Looking To Buy A Home On Single Income – This Is How You Do It!
Buying a home on a single income can seem like a daunting prospect, but it doesn’t have to be so. By taking the right precautions and measures, you can sail through the process.
Here are some tips to keep in mind when buying a home on a single income:
1. Reduce your credit card limit:
If you are starting off with a very high credit card limit, your bank will treat you as someone worthy of a very big debt. However, as a single income buyer, you want your debt limit to be more manageable.
2.Make a bigger down payment:
It’s advisable to pay off at least 20% of the property’s value in down payment as this significantly eases the burden of the loan in the years to come. You may even want to wait a while to save up that amount before investing.
3. Take a loan that you can comfortably pay off:
As a single income homebuyer, you want to make sure that you’re not burdening yourself with a home loan that feels like too much of a stretch and becomes stressful to pay off month after month for years on end. Be comfortable with your debt.
4.Sign up for income insurance:
It is essential to sign up for at least one solid insurance policy that safeguards your income if things don’t go according to the plan and takes care of the needs of those dependent on you.
5. Get a guarantor:
Have a trusted family member or friend who can assist you financially sign up as your guarantor. This will give you the much-needed confidence to sign up for a loan as a single income homebuyer.
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