Buying solo

By Jennifer E Kent

Imagine waking up one morning and deciding you no longer wanted to pay off someone else’s house because it was time to buy your own. Not an uncommon thought for a renter! There comes a time in most people’s lives when they decide it’s time to jump on the property ladder.

There’s no denying that the road to home ownership can be tough and getting there can be a bit of a hard slog.

Deciding to become a homeowner and actually becoming a homeowner are two very different things.

The decision to buy a home is not often made on a whim, but rather with the support and encouragement of a second person. However, purchasers going it alone – the solo homeowners - are by no means a minority.

For homeowner Al, the decision to buy into the property market was entirely his, and his alone.

“I was renting at the time and really, I just woke up one morning and decided I was sick of paying off my landlord’s mortgage, so I started looking into buying,” Al explained.

“I realise it’s not how it works for everyone, but I was lucky in the fact I had very little expenses at the time and where I was renting was quite cheap.”

Saving for a deposit is no doubt the biggest hurdle when it comes to home ownership and achieving that initial figure comes down to how much you’re willing and able to put aside. This often involves making lifestyle changes.

“I was lucky in the fact that my job and lifestyle allowed me to save significantly, but I also wasn’t living an extravagant lifestyle,” he added.

“With a steady income and very little expenses, I had been able to put money aside for some time so, when it came time to buy, I was able to put a deposit down relatively quickly.”

Small sacrifices, such as eating out less, to big ones such as moving back in with Mum and Dad (if they let you!), can help you save significantly. The sooner you reach your deposit goal the better but allowing for the ‘just in case’ moments is equally as important.

When it came time to decide which home to buy, Al said while he knew what he was after, he didn’t rush into anything. The whole process took him around three months.

He was familiar with the area in which he wished to buy, and it was by chance that he stumbled upon what is now his home after looking at another property close by.

“I knew my budget and the area I wanted to buy in. There were certain things I was looking for in a home, but ultimately I made sure it was something I could comfortably afford on my own.”

One thing that did surprise him, though, was the extra expenses such as the solicitor’s fees, building and pest inspections, and at the time he was buying, grant applications. For Al, surrounding himself with educated and experienced professionals helped significantly.

Being able to successfully manage your money is important for any homeowner. Having the support of a team of experienced professionals such as mortgage brokers, financial advisors, conveyancing lawyers and general insurance brokers, for example, can help you access good advice and guide you in your home ownership journey.

You don’t have to have an ‘end goal’ when you purchase your home. Chances are that your first home may not be your forever home but being able to buy and live within your means is incredibly important, particularly when it’s just your name on the mortgage. While it may seem a challenge affording to buy on your own, there’s plenty of evidence proving that it is possible to buy solo.