With the real estate market where it is, could the time have come for the single person to capitalize? As a realtor in Chandler, Arizona I do believe the market is poised for opportunity with this demographic. I am finding renters excited to be owners.
Of course purchasing doesn't necessarily make sense all for single renters. One should have steady employment and plan on having it into the foreseeable future to consider a move such as this. That factor being put into play, there are tons of great deals to be had on a home in this market, contrary to the feeling of fear the general public has to buy. In addition, you have interest rates at historic lows so payments can be very close to, if not better, than what you are already paying for rent.
Another factor influencing a possible purchase is the fact that rental rates are steadily rising, based on ever-tightening credit standards to be able to purchase a home. More and more people are turning to rental housing. And of course you have all these owners who are being foreclosed on and short selling their home that have no choice but to go into a rental.
If you are single and considering leaving the tenant game, most importantly is looking at a purchase as a lifestyle choice/living expense, not an investment.
Don't go overboard on your purchase
Avoid adjustable rate mortgages (ARMs) and payments that may be too close for comfort. You don't want to break the bank, and you definitely want to leave cushion on a monthly basis for unexpected expenses. Make sure all the liquid cash you have doesn't go toward the down payment and closing costs, leaving you dry. Remember it costs to move and you may have some fixing up to do before the home is move-in ready.
Before you step foot in a home decide on what kind of monthly payment you are comfortable with and talk to a trusted mortgage lender.
Possible roommate situation?
Seek a property that could be attractive to a potential boarder, should you one day nee the rental income. Having a roommate could be a way to make ends meet when you have a tough month, so keep an eye on 2 and 3-bedroom homes and avoid 1-bedroom and studios.
Stay connected with your social life
Most singles value their personal life immensely so make sure your move doesn't make it tough for them to see you. Make sure you select a place that's near (not necessarily on top of) your circle of friends so that it's easier for you to stay in touch and be close to get together. Make sure to stay in contact with friends during this transition in your life
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