There are plenty of single homebuyers in Calgary, it’s part of the reason condos continue to be popular in our city. Buying a home alone can be a great investment and set you up for future real estate purchases and investments as well. Here are some things to consider if you’re buying a home alone:
Do your research: this is great advice whether you are buying alone or with someone, you always want to do your research. Especially if you’ll be buying a home for the first time, look into everything from the neighbourhood, type of building, amenities, etc. You’ll also want to check out your REALTOR®, and perhaps ask friends and family for advice if it’s your first step into homeownership.
Understand your needs: as we mentioned before, condos continue to be a great option for single home buyers, as they offer the necessary space and amenities one needs. However, you may also want to consider the future and what your needs might be in one, two or five years. Figure out what your lifestyle requires and can afford.
Resale value: besides thinking about what you need in your home for purchasing it, consider the future when it comes time to sell. Consider the area you’re buying in and what is nearby; communities with parks and schools will retain value in the future. This will come in handy during the research phase as well (and you can always ask your REALTOR®).
Privacy and security: when living alone, these will be big concerns for you. Find out about privacy, security features in the home. You’ll also want to consider things like: does the yard have a fence? Is there a low crime rate in the area? Does the building (if an apartment) have security or alarms?
Financial planning: this will also be a big one, what can you afford? And also, how will you go about financing your home? These questions are best discussed with a mortgage broker, financial planner, your REALTOR® or a combination of the three.
If you’re a solo home buyer, feel free to contact us here or on Twitter if you have any other questions.
