Single Homebuying Doesn't Have To Be Difficult

Many people assume they'll buy a house after they get married, but it's really never too early to start building wealth through homeownership. While studies suggest millennials are renting more than any other generation, single home buying is actually on the rise. While married couples may have a slightly easier path to homeownership (joint income goes a long way), single home buying is certainly achievable. If you're single and looking to purchase your first home, here is how to approach it:

Assess Your Financials
Single buyers face a few additional challenges when it comes to funding and financing a home purchase. Since you're only relying on one income, it may be difficult to qualify. The only way to know for sure is to assess your financial situation carefully. How much do you have saved for a down payment and closing costs? How much of a monthly mortgage payment can you afford? You'll need to be very clear on your financial situation, so you gain a better understanding of your budget.

Don't Drain Your Savings
If you already have a significant amount saved for your down payment and closing costs, you might want to keep saving. Remember many lenders will want to see a few extra months worth of mortgage payments in your account in case of an emergency situation. You'll want to keep saving to fund home repairs or to be ready for unexpected costs.

Focus On Your Credit
Your credit score is going to have a huge impact on your ability to secure a mortgage as well as your interest rate. As a result, it's in your best interest to do everything you can to improve it. Make sure not to miss any bills or monthly payments and really focus on paying off your debt as soon as possible — especially credit cards. Credit card utilization and balances have a significant influence on your credit score.

A Co-Signer Is Always An Option
While you might not have the benefit of dual-incomes, that doesn't mean you have to go through the mortgage financing process alone. A co-signer is always an option, so if you have a close family member that is willing to help you out. Remember, a co-signer is putting their own credit on the line and is also responsible for paying off the debt, so you'll want to make sure you're aligned on payment plan.

Plan For The Future
While you may not need a ton of space now, you might in the future. Therefore, it's wise to try to weigh your current needs and future plans when deciding on a home. Do you see yourself getting married and having children? How long do you plan to live in this home? While no one can predict the future, having a plan can go a long way towards helping you find the right home.

One of the best parts about single homebuying is you can choose the exact home you want. While the process can come with some additional hurdles, careful planning will have you on the route to homeownership in no time.

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