Professionals Real Estate SINGLE PEOPLE are becoming one fastest growing segment of the housing market.
ABS Census figures over the last two decades show that the proportion of single person households has grown from 19.5% to 24.3% of all households.
Longer term the number of single person households is expected to increase further because of demographic changes in our society.
If you are a single person considering buying a property, then you should consider the following points:
- Many single people make the mistake of buying a family home, similar to their parents, which is not suited to their needs. It is important not to financially overextend themselves by purchasing a home based on an emotional decision rather than their specific needs.
- Anyone is who living alone should take time to find a home that suites their requirements and that means during their homework by determining how many bedrooms they need, approximate square footage, and which neighborhood they prefer.
- It is worthwhile looking at an older style apartment and townhouses in a well located position. These are typically more affordable and can be modernized at a lower cost than buying a new property that might be located in a more inferior position.
- If you are considering buying a single bedroom apartment, the size of the balcony or courtyard is important because outdoor living features in becoming an important trend in housing.
- Car parking and security features are very important when buying a home because more single people are demanding higher levels of security and these features can impact on the resale value of the property.
- If you are considering buying a strata unit, they should choose a complex that have an progressive council of owners which will ensures that the overall presentation of the complex is maintained. This will enhance the re-sale price of the unit.
- You should get pre-qualified for a mortgage before they begin looking at homes. Not only will this give you an exact price range for your purchase, but pre-qualification will add a great deal of strength to your offer for a home you want to buy.
- It is important that you stay in close contact with your real estate agent and clearly express your needs. This is especially important if you’re in a market where the stock of homes for sale is low. You’ll want to be notified as soon as a home that fits your criteria goes on the market.
- You should also keep in mind that there’s no such thing as the “perfect” home. Instead, set priorities. Determine what you’re willing to sacrifice, especially in the current tight market.
