Dear Heather

I am a single lady looking to buy a home. Have you any tips for me?

Single, City of Hamilton

Dear Single in the City

Today’s housing environment in Bermuda has more single home buyers entering the real estate market than ever before. People who may have never considered buying a home in the past are recognising that a mortgage payment can actually be the same or less than they would spend on renting an apartment or home.

For most people, buying a home is the most significant financial investment they will ever make, and perhaps even more so for singles who are making the transition on their own. With that in mind, I have come up with five tips to help single home buyers navigate the buying process:

Keep an eye on the future. A family of one is much more likely to upsize rather than downsize. Though additional space may not be needed immediately, it’s important to consider potential future plans for a home. Keep in mind that there is no such thing as the “perfect” house. Instead, determine what is essential — number of bedrooms, approximate square footage, neighborhood, etc. And when you do move up, your first home can provide you with equity to purchase your next home or it can be kept as an investment.

Get pre-approved for a mortgage. A pre-approval will let single home buyers know where they stand financially. Additionally, this step will demonstrate to everyone involved in the purchase that the home buyer is serious and well qualified.

Location, location, location. The golden rule of real estate applies to single home buyers as well. Factors such as proximity to work, family and nightlife often play a role in the decision of where to purchase a home. City units have held their value better than condominium units outside the city, and are still providing good rental return on the investment. Speaking to a real estate agent can help narrow the search to find the location that best suits a home buyer’s needs and lifestyle.

Plan ahead for maintenance fees. Owning a home is a rewarding experience. However, being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in the budget. Also keep in mind that certain properties such as condominiums and townhomes require less exterior maintenance and might be a good option for busy single home buyers.

Consider resale value and longevity. Purchasing a home can be a great long-term investment. It is important to think about the length of time that the home will be owned and also consider the resale value of prospective properties. A local real estate agent can share the average price of properties in the area, how long each property has been on the market and what features increase a home’s value and appeal.

Heather Chilvers is amongst Coldwell Banker Bermuda Realty’s leading sales representatives. She has been working in real estate for 25 years. If you have a question for Heather, please contact her at hchilvers@brcl.bm or call 332-1793. All questions will be answered confidentially.