According to national housing experts, solo buyers represent one of the
most active segments of the Canadian home buying market. These buyers
must believe positives out weigh negatives when it comes to real estate.
Buying a home alone can be both a daunting task and an exhilarating
achievement. Being responsible for all the decisions involved in the
purchase may be intimidating. On the other hand, knowing you are
responsible for the smart buy and the good deal can be very satisfying.
This diverse group of individuals approaches home ownership from a
number of different directionsthe exciting journey from the family home
and toward independence, the rocky pathway of dissolving relationships
and the jarring route back after the death of a spouse. Some solo buyers
are interested in giving themselves and their business more space and
stability. Other buyers plan to start a business once they are settled
in their new home. A growing number expect to rent out a portion of
their home to cover costs, reduce isolation, receive the tax breaks and
get help with maintenance.
Whatever the reason for buying alone, the solo buyer is a determined
consumer. Without a spouse to fall back on when making choices, these
buyers are more likely to do their homework to ensure they make
confident, informed decisions.
Solo buying does not mean going through the transaction alone. Family,
friends, neighbours or business associates can reinforce professional
advisors. Good financial advice ensures the home and any financing
arranged are integrated into the individual's full financial picture to
create a sound investment.
Those prepared to face the challenge of learning how to invest wisely
and well in their home will be rewarded in many waysnot the least by a
boost to their self-esteem and self-confidence. Resources abound:
Real estate professionals can provide the reliable, accurate
housing information necessary for a smart buy with good potential for
appreciation in value over time. They can help you arrange for a
professional home inspection to reduce the unpleasant surprises that can
pop up after you move in.
The Internet has a multitude of information sites (including
this one) that may be useful.
Libraries and bookstores have many books, magazines and tapes
to get you started.
Professional associations offer publications and seminars. For
instance, the Ontario Real Estate Association as a free publication, How to Buy Your Home,
that contains information and self-assessment exercises to clarify your
thinking. (1-800-265-6732).
Whatever information sources you use, keep these things in mind so that
you can apply your new-found knowledge wisely:
Learn how the money end works before you start looking at
homes. This is not an add-on topic and goes beyond looking for the best
interest rate. Making the right choices can save you hundreds or
thousands of dollars. Work out how much you have to spend and find out
what type of home ownership that amount of money will buy in the areas
you prefer. Financing a cooperative is a lot different from mortgaging a
condominium.
Location, location, location are still the three most important
things to keep in mind when selecting a home. Since the profit you make
on your home is tax-free, you should plan to make as much as possible.
Avoid buying the best house on a street or best unit in a condominium
complex. Watch out for the homes that are tough to sell in all but the
hottest markethouses on busy streets or comers, those backing onto
apartment buildings or shopping malls, condominium units beside the
elevator.
Make lists of what you must have, want to have and would like
to have in your new home. Then list what you cannot live with and want
to avoid. Get in the habit of keeping notes. List the pros and cons when
viewing homes, adding reminders like colour of carpet to help trigger
your memory.
Decorating can hide a multitude of sins. Look past the
furniture and colour scheme to visualize the space. Get interior design
and renovation books and magazines from the library so that you can
learn to see through "decorating magic" when you're buying. You will be
able to use this information to visualize how to customize your new home.
If you want someone on your side to help you find the right
home and negotiate the best deal, find a buyer's agent. This
professional real estate person, by law, puts your interests
above all else (except the law) and works exclusively for you.
Buy with an eye to resale even if you expect to stay forever.
Published: June 10, 2003
Use of this article without permission is a violation of federal copyright laws.
 Futurist and Strategist PJ Wade is "The Catalyst" -- intent on "Challenging The Best Become Even Better." PJ earned this title by translating the dynamic impact of Boomers and their multi-generation families into relevant insights that start people thinking and taking action—in business and in life.
Author of 7 books and more than 1600 published articles, PJ encourages individuals to become their own futurist. PJ writes and speaks about the insight, knowledge and solid decision-making skills that professionals and their clients need to live and work in this vortex of change. For instance, since PJ knows that home is headquarters for the new decades-long "unretirement," she wrote the popular book "Reverse Mortgages: Best Friend, Worst Enemy... Your Choice! (CatapultPublishing.com), which is filled with suggestions and insight on protecting and using home equity. Her new business book, "What's Your Point?," which identifies 7 common mistakes professionals unknowingly repeat to their detriment, will be published in 2009.
As The Catalyst, PJ provides strategic communication, client appreciation and advanced education services to the financial, tourism, lifestyle and service sectors -- and the clients they serve. A frequently-quoted financial and business commentator, PJ is a thought-provoking strategic speaker who offers practical, real-life suggestions on leaving "the box" behind and embracing Forward Thinking -- a talent she regularly demonstrates in this column. For more on blogs, books and topics, visit TheCatalyst.com. |
