There’s a whole bucket of plus-sides to being single and doing life solo (whether for the time-being or the long-run), but it certainly doesn’t mean having to bypass some of the big steps in life, like buying a house!
In the spirit of being masters of our own destiny, we chatted to our friend, Mark Lewis from Bernie Lewis Home Loans for a few things to consider if you’re keen to enter the property market as a singleton…
Congratulations, you rock!
Buying a home as a single person is an incredibly exciting step — it puts you well on the way towards creating a secure financial future.
Essentially, a home loan for a single person is no different to a home loan for a couple. It just may adjust the figures, depending on your circumstances, but any step towards investing in your own property is a positive one.
Obviously, you’ll be saving a deposit on your own, so it may take a little longer — but if you set your sights on this great investment, you’ll find all sorts of motivation to get there. What’s more, you alone are in charge of your finances and can prioritise your saving depending on how quickly you want get there, while still balancing your life.
It’s likely that your borrowing capacity will be lower than a couple with two incomes, but that just means considering the best options for your money — a unit or townhouse may be more affordable. Regardless, you can choose what you buy and where you buy it, without having to worry about someone else’s opinion.
Budgeting is your new best friend — if it’s not already! You’ll be carrying the load of loan repayments and other commitments on your own so budgeting is very important. Getting on top of this and investing your money in your future is really empowering.
You’re in the driver’s seat
One thing that may help financially is getting a friend (or friends) to move into a spare room and help share the load by paying rent and contributing to bills.
Most of all, as king or queen of your own castle, you will be able to decorate your home any way you like. You’re in control, it’s your space and it’s an incredible feeling to be able to do it solo!
Our team at Bernie Lewis Home Loans loves helping to guide you through this journey and we’ll make sure you get a competitive loan that meets your needs and circumstances. Get in touch today to see how we can help!