Going solo with your first home offers some real advantages. There’s no need to compromise on what — or where — you buy and there’s no need to negotiate over who will pay for what.
That said, there may be some challenges to overcome as a solo buyer. Here’s what you need to know.
Relish the freedom
When you’re buying alone, you have control over the selection of your first home. There’s no need to compromise with a co-buyer who might want to buy in a different location, or prefer another type of property.
As a solo buyer, you also have full control over how you save for a deposit. While this can be freeing, you’re only accountable to yourself if you have the occasional budget blow out. With no co-buyer to keep you motivated, you’re going to need some willpower to push through tough times — and the discipline to stick to your savings plan.
If you have a great track record of managing your debt, this could be a real asset. And when you buy alone on your own you’re not weighed down with a co-buyer, who may have a less than perfect credit record. That said, you need to work hard to keep on top of your loan repayments and bills to nurture your credit record.