There are numerous reasons that people are buying a property alone. First-time buyers; divorcees; widowers; and those that just choose not to cohabit, whether they’re in a relationship or not. In 2023, 8.4 million people in the UK lived alone, which is 30% of all households.
The Challenges of Buying Alone
But James Greenwood of Stacks Property Search says, “Buying a property is difficult – emotionally, practically and financially. Going it alone can be a doubly-daunting prospect, and those living alone will find it significantly more expensive, both in terms of the initial purchase, and the ongoing costs of running and maintaining a property.
“Then there’s the question of what and where to buy. For those buyers who have recently come out of a relationship, the priorities may well have changed, and it’s important not to fall into historical buying habits and to re-establish requirements.”
The Advantages of Buying Alone
James Law of Stacks Property Search says, “As a single buyer, you do of course have the advantage of flexibility and autonomy in the process, no more compromising!
“Single buyers should consider how your current and future lifestyle will impact your property choice. Think about the practicalities of improving and maintaining a property. A new property will come with fewer maintenance responsibilities than an older one.”
Financial Considerations
Bill Spreckley of Stacks Property Search says, “As you’re relying on a single income, review your income security, and savings. Your financial decisions are critical. Be surgical in factoring in all associated costs; get mortgage pre-approval; and if the numbers just aren’t adding up, consider renting out a room. If you think your future might include other people and / or a higher income, consider a property that lends itself to an extension.
“I recently found a property for a retired lady who wanted a house with an annexe so she could have a carer / housekeeper. Mid-life singletons often choose to buy a property with an ancillary accommodation so they have company, and somebody else onsite for security reasons.”
Safety and Security
Bill Spreckley is also helping a young woman find a house in Brighton – for her, security is one of the main concerns. He says, “Safety is always important, but as someone living alone, it should be a priority. Research crime rates, talk to locals about the area, and check out what routes home are available late at night. Websites like Police UK and the local council can offer crime data.”
Community and Social Aspects
Amanda Ake of Stacks Property Search says, “A strong local community may be more important to you as a singleton. While a quiet street may be attractive, it could also feel isolated and less safe when it comes to getting out and about, and coming home in the evening. A good neighbourhood and neighbours become much more important when buying as a singleton.
“Socially, good neighbours are also a wonderful thing. It’s easy to ‘pop’ for a cup of coffee or glass of wine rather than necessarily having to make a formal plan. As a singleton, breaking up the day with a bit of company can add variety without having to make a going-out arrangement.”
Lifestyle and Practical Considerations
“Try and make the logistics of your life easier rather than more difficult – so look carefully at commuting runs/school runs. You will have less support, so your life needs to run as smoothly as possible.
“If you’ve been living in a remote area, consider the benefits of living in a community. You will find you need more help, and neighbours are generally happy to help with the logistics of running a house single-handedly, for instance, accepting deliveries and letting the dog out. You will also find it easier to find help with the children such as babysitting and school runs.
Future Planning
“Think hard about future needs. Are you predicting a single future, or are you open to the idea of living with a partner, having children, or accommodating older family members. If you think the purchase may be short term, be mindful of ease of resale. The cost of buying and selling is increasing dramatically; if you think this is a short-term arrangement, it may be better to consider renting.”
Maximising Space
James Law says, “Single buyers should concentrate on space. Half the money doesn’t buy half the square footage, so if budget is an issue, and you need space, you’ll have to get clever. Compromising on aesthetics will often mean more space for your money; and choosing areas that are less fashionable but still within your chosen area will also buy you a bit more space.
“Try not to get fixated on number of bedrooms; pay more attention to square footage. Space can be adapted; there are no rules about what’s a bedroom and what’s living space.”
Buying as a First-Time Singleton
Sara Ransom of Stacks Property Search says, “I’m frequently buying for singletons in London, often first-time buyers who are being helped out financially by the bank of Mum and Dad. It’s an incredibly daunting process for somebody who’s never bought before, especially in a city that has a huge amount of leasehold property which complicates the process; and where transport and safety are major concerns. Parents who are helping with the finance understandably have a view and want to be involved. I’d recommend anybody buying in this situation have professional help, or somebody on their side who understands the process and can act as a conduit between buyer and parents.”
The Role of Trusted Advisers
Bill Spreckley agrees. Over the last eighteen years he’s helped many single clients buy a property; they are often happy looking and choosing but feel uncomfortable at the negotiating stage and welcome having someone with local knowledge and experience on their side.
He says, “One problem that single buyers in later life encounter is that all their children want to be involved, and they often have conflicting ideas. They mean well, but it can be a minefield. In my opinion, anyone buying alone should have a trusted adviser, either professional or a personal friend, who will act as a great sounding board and bring relevant experience and clear thinking.”
Stacks Property Search, 01594 842880 / www.stacks.co.uk
