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4 Tips If You’re Buying a Home on Your Own

By Mike in Buying Tips with 0 Comments

Having a partner to share the burden of home expenses can often be extremely beneficial. However, if you are financially stable, there is no reason to wait for a partner before buying a place, and there are more solo homebuyers than ever right now. If you are considering buying a Downtown San Diego condo for sale on your own, consider these valuable tips.

Consider Your Budget

Owning your own place is very different from renting, and buying a condo or loft costs more than just the listed price. Take into account closing costs, repairs, emergencies, HOA fees, and regular maintenance fees when you are trying to figure out the budget that works for you. When shopping alone, a good rule of thumb is a mortgage payment that’s roughly 25 percent of your monthly income.

Have a Good Credit Score

When you are buying a place by yourself, lenders are going to want an even better credit score. Buyers with the best rates tend to have a credit score of 760 or higher, and lenders may scrutinize you a bit closer if you are buying by yourself. Pay all your bills in a timely manner and avoid registering for new credit cards to try to keep your credit score healthy.

Find a Good Real Estate Agent

Having an experienced and knowledgeable Downtown San Diego real estate agent on your side is even more important when you are doing everything by yourself. Don’t just settle for the first agent you find. Spend time meeting with different agents (even within the same brokerage) to find one you feel really understands your wants, needs, and budget.

Think About the Future

You may be all on your own now, but things can change in no time. Before you buy a home, make sure it has the space to accommodate any of your future plans. Also think about whether you’ll want to eventually sell or rent it out.

Need a little help finding the right place to put down roots? Reach out to the experienced agents at 92101 Urban Living. We can show you lofts and condos for sale in the Gaslamp Quarter, Little Italy, East Village, and the Marina District. Check out our inventory online or give us a call at (619) 649-0368. ')}