31% of men in the U.S. are single, according to Pew Research. Most single men dream of owning their own property and transforming it into a bachelor pad. However, this isn’t cheap. In September 2021, the median listing price of a home in America was $380,000. So, how do you go about snapping up your very first bachelor pad?
Consider Your Options
Porch reports that the average fixer-upper property costs 25% less than a standard home. Fixer-uppers are ideal for first-time buyers as they are more affordable. You can also take your time doing it up and turning it into your perfect bachelor pad.
Another option is to go with a new build. One of the most significant benefits of a new build is they are ready to move into straight away, so you can start your bachelor life off instantly. Another positive is they’re a blank canvas. This means you can do whatever you like with the property, such as install an integrated ice bucket into your kitchen worktops or have a bare brick wall in your bedroom.
Budget for Everything
Budgeting is the key to homeownership. To turn your property into a bachelor pad to be proud of, you’ll need to budget carefully too. To secure a home, you’ll need to save up a down payment.
The average down payment right now is 6% of the borrower’s loan value. Make sure you fully understand all your loan costs as you’ll encounter things such as interest rates and possibly comparison rates. These rates tell you exactly how much it will cost you to buy your property throughout your loan.
You’ll also need to factor in fees, such as legal costs and valuation fees. Additional money should be set aside to transform your property. Motorized window coverings are a must for any bachelor pad, and you’ll need some chunky wooden pieces of furniture to make your mark on the place too.
The beauty of being a bachelor and living on your own is that you don’t need a whole lot of space. When buying your first property, it can be tempting to shell out for an extra bedroom or bathroom, but it’s best to start small. In time, you can extend your bachelor pad to include additional rooms, such as a games room or in-home cinema.
You don’t have to go without though, as you can create a mini-games room using table-top games and a small home cinema in your lounge using a projector. Add a plush leather recliner and some mood lighting, and it’ll be as good as the real thing.
Owning your first bachelor pad is an exciting prospect. These tips will show you how easy it is to get the keys to your first property and overhaul it into a bachelor pad that you’ll want to show off to all your mates.