Single and Buying Real Estate
Single and Buying Real Estate
Full Video Transcript Below
[00:00:00] Well, good afternoon, everybody.Alice Lema here, broker John L. Scott here in lovely Southern Oregon with our weekly podcast. So today we're going to talk about something super near and dear to my heart, it's if you're single slash unmarried and you want to buy or own real estate, you know, how does that all work and how do you do it?
[00:00:21] So I've got five things to consider. And we're going to get to that here shortly. Just want to give you a quick moment to like the channel to subscribe. Give us a thumbs up, leave us your comments, pass it to a friend. We're here as educational endeavor. Want to make sure you're getting something out of this?
[00:00:37] Okay so getting back to the podcast this week, five things to consider if you're single slash unmarried and buying real estate. Okay. Number one, first thing, know your credit score. And I know that sounds kind of obvious, but you'd be surprised how many of us just don't even think to look. They've got all those free websites now that there's no obligation, you can just go on and find out what it is.
[00:01:01] And it's not so much that it matters what it is. It's just that you need to know. Okay. So know your credit score. Know where you're starting. Also take a minute and find your tax returns, bank statements, things like that. Cause we're going to need that for number two.
[00:01:16] The next step. Number two, explore all your options with a really good lender, even if you're paying cash. Even if you feel like you're not ready. Even if you don't have a down payment, just take some time and explore all the options with a really good lender, because they will educate you. They will help you put your list of things to do in a perfect order so that you're doing things that matter first, not last.
[00:01:41] They're also going to give you options you might not have thought of. And that's just worth its weight in gold. So even if you feel that your score is low, you don't have your down payment, it's like the lenders don't care. They're there for you to help you get ready. So, even if you're paying cash, take some time, go talk to a good lender and let them help you get ready regardless of where you're starting from.
[00:02:07] Okay. Now, number three, think about what you really need and want out of your future home. So a lot of us now work at home. We've got a lot of folks with kidlets and they're doing more, more schooling at home. So think about what you really need from the physical building. And then add five or 10 years.
[00:02:28] You know, if you're doing this by yourself, then you don't want to get a home that's just too too small and you can't have your life change and evolve over the next decade without selling the house. So just take a minute, make your list of wants, make your list of needs, and then add five or 10 years. And I know that's not super easy because none of us, especially in this weird world.
[00:02:54] Oh my gosh. Right. Who could have ever foreseen what we have today in our life, but here we are. So. You know, just try to go out into the future, then try to build some of that., I guess I call it house elasticity. Just that ability for your house to kind of morph and grow with you as your life changes.
[00:03:13] And it doesn't necessarily mean it has to be able to get bigger because some of us are going to get a property right now, and then it needs to be appropriate almost in a smaller, a smaller lifestyle, but you can do it. Buildings can do that if you get the right one. Okay. And just a little hint, it's mostly about floor plan, but that's a different podcast.
[00:03:35] Okay. So number three is really think long and hard about what you need and want from your property now, and also in the future. As much as five or 10 years and as best you can. Okay. None of us are Nostradomas, but you know, do your best.
[00:03:50] Number four, know the laws in your state about how you will be treated as a single unmarried person owning real estate assets. So What is surprising to people when they find that they've been in an accident or they die, or something happens, there's all these inheritance and disability and probate and just, just stuff that happens. And if you're not married or you're single and on your own, you just need to know how the state that you live in is going to treat all that.
[00:04:23] One of the surprising things I found about the state of Oregon was if you're not married and you own real estate, and something happens to you, the state of Oregon is already determined who gets it. They have an order in which they will distribute the assets, if you don't make some other written arrangement.
[00:04:41] Well, I was mortified with the order at the time. So you know, I trotted myself down to my favorite attorney and got that straightened out. And updated every five years now, but that's something people are constantly surprised by or the, the laws in their own, very own state. So again, for example, in Oregon, married, people are allowed to buy and sell real estate without the other person's consent or knowledge. So not everybody knows that either. So here we go. Know the facts in the state you live in, how, how is the asset going to be taken care of if you become disabled, if, if you pass away what what's the inheritance consequences to the people that receive the asset, you know, all of that. And just and then just get all your ducks in a row, according to what your wishes in the state that you live in.
[00:05:31] Lastly mortgage before matrimony is what we kind of jokingly call it. And that just means that if you're in a partnership and you're not married or have any kind of documentation solidifying your relationship, just understand that your partner may or may not be as excited as you. There might be some conversations that you need to have just so that they're on the same page as you, or at least supporting you through this. Sometimes a lot of us will make these decisions with the partner that this is the person that's going to go and get the loan or do the acquisition of the real estate that we're not going to do it together. And everything's all hunky-dory.
[00:06:12] But but I also see about half the time the partner is either feeling left out or upset. I just want to point out that you just need a little forethought. That the people around you just might need a little more conversation or, you know, you just have to be prepared to say, Hey, it's my decision, and you know, that's that?
[00:06:34] Okay. So those are the five things to consider. If you're single slash. Wanting to buy our own real estate. I'm Alice Lema. I'm a broker here at John L. Scott here in Southern Oregon. I'm around all weekend. We'd love to help if you've got any questions, concerns, you just want to get ready for 2022, or if you want to buy herself something it's early December, we can still kind of make it happen maybe, maybe before the end of the year. Okay. We still have some of that going on.
[00:07:00] My number is541-301-7980 I want to be your agent. I'm a great listing agent. Great buyer's agent. Great with investments. Great with first-timers. I'm great with the elderly. So just let me know what I can do to help. Okay. Thanks for listening. We'll see you next week. Have a beautiful weekend. Bye now.