Single Suggestions: Buying a House as A Single Person

August 6, 2019
house exterior

Single Suggestions: Buying a House as A Single Person

Buying a house is something people see as a decision that’s done by a family, or at least a couple. Even the word “house”, itself, is oftentimes equated to “family” or more specifically a place to grow a family, rather than just a place to live in. However, this shouldn’t discourage single people who wish to buy a house. In fact, a 2018 article by CNBC shows that more single women are purchasing homes instead of renting.

However, there are clearly some things you’d have to consider when buying a home as a single person, as well as certain recommendations to help you decide when doing so to make the most of your decision and minimize mistakes. So, before you start looking for real estate deals in Whittlesea, it’s best to take a look at these tips and considerations when buying a house as a single person.

Financial Constraints

One of the major challenges for single people who wish to buy a house is the financial aspect. You’ll have to accept the fact that you’ll be shouldering the expenses on your own (though some are lucky enough to have parents or family members helping out financially). As a single person, you’d have to put up the finances on your own, save up for the down payment, and find creditors who are comfortable with giving a housing loan to a single person —- you can, of course, ask your parents or siblings to be your co-borrower. You’d also have to prepare yourself to shoulder other costs such as insurance, utility bills, and maintenance.

Risks

Unlike buying a home with a partner, assuming both are working, if one loses their job, the other person can still cover the costs. However, if a single person loses their job for any reason, you wouldn’t have the same fallback. So it’s best to have sufficient savings before deciding to do so. It’s also a good idea to get a roommate/housemate to help you out with the monthly expenses. Bottom line is that you definitely would want to have a stable job and a back-up plan before deciding.

Don’t Wait (For A Partner)

A lot of single people actually aspire to have their own homes, but they develop this ‘let’s wait and see’ mindset believing that if they can just wait a little longer, they may be able to find a partner to get a house with. If you have this mindset that you should wait for a partner, then buying a house as a single person may not be the best option for you after all. If you have to wait, it should be to ensure that you have enough funds and backup plans prior to purchasing a house.

Know the Perks

There are risks, but the advantages can outweigh them. For one, you wouldn’t have to compromise, you can choose whichever piece of real estate you want in Whittlesea, and design or redecorate your home to your heart’s content. Some cities may also provide you with tax deductions when purchasing a house as a single person.

Choose the Right House

woman chilling in her new home

Buying a house on your own is a huge decision that you shouldn’t be taken lightly. So make sure you do your research, shop for and visit as many houses for sale, and look for a good neighbourhood. The last thing you’d want is settling on the first home you see and regretting it. Speaking of settling, it’s best to just wait if there aren’t any good houses in the market — avoid settling for one just because it’s affordable.

Conclusion

Buying a house on your own can be a bit more difficult, but not entirely impossible with proper planning and resources. So make sure that you contemplate on these considerations and tips before you purchase one.

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