Polson

Buying a Home as a Sole Owner? Here are Some Things You Should Know

woman sitting on sofa reading beside traditional fireplaceSingle and thinking about buying a home on your own?  Do your research and take your time.  Start learning what you need to know several months before you are ready to start viewing properties.  The more you know and the better prepared you are, the quicker you will find the right home to meet your wants and needs.

There’s a huge sense of independence in owning your own home, being comfortable in your own living environment, and making your own rules and decisions.  I guess that's one of the reasons they call it the American Dream . . . the ability to have freedom and control over your space.

Many single women and men are buying their own homes. In fact, according to the National Association of Realtors® single women accounted for 21% of all home purchases in the year ended this past June, while single men accounted for approximately 10%.

Here are a few important financial tips for single home buyers (women and men):

Just Moved Into Your New Home: Don't Forget To Do These Things

When moving into your new home, there are lots of things that need to be done.  Even if your home is 'move-in-ready', you'll still have a list of items to take care of fairly quickly to ensure your safety and comfort.  Here are a few things you may not have thought about that should be done soon after moving in.

Change the Locks.  You never know who might have keys to the old locks.  Previous owners could have handed them out to relatives, neighbors, friends, and it is not likely that they remembered to get them back.  So, it's a good precautionary measure to install new locks.  Perhaps it's also an opportunity to upgrade to some of the cool new 'smart home' locks while you're at it.  You could get a home technology hub and then use the Hub with something like the Kwikset Smartcode 916 Electronic Deadbolt. 

Should You Buy A Home With Unchangeable Flaws?

It's not your real estate agent's job to pick the house you will buy . . . it's 100% your decision.  However, it is important for your agent to point out any unchangeable adverse features the home may have.  These are features that will cause it to appeal to less buyers resulting in the home taking longer than average to sell, and conditions that will cause the home to sell for less than similar properties.

If the home has any adverse conditions that can't be changed, and you still want to buy the home, then your agent should caution you about the effect they may have when it's time for you to sell.  That doesn't mean you shouldn't buy the home.  If you love it anyway, then buy it.  Your goal should be to buy it at below market value (knowing that you will be selling below market when that time comes).

When my past clients call me up and ask me to sell the house I helped them buy, I don’t want them to be surprised by the fact that their home has an adverse condition that will cause it to sell for less.  I want them to be fully informed.  My goal is to keep my customers for the life of my career, and hopefully they will enthusiastically recommend me to their friends and family.

So what are some of the possible 'adverse conditions' I'm referring to?