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With thoughtful planning and the right team of experts, you can make your dream of owning a Denver home a reality if you live on your own. According to Freddie Mac’s findings, 28 percent of households (36.1 million) consist of a single person, and the number is growing. There have been nearly twice as many sole-person households over the past 40 years, and that trend is expected to continue. The following is a quote from Freddie Mac:
“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households, . . .”
Here are three tips to help you become a homeowner if you fall into this category.
- Know Your Credit Score
Owning a Denver area home on your own means that your credit history and finances are your sole basis for qualifying for your loan. Investopedia says:
“. . . lenders will be looking at just one credit profile: yours. Needless to say, it has to be in great shape. It is always a good idea to review your credit report beforehand, and this is especially true of solo buyers.”
You should know where your score falls so you can adjust accordingly. You may need expert advice if you’re unsure whether your score is strong enough or where to invest your efforts to improve it.
- Explore Down Payment Options
You might also want to check out Colorado down payment programs so you can estimate how much you will need to save. Down Payment Resource CEO Rob Chrane explains:
“Buyers should discuss their program options with their loan officer and real estate agent to make sure they choose the program best suited to their personal needs.”
Consult a professional to determine what you’re eligible for and what’s best for you.
- Consider Your Future Home and Your Needs
Taking the time to consider what you want is also essential. How do you picture your dream home? Below is Quicken Loans’ advice on this topic:
“Think about your lifestyle, what you want out of your home and your needs. Is being close to work important? Do you need a lot of yard space? Do you want an extra bedroom that you can transform into a home office? Condo or detached home? Lots of space for entertaining? It’s all up to you (and your budget).”
A professional can help you determine the correct type of home based on what you want and how much you should spend on your monthly housing costs.
Buying a home solo may seem daunting, but it doesn’t have to be. A professional can assist you in navigating these waters to take advantage of today’s housing market’s great opportunities (like low-interest rates) to purchase your dream home.
Bottom Line
Sole-person households are on the rise. Being able to buy a Denver home on your own is a dream you can achieve. If you are ready to begin your search, contact us so we can provide you with expert advice along the way.
