Home Ownership for The Single Person

Are you single and waiting for Mr. or Ms. Right before committing to home ownership?

If you are single and wondering whether home ownership is right for you, why not take a few minutes to consider the many advantages of owning your own residence.

There are many practical and financially sound reasons for a person 'flying solo' to buy a home... whether that home is a condo, a duplex flat, a townhouse, or even a detached family home. The benefits of home ownership aren't reserved for married couples only.

Build Equity

First and foremost, home ownership is an excellent way to build equity.

That's an important consideration if you're a single person and trying to build some financial stability on one income.

There's nothing like the security that comes with building an investment for the future.

Secondly, paying a mortgage is usually better than "throwing money away" on rent. Paying high rents for years can be frustrating when, after investing that huge sum of money in a place to live, you never end up with anything that's yours.

As well, you have no guarantee of how much rent you may be required to pay... whether now or in the future. Your rental expenses are usually out of your control. However, if you lock in a mortgage – particularly for a longer term - you'll know exactly how much your monthly payment will be for many years to come.

Home Ownership = More Options...

Homeownership gives you many other financial options, including the possibility of earning extra income, either by renting out the house or by having a tenant.
Having a second income source to fall back on is an important consideration when you're a single person.

Another reason many people – including singles - choose home ownership is the option to sell the house and potentially make a profit. However, if you're thinking of making the decision to buy a home based purely on its profit potential, make sure you consult your accountant or lawyer for their expert advice. There could be tax implications you'll need to know.

Another advantage that home ownership affords is that it provides you with an asset to borrow against if you need to.

Many single people don't have a lot of resources to fall back on in times of unexpected financial hardship.

When you're a homeowner, even if your mortgage isn't paid off, you can still borrow against the equity of your house – and at far better interest rates than you'd normally obtain for almost any other type of personal loan.

What Kind of Home Do You Want?

As a single, you might be wondering what type of property is right for you. Condominiums and townhouses are excellent options for many singles or first time homebuyers. They find the transition from apartment to condo or townhouse a bit easier.

Often these types of home are less expensive to purchase and may come with extras such as a fitness centre, swimming pool, game room or even a tennis court.

Condominiums charge fees, usually paid monthly, to cover the cost of maintaining the building or complex and for providing these special services.

These set fees take the guesswork out of the upkeep and maintenance costs that you may experience if you bought a house. Just be sure to calculate your condo fees into the carrying costs, along with your mortgage cost and other expenses.

There are other exciting reasons for singles to consider home ownership besides the financial:

You'll gain independence and pride of ownership.

The feeling of satisfaction that comes when you've succeeded is beyond compare.

An experienced real estate professional has a wealth of knowledge on all aspects of homeownership.

Some Interesting Research Results:

Researchers at Harvard's Joint Center for Housing Studies have found that single women are not necessarily waiting for marriage to buy a home. They are marrying later in life so, their higher education and higher incomes provide them the financial resources for home ownership without the assistance of a second income.

On the other hand, they found that single men in their mid twenties to early thirties are often still living with their parents and not ready to enter the first time homebuyer market.