Why Buying Solo Makes Cents
Why Buying Solo Makes Cents
Did you know that 28% of all first-time home buyers are single men and women (according to The National Association of Realtors)?
While the traditional path to homeownership may have started with marriage in earlier years, buying a home solo nowadays can set you up with a solid foundation and even teach you some things about yourself!
Read on to learn why househunting solo may be the often overlooked best option!
There’s More Flexibility Than You Think
One of the top concerns for solo buyers is that they don’t know their immediate future. Is your blind date next week the “one” or a punchline you and your friends will use every time Valentines Day rolls around?
Thankfully, buying a home doesn’t have to be a lifelong commitment! If things develop with your special someone, you get a new job, or you simply want to relocate, you have options.
Other than placing your house on the market, you can consider renting it out. While being a landlord isn’t for everyone, there are some lucrative benefits to renting out your previous pad.
Lastly, you could turn your place into an Air BnB or instant hotel! With shows like Stay Here and Instant Hotel storming Netflix, this option is more popular than ever.
Rest assured, purchasing a home doesn’t mean you’re trapped there for the next decade.
You Don’t Have To Live Alone
As much fun as it can be to spend some one-on-one time with a pint of ice cream and Love Actually, it can be a little lonely to live alone.
But it’s a common misconception that you have to trade your roommates in for a mortgage!
The truth is, your pals can certainly join you in the journey to home ownership.
By renting out a room in your new crash pad you get to practice being a landlord to a friendly crowd. Plus you could even end up turning a profit!
You Learn More About Your Needs
Shopping for a house really makes you examine your life!
How much closet space do you actually need? Do you like to cook or is HelloFresh a non-negotiable in your budget? Is a big bath or luxury walk-in shower on your wish list?
By making the jump into homeownership solo, you may learn things about yourself that you wouldn’t have while shopping with a partner. You get to dream up what your ideal place looks and feels like without outside perspective.
Then later on, when you do find yourself hunting for a place with a partner, you’ll know for sure what’s important to you and what you can compromise on.
Storage Isn’t As Big Of An Issue
With shows like Tidyng Up sweeping the country, more and more people are taking trips to the thrift store.
But even if you haven’t hopped on the bandwagon, solo house hunters typically own far less than an established couple.
While space is always at a premium (especially in the city), this gives you the freedom to prioritize different aspects of a home over closet space.
In fact, it may be the deciding factor between you signing on the dotted line for a loft downtown rather than a home further out in the suburbs!
It Builds A Solid Foundation
It’s true, making the leap into homeownership affects a lot more than the address on your driver's license.
Owning a home can allow you to make decisions about jobs and relationships from a grounded, solid place.
When you have your own place you won’t find yourself moving in with a partner before you’re ready because your lease renewal was crazy or your landlord refused to fix the leaky faucet. You’ll be able to determine what’s really best for you without any external factors playing into it.
On top of that, owning a home builds up your investment portfolio!
The Flip Side
Of course, before you put your house-hunting shoes on, you’ll need to be sure homeownership is right for you and your financial situation.
Luckily, that’s what we’re here for!
We make the buying process as easy and painless as possible. By the end of your search, with our support and guidance, you will live happily ever after in your new, dream home.