Over the past several years, the Nashville real estate market has swung from a seller’s market to a buyer’s one and back again. With all this change it can feel overwhelming to think about buying a home at all, particularly when single.
Buying a home is one of the biggest and most expensive adventures people go through in life. In the past, it was a natural progression to buy a home just after marriage. Now, people are waiting much longer to get married. Yet, buying a home is still one of the best long-term investments to make and even singles are looking at buying homes on their own.
The needs and income of a single person are different than those of a couple, so here are tips for home buying when single.
Granted, even couples would be smart to consider how long they plan to live in the area before buying their Nashville home. However, singles are far more likely to move due to a relationship or job offer. This makes it very important for singles to look at their commitment to an area before buying a home there. Most experts suggest that committing to an area for 3-5 years makes buying a home a more appropriate financial decision.
Once you’ve decided to stay in the Nashville area long enough to buy a home, think about its resale potential too. Even if you plan to stay single forever, life does have a way of bringing about change. Be sure that your house or condo would be easy to sell later should you suddenly need more space, closets or a fenced yard.
Keeping a house within a budget is sound advice for all Nashville homebuyers, and it’s absolutely necessary for singles. Having 20% to put down on your first home will help protect you against market swings and trends. It’s also important to start with a smaller, more affordable option so that unexpected costs don’t catch you unprepared. After all, one income means every repair, maintenance and decorating expense is solely your responsibility.
Love the hustle and bustle of Downtown Nashville? Want to be near the hottest new places in East Nashville? Think that living within walking distance of Nashville’s major colleges is preferable? Or maybe you find peace and quiet would suit you better in one of Nashville’s surrounding areas. Each area of Nashville is unique and provides different lifestyle choices for homeowners so be sure you buy accordingly.
Safety and Security
Pay special attention to safety and security as a single homeowner. After all, singles tend to be gone from their home more than the average couple, which leaves your house or condo vulnerable to theft. Be certain you can feel confident in your home’s safety for when you are there and when you’re not.
All of these factors are important for any Nashville homebuyer, but even more so for singles. Taking on a home is a great responsibility, but with the right planning it can also be a very smart choice. Find an experienced professional and follow these tips and you’ll be well on your way to becoming one of Nashville’s homeowners.
Are you considering buying a Nashville home? Call us today and we can help you find the perfect house or condo for your lifestyle!