Although a lot of people will tell you there is simply no other way to live your life happily than being in a relationship, the fact of the matter is you can do quite well on your own. You don’t have to deal with extra spending, putting kids through school or feeding others beside yourself. It is quite possible for you to buy a home on a single income, depending on your job.
You must consider the reality of the situation when buying a home. Prices can be quite different, depending on your chosen location, and even more so worldwide. Buying a home is a nearly lifetime commitment to stay in one place while paying it off. This carries a lot of responsibility as you will have little choice and restricted freedom of movement once you have made the purchase. The upside to this is the fact you will have your own home and eventually you will pay it off, making it your own property. The downside to this, however, is the careful planning and spending as you work out your budget.
That budget is what will define exactly how far you can go with your choices. Prices are usually dictated by the supply and demand mechanics of the free market, and real estate is no exception. There is one a difference: the prices of buildings and homes are also closely related to the availability of jobs and the overall wealth of the region. For example, New York has some pretty staggering prices for real estate because of the concentration of money in the Big Apple. If you have ever lived there in a rented place you know exactly what I’m talking about. If you want to find something that fits your tastes and your budget simply contact a real estate agent. They will traditionally take a 3% commission as part of what they do ;however, their experience in dealing with the market will be invaluable to someone who has never done this before. If you have friends who work in this field then you can use their help, but most of us rarely do. The prices of housing usually become lower and lower the further you move from the center of town and the rich suburban areas. With the help of your agent you can calculate your expenses based on transportation versus mortgage for a maximum result.
You should always keep in mind that there are a lot of expenses other than the basic mortgage you will need to cover. Your utilities, taxes, insurance, maintenance costs, etc. will be part of the equation each month, and that is why you must seek balance in your books. Do the proper research and calculate your budget, leaving extra money to the side every month for rainy days. One nice side effect of being single is the fact that you won’t tarnish your credit scores with those of your significant other. Use your common sense when you’re checking out the market and trust your instincts in the long run, and you will do just fine.
This article was written on behalf of moving and storage services in Stockport.
