Tips for Purchasing a Columbus Home on Your Own

Tips for Purchasing a Columbus Home on Your OwnBuying a home in Columbus has increased significantly over the last several years. More and more buyers are finding it challenging to navigate the increased fair market value of properties coupled with higher interest rates. Some buyers have a bigger challenge than others when it comes to being all on their own and making a Columbus home purchase.

A single buyer ends up paying the entire cost on their own without the help of added income from another buyer. Some single buyers may think that this takes them out of the running to be able to purchase a Columbus home. But with the right budgeting mindset, you may be surprised to discover purchasing a home might actually be affordable.

Knowing what your healthy purchasing budget is

A large mistake both single and buyers purchasing with another person make in Columbus is not sitting down to go over their finances and determine a healthy affordable purchasing budget for a home. It is good for single people and any other buyer to be mindful of exactly how much they can afford for housing. Sticking to a limit will help you not just go out and buy any home.

Financial experts will advise that you spend no more on a monthly housing payment than one-quarter to one-third of your take-home income. This helps you to comfortably afford to pay for your Columbus home as well as afford the other cost of living and even have a little left over to do something fun once in a while.

Consider renting options

If you are purchasing a home all on your own this does not mean that you have to live all by yourself. Taking on a roommate or two by purchasing a property with more rooms can help you to afford the cost and maybe even live almost without a mortgage payment at all in the right scenario.

But don't get lofty goals and starry eyes with the potential of paying less than you would on your own by charging rent to some roommates. You want to make sure that the property you purchase will be able to command the rent prices you are expecting to bring in and you want to make sure that you have reputable and trustworthy roommates you can count on to actually pay the rent. This can be easier said than done to find the right roommates. Sometimes even if you are renting to her friend things can go south. You want to make sure you know what to prepare for with renting out your space to ensure that it is the right fit for you.

You could also consider using an extra room as a short-term rental like an Airbnb. But you want to make sure that your home is in a location that will allow for short-term rentals before considering there's an option to save money on housing costs.

Find ways to save on other living expenses

If you have your sights set on a certain location and property but the cost of living in your ideal property it's just slightly out of your reach you might consider giving up some luxuries in other areas temporarily to afford this new cost of living.

This could mean opting to eat in instead of going out to restaurants nightly or on the weekends. It could also mean choosing to make a hearty bowl of soup instead of a steak. You may want to look into a grocery delivery service if you were living on your own as this can sometimes save you money over traditional grocery shopping when you are single. You could also opt out of Internet streaming services because these can add up over the course of a year. When you're going through your finances look for luxuries that you might be able to temporally live without until you are making more income.

If you are searching for a home in Columbus I can help. I am here to find my clients Columbus homes that they love and can afford. Contact me anytime for all Columbus real estate needs.

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