Buying Your First Home Solo? Here’s What You Need to Know

Buying Your First Home Solo? Here’s What You Need to Know

  • Joe & Cara Keenan
  • 04/26/23
Buying a home isn’t the exclusive domain of married couples. More and more, single people of all ages are jumping into the housing market for the first time. Yes, it would be easier to afford a first home with two incomes, but that’s not stopping singles with high incomes from buying a luxury home. There are several reasons for this, including the fact that real estate remains one of the best investments around and comes with significant tax advantages. Singles are looking to set down some roots and have plenty of space to enjoy the incredible lifestyle in Rollingwood — a small, incorporated community in the rolling hills just west of downtown Austin.

First-timers going solo to buy Rollingwood, Texas, real estate will feel a sense of exhilaration at the thought of owning their own home with the kind of amenities and space they’ve always dreamed of. Naturally, there will also be some nervousness at approaching what will most likely be the biggest purchase of their life. Read on for some top tips to getting started toward your dreams.

Hire an expert local agent

Buying your first home solo doesn’t mean going through the journey alone. The key to a successful purchase is to hire the best real estate agent you can find. Do some research to find out which agents have the most experience in Rollingwood and mesh with you regarding communication skills and trustworthiness. Experienced Realtors like Joe & Cara Keenan bring to the table a wealth of information and advice about the process; they are ready to be your sounding board during the entire home search.

The market

Rollingwood is one of the most affluent and highly sought-after areas in Austin. The community offers beautiful luxury homes on large lots backed by tree-lined streets. It is an easy drive to the major employers in the area, including the University of Texas, the state government, and the many lively businesses that call Austin home. It’s also close to many parks and natural attractions. With all that Rollingwood has to offer, it’s not a surprise that home values are quite high. That said, team up with your local agent to find amazing homes that match all your criteria and fit within your budget.

Long-term goals

When buying solo, it’s essential to identify your long-term goals to stay focused on your future. Your goal could be as simple as not wanting to pay rent anymore and finally having your own place to design and decorate. Perhaps you’re looking at a long-term investment. Or, maybe you’re seeking a large home with all the amenities you’ve always wanted, such as a home theater, a gym, a wine cellar, or a spacious backyard with a swimming pool and outdoor kitchen for entertaining your friends. While buying a luxury home solo will offer many new freedoms, be sure to fully think about your reasons ahead of time.

Know your budget

When purchasing Rollingwood, Texas, real estate, have a firm budget in mind and know going in what you can afford. Be sure to calculate your debt-to-income ratio, which compares your monthly bills and expenses against your monthly income. There are also online mortgage calculators that will help you determine the price range of homes you can shop for.

First-time buyers need to know that there are many costs beyond the down payment and the monthly mortgage payments. You’ll need to purchase a homeowners insurance policy and pay property taxes. There’s also the cost of maintenance and covering emergencies, such as an appliance failing or plumbing or electrical problems, that inevitably spring up in any home.

Mortgage lenders want to be assured that solo buyers can afford their monthly payments on one income. Several months before beginning the home-buying process, start saving up for your down payment and take steps to strengthen your overall financial picture by improving your credit score. You can do this by paying off debt, such as credit card balances and car loans. 

Once you’re ready to begin viewing homes, get a letter of pre-approval from a loan officer to show sellers that you are serious about buying their property and that your financing is rock-solid. Most luxury homeowners won’t even show their property to buyers who don’t have a letter of pre-approval.

Establish an emergency fund

As exciting as it is to begin shopping for your first home, you’ll need to understand that, unlike when you lived in a rental, all maintenance and emergency costs will now be your responsibility. You never know when a roof might start leaking, an appliance will go out, or your home will sustain storm damage.

Additionally, you should set aside three to six months of living expenses in the case of an emergency. While you can never predict when or if an emergency will arise, you need to be prepared just in case.

Set your priorities straight

Buying your first home solo will give you the freedom to choose the property and amenities you want without having to compromise with a spouse or partner. That said, it’s crucial to have a good idea of what you want and need in a home. That way, you’ll be able to move quickly and make an offer when you find a home that fits the criteria.

The important factors to consider are the size and layout of the home, including the number of bedrooms and bathrooms, and features you might want, like a gourmet kitchen, game room, home office, and fully landscaped backyard. Other factors include the specific neighborhood and its proximity to shopping, dining, entertainment, and outdoor recreation. Narrowing down these criteria can help you find a home you can afford rather than wasting your time looking at homes that are beyond your price range.

Partner up with an expert agent

Once you’ve found a home you love, your agent will help you write an offer and negotiate with the other party. From there, your agent will help you navigate through the closing steps, and you’ll be ready to move into your dream home! For the best results, contact the top-performing husband-and-wife team, Joe & Cara Keenan. This exceptional duo is well-versed in the Rollingwood, Texas, real estate game, and they are ready to help you win. Reach out today.

*Header photo courtesy of Shutterstock

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Cara & Joe are dedicated to helping you find your dream home and assisting with any selling needs you may have. Contact us today to start your home searching journey!

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