Maybe you thought by now, you would have had the whole life partner thing figured out, but you still haven’t found your person. Maybe you’ve already been married and it just didn’t work out. If so, you’re not alone - only 52% of the U.S. is married. Being single doesn’t have to stop you from the benefits of home ownership. Twenty percent of home buyers are single women and 11% are single men. Read on for three reasons to buy solo.
While it often makes financial sense to have roommates in your 20s, the changing lives of your peers as they change jobs, experiment with new relationships, and set off on various trips to distant places, can often create what feels like a revolving door. By your 30s, people often seek more predictability in their lives. According to the National Association of Realtors, the average age for first time single male buyers is 31, whereas the average age for first time single female buyers is 34.
With a mortgage, home owners don’t have to worry about unexpected rent hikes or evictions. You can settle into a home with furniture that is meant for that property, store and collect belongings without having to think about having to move it. Ownership of your home often gives you more a sense of belonging of their neighborhood and community as well.
When you own your home, whether you choose to have roommates or not, you are putting money into something that is yours. Every improvement you make on the home is adding value to your property and you are building equity that you can draw from should you need money for further investment or should you want to move or upsize. After all, buying single doesn’t mean you will stay that way forever. Additionally, if you stay in your home long enough to pay off the mortgage, you’re reducing your future expenses, which means a more comfortable and secure retirement. It could also become an investment property you can rent out, should you decide to move or upsize.
When you own your own home, you get to control what it looks like and how it feels. You can paint the walls the color as often as you like. You can remodel the kitchen to your own tastes or replace the ugly brown carpet and know that the money you are putting in is going towards your own property. You can cut down the bushes outside your window and let in the light or build that cozy reading nook you’ve always wanted. You can decide whether you want to live alone or have roommates, own a dog or adopt a cat. You can replace the old wall heater with central air if you want. In other words, your home is your castle.
So if you’re single at any age and have a steady job, plenty of savings and good credit, you already have what you need to buy a home. If you need more tips on how to get started, reach out today - I’m always happy to advise new home owners.