Solo Home Buyers
Want to buy a home?
Bank of America recently surveyed potential home buyers. Results show that singles don’t want to delay purchasing a home. A majority of single women surveyed want to buy a home before they marry. In fact, 9 out of 10 think the idea of being married before owning a home is old-fashioned. Singles comprise a growing population. Single women are putting off marriage and children, building their careers, and gaining financial resources. Whether single or married, the higher your credit score the better your opportunity to lock into a good mortgage rate. Getting pre-approved is important in today’s housing market. It enables you to act quickly when the right house becomes available. I recommend a minimum of 20% down to avoid private mortgage insurance.
A home costs far more than a mortgage. There’s insurance, property taxes, and HOA fees. The fluctuating costs include utilities, repairs, maintenance, landscape, and renovations. Jesus taught about the cost of discipleship giving the example of building a tower. He said, first, sit down and calculate the cost to complete it, because if you can’t finish, people will mock you. Well the same warning applies to anyone who considers buying a house. With a house purchase, you’ll lose flexibility but you’ll gain fixed costs and build equity. Plus, roommates can help with bills. A home in a desirable location and a good school district helps with resale. Pray for wisdom before taking action.
Is buying a home out of reach due to credit card debt? Contact Christian Credit Counselors. They’ll create a debt management plan just for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.