|Single in the Islands: Tips for house-buying|
|Written by Graham Canham/Coldwell Banker|
|Thursday, 05 August 2010 08:35|
Today’s housing environment has more single home buyers entering the real estate market than ever before.
With inventory levels high, interest rates near record lows and affordability up in many areas across the islands, many people who may have never considered buying a home in the past are recognizing that a mortgage payment on a house or condo can actually be the same or less than what they would spend on renting an apartment or home.
For most people, buying a home is the most significant financial investment they will ever make, and perhaps even more so for singles who are making the transition on their own. With that in mind, Coldwell Banker Real Estate Turks & Caicos has come up with five tips to help single home buyers navigate the home buying process:
Keep an eye on the future
A family of one is much more likely to upsize rather than downsize. Some day someone who is single may add a significant other to their family and possibly even children. Though additional space may not be needed immediately, it’s important to consider potential future plans for a home.
Keep in mind that there is no such thing as the “perfect” house. Instead, determine what is essential – number of bedrooms, approximate square footage, neighborhood, etc. And when you do move up, your first home could be kept and refinanced, providing you with the equity to purchase your next home. The first home could then be rented out to cover the mortgage or financing against it.
Get mortage pre-approved
A pre-approval will let single home buyers know where they stand financially while informing the mortgage company that they are ready to buy.
Additionally, this step will demonstrate to everyone involved in the purchase that the home buyer is serious and well qualified.
Location, location, location
The golden rule of real estate applies to single home buyers as well. A recent survey from Coldwell Banker Real Estate LLC found that out of 1,000 single homeowners more than half opted for homes in suburbia rather than bachelor or bachelorette pads in urban or rural areas.
Factors such as proximity to work, family and nightlife, as well as convenience often play a role in the decision of where to purchase a home. Speaking with a Coldwell Banker Real Estate Turks & Caicos agent can help narrow the search to find the neighborhood and location that best suits a home buyer’s needs and lifestyle.
Plan for maintenance fees
Owning a home is a rewarding experience. However, being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in the budget.
Also keep in mind that certain properties such as condominiums and townhomes require less exterior maintenance and might be a good option for those single home buyers who find the idea of maintaining a yard a bit daunting.
Resale value and longevity
Purchasing a home is a great long-term investment. However, there are many reasons single home buyers may need to move, such as relocating for a job or a lifestyle change. Therefore, it is important to think about the length of time that the home will be owned and also consider the resale value of prospective properties during the search.
A local real estate agent can share the average home price of properties in the area, how long each property has been on the market and what features increase a home’s value and appeal.
Latest Local News
Tourist Board expands adding two new staff members
The Turks and Caicos Tourist Board announced this week it welcomed two new staff members to further More...
Cruise terminal to open April 8
Beginning Monday, April 8, thousands of cruise ship passengers will again begin to enjoy the More...
2013 TCI Elecrotal List Available
TCI 2013 Electors’ Register is Ready! Supervisor of Elections Mr. Dudley Lewis has announced More...
Misick Declared By-Election Winner
Supervisor of Elections Dudley Lewis has advised that the Progressive National Party's (PNP) Amanda More...
New Board leads TCHTA
On Wednesday, March 13, Turks and Caicos Hotel and Tourism Association (TCHTA) bid farewell to its More...