How to Get on the Property Ladder Solo

Are you thinking about getting onto the property ladder? Are you wanting to buy a home on your own? There are so many benefits to owning a home; you are able to both build up equity whilst creating somewhere you love living, free from the constraints of renting.

However, if you are planning on buying by yourself, you may have already realised that a lot of the readily available advice about how to purchase a home is directed at couples. 

Whilst buying a home alone may be more difficult than buying with someone else, it is definitely a viable option and one that can be done with great success. Buying a home is a massive achievement, even more so when done solo.

The following advice will help you to navigate the search and buying process:

Seek professional advice

Buying a home can be a very daunting process and there is no shame in enlisting the help of professionals along the way. 

Start by talking with a mortgage advisor to establish how much money you can borrow and the size of the deposit you are going to need. Mortgage advisors vary in price, with some being free and others charging a one-off payment when a mortgage application is submitted. Speak with family and friends to see if they have any personal recommendations for mortgage advisors. Developing a strong relationship with one will stand you in good stead as they may also be able to advise you on help-to-buy schemes available on new build homes in your area.

While you are at the stage of viewing houses, it is handy to create a rapport with local estate agents. Make sure they have you on file and are aware of your preferences, that way they will be able to alert you as soon as a new property that fits your criteria becomes available.

Keep organised

Organisation is key when buying a home, especially if you are doing so independently. Right from when you speak with a mortgage advisor and start attending viewings, you should be sure to make a physical or digital note of everything. This will save you both time and stress and make it easier to refer back to information in the future.

It is worth having a dedicated area for storing home-related correspondence, whether that be a folder within your email inbox or a specific notebook. Setting reminders for when contracts or correspondence is due is a handy way to ensure you don’t miss any deadlines. 

Be realistic

Finally, making sure you remain realistic and manage your expectations is useful. 

Purchasing a home doesn’t always go to plan and may not be the smooth process that you are hoping for. This can be difficult both emotionally and financially. Try to remove any expectations that you have about the timescale for moving as this may lead to disappointment.

That being said, you should try to enjoy the process as much as possible and keep in mind that the final outcome is going to be a home all of your own.