I’ve heard it said and have read it recently, that buying or selling a home is one of the most stressful things you can do. More stressful than having a child, changing a job, or retiring. Going through such a stressful event can be heightened when going alone. Although the stereotypical first-time homebuyer is believed to be a young couple with a baby on the way, more and more single people are contemplating home ownership. If it’s on your horizon, here’s a few things to consider to walk you through the stress of purchasing.

First and foremost, you have to know if the finances will work out. Stress is typically an automatic consequence of financial hardships. The home buying process should begin by investigating if you can afford to purchase a home under your own name or with the help of a cosigner. Unlike renting an apartment with several friends, you must be able to qualify for your home on your own (or potentially with the help of a non-occupant co-signer). This doesn’t disqualify you from renting out a room or two to your friends once you own the home; but for qualifying purposes, you most likely will not be able to account for possible rental income. Additionally, it may be harder to qualify for a loan on your income alone. Something else to consider would be the additional baggage that may come along if you do NEED a cosigner. For other helpful tips about purchasing your first home, check out our article on buying your first home.

Although you may be purchasing on your own, the decision of where to buy and what to buy may be shared if you are considering the possibility of a roommate. Since your name is on the deed you don’t want to relinquish total control but it may be helpful to have at least one other person’s perspective. As you begin your search, consider how and who will occupy your home. Shopping for a home with roommates in mind is much different than shopping with a singular perspective. However, it’s critical to make sure you can afford the home, with or without supplemental income from roommates to not result back to point one of financial hardship.

If you’re house shopping with a roommate in mind, bring them along for the ride. Regardless of whether someone will be living with you, it’s important to have the support of some trusted friends, family, and professionals. A realtor and loan officer can provide you with a wealth of knowledge and perspective from their experience. A financial advisor can give you advice on how a home purchase can impact long-term financial goals. Friends or family can help affirm if the house is right for you. Having an extra set of eye throughout the process will ensure that you are making the best decision possible.
Homeownership brings about both upfront costs and ongoing costs of associated with maintenance and repairs. As you evaluate whether or not you should buy a home, it would benefit you to research the various expenses and see how they compare to your current budget. Make sure to realistically establish a home buying budget.

Anytime you consider purchasing a home, remember it’s an investment that will impact you in the future. Think carefully about what life changes may lie ahead. Is there a significant other that may share your home down the road? Will the size of your household increase? Will your job relocate you to a different office? Are there other circumstances that could transfer you from the area? You will want to factor in any major changes that could occur within the next 5 years. Keeping resale in perspective will make it easier and less stressful to transition if needed.

Although there may be some additional challenges related to buying a home on your own, it will pay off. The process may get intense but six months of your closing it will all be a big blur. Every month you’ll be making a payment that supports your living expenses and pays down your principal balance, increasing your equity. Evaluate carefully the finances and consider potential expenses down the road. And lastly, surround yourself with a strong support system that will offer perspective on your current needs and any possible needs in the short term future. It’s a large investment and a big lifestyle change, so feel free to explore our site for other helpful articles.