Isn’t buying a home for married people? I’m single! The short answer is “so what”? Just being single doesn’t affect whether or not you should buy a property. Being married is not a requirement you know! All the same factors that go into any home purchase should be considered by the single buyer. The process is the same, the advantages are the same and so is the responsibility.
The first thing any potential home buyer should consider is their lifestyle. Are they ready to settle in a specific area for a few years? In order to maximize your opportunity to gain equity, you should be ready to commit to living in the property for at least a number of years. Most home owners move every 5 to 7 years. If you are stable in your job or community then you might be ready to purchase a home.
Cost of Ownership vs Financial Gains
There are advantages and disadvantages of home ownership and how it relates to your finances. First you will notice that rents in any specific area are typically lower than the mortgage payment you’ll have to buy. You will also have costs of ownership which could include, council rates, insurance, up keep and maintenance.
Buying a home is an investment tool. Your home is an asset that could see healthy appreciation in value. Paying attention to home values and market trends will help you identify which areas are seeing the largest appreciation. A home purchase in an appreciating market could make that mortgage payment even more valuable to your financial situation.
None of these advantages relate to your marital situation. They depend on your personal financial goals. Of course, if you are in a position where you are unsure about your permanent location, perhaps due to job opportunities, it might make sense to continue to rent. But if you have put down mental roots, then single or not, you might be ready to purchase a home.