This helps bring up hair and other items that get lodged as it goes down the sink. You can also use a zip tie to scrape the sides of your drain and eliminate buildup.

Remodeling Tips For Homeowners

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There may come a time when you’re ready to give your home a new look. Rather than move locations, you can remodel your home to fit your needs. From remodeling your kitchen to adding a new style to your bathroom, there are many ways to give your house a new appearance.

Before you start the initial demo, here are some remodeling tips to keep in mind:

1. Have a Plan

Before you start taking sledgehammers to your walls, have a plan. Home remodeling is a bigger step than simply replacing interior decor. You should have a general idea as to what you want to renovate and then put your remodeling plan into motion.

When you have a plan of how you’re going to remodel your home, you can rest easy knowing the finished product will be the right one.

2. Start Small

You don’t need to complete a full home renovation. The remodel can be small and targeted. Pick out an area of the home that is in dire need of a refresh and remodel that area first. Then, when that’s finished, you can work on the next area of your home you’d like to see renewed and vibrant.

3. Know Your Budget

Remodeling isn’t cheap but you can do so on a budget. If you have a certain amount of money to work with on your home remodel vision, keep that budget in mind along the way. After all, you don’t want to get halfway through putting down the new floor and find out you can afford to pay for the rest of the tile.

With a budget in mind, you know your home remodel vision can be successful and complete.

4. Hire a Professional

You may think you’re capable of redoing your kitchen cabinets, but if you’ve never done this type of job before, it may be best to leave this construction up to the professionals. It is well worth the money to ensure the finished product is one with top-notch results.

If it’s something as simple as replacing HVAC filters in your home, and you’re well-versed in this area enough to know the difference between FPR vs. Merv, you can do this job. However, a home remodel is much more involved and usually requires the expertise of a construction professional.

5. Don’t Be Afraid to Try a New Style

It may be scary to embark on a home remodel project, especially if you’re going in a totally different direction with style. But, don’t be afraid of a new style!

You don’t want to go through the entire, tedious home remodel process and have the finished product look just a little bit different than the original version. Check out home remodeling and construction sites online to get ideas as to what your finished remodel should look like. You may have an idea as to the look you’re trying to achieve and these websites will help you put your visions into motion.

Pursue a Home Remodel Project Today

If you want your house to look and feel different, and don’t want to move, home remodeling is an excellent way to give your place a new style. Start researching your options today and see what parts of your home could use a little refresh.

How Do You Know When You’re Ready To Buy A Home?

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Owning your home is one of the biggest adventures of your life. It creates a unique sense of pride and ownership. It also gives you a canvas to imprint your tastes, interests, and lifestyle on.

However, owning a home has proven particularly challenging for many individuals in recent decades. A variety of economic and lifestyle factors have held many back from being able to indulge in the financially exhausting activity of homeownership.

If you’re trying to decide if you’re officially ready to take on your own home, you’re not alone. Here are some of the biggest questions worth asking as you sort through whether or not you’re ready to buy a house.

Are You Financially Prepared?

Houses are often trumpeted as sound economic investments. They help you build up equity and avoid the need to throw away money on paying rent to a landlord.

While this is true, though, it’s equally true that houses are expensive. Very expensive. When you own your own home you have to pay for a variety of things, including:

  • The mortgage;
  • Home insurance;
  • Property taxes;
  • Utilities;
  • Maintenance and repair costs;
  • Home improvements and renovations;
  • Landscaping;

The list goes on and on.

On top of that, you’ll need a good chunk of change to buy the house itself. From realtor fees to taxes, down payments, moving costs, and more, there are plenty of ways to spend your hard-earned cash while buying a house.

The first question that you have to answer, then, is if you can afford a house in the first place. Do you have a solid and consistent income to pay a monthly mortgage? Can you save up extra money for repairs and unexpected homeownership expenses?

If you find that you’re considering wiping out your savings or emptying your nest egg early, you may want to think twice about your financial preparedness. Instead of moving now, consider protecting your retirement and rainy day funds and begin saving money specifically for a house.

However, if you have a decent amount of money set aside to offset up-front expenses and a steady stream of income to boot, you may be ready to leap.

Do You Have Other Expenses Looming?

Even if you have a sound financial footing under you, that doesn’t automatically equate to being ready to buy a home. While your present financial situation may be solid, it’s worth asking yourself if it will remain that way.

For instance, do you have any major expenses coming up? Are you fresh out of college and about to start paying for school loans? Do you have a wedding or birth on the calendar? The major expenses associated with these activities can put unnecessary pressure on your life if you also toss the added expense of a home into the mix.

Is Your Career Ready for Homeownership?

For many, the topic of their career as a whole — not just the money that it generates — often doesn’t factor into the idea of owning a home. However, it’s often recommended that you plan on owning your home for at least three to five years before you move again if you want it to be financially worth the work.

This naturally leads to the follow-up question: is your career going to be stable for the next three to five years or so?

Another question to ask is if you’re considering pursuing a change in your career at any point soon. If that’s the case, can you look for a job in a good housing market with low prices that will appreciate in the future? You may even be able to find an employer with a good job relocation package that helps you offset some of the costs of buying a house and moving into your new residence.

Are You at the Right Time of Life to Take the Plunge?

Another concern is if you’re at the right time of life to buy a home. Have you recently graduated from college and decided it’s time to buy a home? There are a number of factors to consider before signing on the dotted line.

For instance, are you thinking of getting married? If you already are, do you plan on having kids soon? If you’re on the younger side of things, has your credit had enough time to build up to a good credit score?

From family dynamics to jumping the gun on your credit, your age and stage of life are both important factors when it comes to getting a good deal on your home.

Figuring Out if Now is the Time to Buy a Home

Owning your own home isn’t formulaic. It can’t be. Everyone’s situation is uniquely different from one another. However, many common factors can most certainly help you judge how ready you really are to buy a home.

Things like financial security, a lack of major future expenses, having a stable career, and even simply being in the right time of life all factor into the mix. If you want to make the right decision, you must ask yourself the tough questions. Only then can you move into your homeownership journey with confidence.