Single and In The Market - Part 2

The Denninger Report  - by Gini Denninger

I love the freedom to make my own decisions regarding my home. One of the biggies is that, by buying a home, I enjoy tax advantages that renters never get. And (bonus!!!), owning my own home means more space to do things in and more storage! My attic is full!!! I impart all of these reasons for home ownership to my buyers who might be a little uncertain or scared. Home ownership has advantages whether single or not.

Doubts about buying a home can hold people back. Sometimes waiting for the time to be “right” can stall or prevent the decision to buy. Only when a person realizes there is no “right” time do they become ready to jump into the market. Part of making the decision to buy must include pondering questions such as how to get a mortgage, and what is a comfortable amount to spend per month on a home? In our area, people often don’t realize that they can find nice homes, especially in the City of Rochester, that are very affordable. That depending on their choices, their mortgage may even be less than they pay in rent! Other questions to consider include:

   • Safety - once the buyer zeros in on an area, will they feel safe there?

   • Future relationships - if the buyer enters into a committed relationship, what part will owning a home play, if at all?

   • Employment - might their job require them to move?

   • Financial Security - can they pay the bills if they get sick and cannot work for a period of time?

   • Maintenance - what would anticipated upkeep be on this home?

There are answers to all these questions. Some come from within while others can be answered with the help of the Realtor the buyer is working with.

The biggest question is how to begin! The first step is the same as for any buyer, consult with a mortgage officer. Sherri Forbes, of Homestead Funding, says there are no differences in the process for single buyers versus couples. Consulting with mortgage officers like Sherri is the best way to find a sensible price range. Kristen VanDen Brul finds that most of her single clients are opting to not buy at fullest amount they qualify for - a wise decision. They are being more conservative, a finding Sherri concurs with. The good news is that with interest rates so low, buyers can buy more house for the money, since less of their payment is going to the bank for interest and is instead going into their home!



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