During the pandemic, an increasing number of young professionals have embraced independent living. Some people made the decision due to a need for privacy as remote working became the new norm. Others, particularly the frontliners, moved out to keep their loved ones from being exposed to the coronavirus.
Many young adults choose to live on their own once they start working for a variety of reasons, including the pursuit of self-discovery, job advancement, and financial security. It's also no secret that living independently is fraught with many difficulties. For one thing, you have to be self-reliant in terms of home maintenance and bill payments. Nonetheless, it's completely possible to survive and thrive as long as you plan properly.
In this article, we will discuss several helpful tips on living independently. If you're planning to get a place of your own soon, stick around and let us loop you in on the things you need to know to get by for your journey to solo living.
Purchasing Real Estate Property
1.Consult with a real estate agent who specializes in the property you want
If you have decided that buying a condo is the right move, you'll want to work with a real estate agent who will prioritize your best interests. Ideally, you need someone with substantial experience in condo selling so they can address any issues you may have and lead you through critical procedures.
The same notion goes for buying a house and lot or apartment. Albeit, it's more common for young professionals to start with a condo first. With professional assistance, you can better understand all the required paperwork, including the condo association documents. A real estate agent can also assist you with important post-purchase matters such as getting property insurance.
2.Consider buying during the pre-selling period
Developers of condominiums and other residential properties that are still under construction often provide price breaks you wouldn't normally get for a resale or new build. This is because they need to fill all the units as soon as possible to gain back their expenditures and capital.
When you invest in a pre-selling condo, you can land great deals such as discounts and no spot cash down payment. Also, many companies offer flexible payment terms like installment buying, which is suitable for yuppies who still lack the credit history necessary to be granted housing loans.
3.Determine your non-negotiables
Condo complexes are typically built with a wide range of facilities. When dealing with your agent, make sure to discuss the types of amenities you desire and other vital factors like the location, price, and a gym center. By giving them a clear idea of what you want, they can match you with properties that meet your needs.
Remember, when you purchase your unit, you are also paying for access to the amenities, so don't be hesitant about including them in your list of requirements. Moreover, keep in mind that features you don't intend to use may still be worthwhile because, when you plan to resell in the future, the amenities can help fetch a higher price.
4.Keep abreast with the trends
It's also crucial to ask your agent about the latest trends in real estate so you can get familiar with what constitutes a good buy in terms of popular demand. Furthermore, you can join social media groups on housing or sign up for newsletters of credible real estate blogs and companies.
You can be well-informed about special offers, good deals, and other money-saving opportunities when you stay updated with the trends. In addition, by communicating with other homebuyers, you can make inquiries and get insights from people who are in the same boat. You can even receive advice and tips from more experienced real estate investors.
5.Look into foreclosures
Apart from pre-selling condos, you can also consider foreclosed properties, as they are usually priced lower and even come with discounts. Moreover, since property titles are immediately transferred to the lending party, such as the bank or government, you can expect a legitimate transaction.
Both banks and the government are accountable when it comes to the property's legal documents and physical condition. You can also be sure that taxes, utility bills, and other fees are paid and updated prior to the sale.
Managing a Home
Of course, independent living doesn't end with acquiring your first property. After purchasing your new home, it is time to deal with the reality of managing your new responsibilities as a homeowner.
1.Use a bill payment tracking app
Without guardians to turn to, it is now entirely up to you to make bill payments. Making sure all bills are paid on time can be a challenge for people living alone. It's easy to overlook a few expenses because there's so much to cover, such as the rent, electricity, water, internet, food and grocery, credit card balances, and other personal financial obligations.
Using applications for payment reminders is the best way to avoid missing a due date. Another good way is to automate your payments, so you are assured that you pay your dues first before spending on unnecessary expenses.
2.Keep a list of handyman contacts
Taking care of house repairs is another problem for people that live alone. It's useful to know how to fix a leaky faucet or replace a light bulb. However, it's also essential to keep the phone numbers of local plumbers, electricians, and carpenters in your because they're the ones who handle repair requests.
If you find house issues that are way beyond your DIY capabilities, it's always good to have a professional help you with it after one call.
3.Design your own space to fit your interests
Homesickness and boredom can accompany the independence that comes with living alone. The sadness can be overpowering, especially when you can't easily see your relatives during tough times like the pandemic. To prevent this, make space in your home for leisure activities you enjoy. Consider your favorite pastimes and incorporate them into the décor of your apartment or condo unit.
For example, if you like plants, build a little garden on your balcony or backyard. Also, don't skip out on virtual catch-ups with your loved ones. Keep a laptop or tablet on hand for your online family reunions and gatherings.
Final Thoughts
Moving out of your parents' home is a significant milestone. To gain independence, it's a must to have a place you can call your own, either through renting or buying.
Be wise and practical with house hunting and take all essential factors into account before making a decision. Look out for advantageous deals because a cost-effective option can give you a good head start. Remember, solo living may seem tricky, but with enough research, professional guidance, and proper financial planning, you'll eventually get the hang of it.
