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Single Homebuyer: What You Need to Know

SIngle HomebuyerIf you're a single homebuyer, financing, maintenance, your financial security, your lifestyle, and your future are important topics to consider.

Your Future

Things happen. Sometimes we change our minds. It's wise to think ahead and be prepared.

Though you might not need much space now, how large must your home be? Is a big kitchen or the number of bedrooms and bathrooms essential? These options can affect its future resale or rental value. Your home could later provide equity toward another home purchase or tenants could provide residual income. Coldwell Banker Rizzo Mattson can evaluate average home prices in the area, how long homes have been for sale, and which features would increase their value and appeal.


Who we live with (and around), as well as how we work and play sometimes affects where we decide to move.

For some people, being close to work, friends, and family is important. Single parents can make a safe neighborhood near good schools and libraries a priority. Other singles prefer being near entertainment and leisure spots, such as theaters, auditoriums, clubs, casinos, golf courses, gyms, trails, mountains, and open water.

If you like to walk and have no car or won't drive often, consider closeness to public transportation, shopping centers, restaurants, and other locations.

Maintenance and Security

A home is a financial investment and an investment in your future.

Analyze your budget. Be prepared in case something could affect your finances, such as a future job loss or an illness. Compare your income and living expenses, including future maintenance costs, to determine whether you can handle a home purchase.

If you're not handy or have little time for upkeep (and no one can help you or you can't afford help), consider other options. Condominiums need less maintenance, and maintenance, security, and amenities can sometimes be included in your fees.


Decide how you will finance your purchase, whether from your savings, a mortgage loan, or a combination of both.

Lenders can look more closely at single home buyers. If you have low net worth and income, you could qualify for less money or need a co-signer.

Pre-approval for a mortgage will let you know where you stand financially while informing lenders that you're ready to buy, that you're serious, and qualified to be a homeowner.

Interested in moving to a rural area? The U.S. Department of Agriculture (USDA) offers guaranteed and direct loans. You must match their income limits and want to buy a home where 20,000 or fewer people live. You can apply for these loans at your local lender's office, through a mortgage broker, or at a USDA Rural Development Center.

For more information, call Coldwell Banker Rizzo Mattson, Realtors: 207.622.9000

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