Stop Renting When You’re Single
If you’re still living the single life, chances are you’ve probably considered the option of buying a home. After graduating from school, most single individuals expend their efforts establishing their new found careers, ignoring the prospect of purchasing a home. While owning a home may seem attractive to many single individuals, most decide to pursue the option of home ownership when they get married within the next few years.
While this thinking may sound great at the onset, many singles become disappointed over time as their plans for a future marriage fail to come to fruition. As they continue to delay the process of getting into the real estate market, home prices continue to escalate. If these single persons had made a decision to purchase a home earlier, they could have taken the opportunity to sign up for a low interest refinance and paid less than what it would cost to rent. They also skipped out on some beneficial tax deductions and an option to build a substantial amount of equity.
The fact is one out of seven houses sold in the United States is bought by a single homebuyer. The interesting fact is single women make up for more than half of these homebuyers.
If you’re a single person renting, don’t fall into the same trap many a single renters do. Make buying a home one of your first priorities. If you can’t qualify for a property on your income alone, consider creative ownership options such as roommates, co-owning with family and friends, or finding a property with rental units. Let’s examine the benefits other single homebuyers have experienced as a result of owning their home:
1) It is completely feasible for you to reach the goal of owning your own home. If you decide to get married and begin a family, you’ll have less control over when you can purchase a home.
2) The process of researching home buying, prioritizing a budget, and making sacrifices to accomplish the goal of buying a home instills greater confidence for future endeavors.
3) Owning a home brings terrific tax benefits and an excellent source of rental income should you decide to relocate.
4) After consulting with a mortgage lender or local Realtor, many single homeowners were surprised to discover the cost of home ownership wasn’t much more than the cost to rent (before tax deductions).
5) Being up a homeowner offers a feeling of stability and a gathering place for your friends to come over.
6) Owning a home offers great experience in managing your finances and helps you explore other types of investments such as Keogh plans and mutual funds.
As you live the single life, you can expand your financial experience by owning a home. Avoid the misconception of believing you should wait to buy a home when you’re married. Placing all your hopes on a future event may prove to be a bad decision.
Learn more about Tustin homes for sale. Use these local Tustin Realtors and see what they can do for you.
categories: buying,building,condominiums,FSBO,foreclosures,homes,investing,moving,relocating,selling,Real,Estate,Finance,Credit
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