Professionals Real Estate 
Single people are now one of the fastest growing segments of the housing market.
This is underlined by the latest Census figures for 2011 which show that 24.3% or nearly one in five households were single person households.
A decade before in 2001, the comparative figure was 22.9% while back in 1996, single person households accounted for 22.1% of all households in Australia.
More people are living alone due to changing demographic trends in our society. For example, single people are waiting longer to get married or enter into a long term relationship.
This growing trend of single person households has led to the rising popularity of one bedroom apartments that are located in areas with high levels of social infrastructure.
Developers are responding to this trend by including more one bedroom units in developments especially in inner city areas.
There are a number of simple points that single people should consider when buying a property which include:
* Many single people make the mistake of buying a family home, similar to their parents, which is not suited to their needs. It is important not to financially overextend yourself by purchasing a home based on an emotional decision rather than their specific needs.
* Single people should take time to find a home that suites their requirements and that means during their homework by determining how many bedrooms they need, approximate square footage, and which neighbourhood they prefer.
* You should consider an older style apartment and townhouses in a well located position. These are typically more affordable and can be modernised at a lower cost than buying a new property that might be located in a more inferior position.
* If you are considering buying a one bedroom apartment, the size of the balcony or courtyard is important because outdoor living features in becoming an important trend in housing.
*Onsite facilities are important to consider. For example, if the development has a gym or swimming pool and you don’t plan to use these facilities, then purchase an apartment in a development without these facilities as there will be significant savings in strata fees.
* Car parking and security features are very important when buying a home because more single people are demanding higher levels of security and these features can impact on the resale value of the property.
* If you are considering buying a strata unit, they should choose a complex that has an active strata management company that ensures that the overall presentation of the complex is maintained. This will enhance the re-sale price of the unit.
* You should get pre-qualified for a mortgage before they begin looking at homes. Not only will this give you an exact price range for your purchase, but pre-qualification will add a great deal of strength to your offer for a home you want to buy.
* It is important that you should stay in close contact with your real estate agent and clearly express your needs. This is especially important if you’re in a market where the stock of homes for sale is low. You’ll want to be notified as soon as a home that fits your criteria goes on the market.
* You should also keep in mind that there’s no such thing as the “perfect” home. Instead, set priorities. Determine what you’re willing to sacrifice, especially in the current tight market.
By Shane Kempton, CEO of the Professionals Real Estate Group
