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On average, solo earners spend nearly $5,500 more annually on housing than their dual-earner counterparts.
So what if youre ready to step away from rentals and buy your first home?
Vyshnevska recommends taking six steps to optimize savings andrealize the dream of homeownership if youre single.
25 Places To Buy a Home If You Want It To Gain Value
1.
For instance, say you have a few credit cards with a total $5,000 balance.
Your interest rate is around 25%, and youre makingminimum monthly payments.
At the same time, youre trying to bolster your savings by diligently stockpiling $100 of every paycheck.
Heres the kicker: Youre actually losing money.
Then start working on your savings.
Set a Realistic Budget and Stick To It
Budgeting is a basic tenet of personal finance.
But knowing how to create a budget and stick with it are two different things.
Vyshnevska recommends creating a reasonable budget that isnt overly restrictive and comparing your spending patterns weekly or monthly.
If you overspend, figure out why and look for ways to prevent it from happening again.
Remember that your goal is the keys to a new home.
Make Savings an Automatic
Its a familiar feeling.
So much for savings youll have another go next week.
Most banks offer the feature free of charge, eliminating the need for any manual intervention on your part.
Thats especially true for properties in need of significant repairs.
Theyre making things easier with grants, tax incentives and lower-interest mortgages.
Check your states resources for available programs to see if there are any you may qualify for.
Vyshnevska notes thatmost state and local government programsreceive limited funding that runs out quickly.
So, apply early to boost your chances of acceptance.
Enjoy Your Single Lifestyle
Being single comes with a lot of flexibility.
You dont need to make concessions to your partner and youre free to buy whatever property you want.
Simply getting your foot in the door of homeownership is the goal.
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