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 approach may sound logical in the beginning, the reality is many singles fail to see their future marriage plans materialize. The problem is while these individuals continue to procrastinate buying a home, the real estate market continues to drive home prices higher. If these single individuals had taken advantage of the real estate market at the earliest opportunity, they would have benefited by qualifying for a low interest refinance and saved money over renting. They also lost out on important tax deductions and a chance to profit from increased equity.
Statistics reveal one out of seven homes in the United States is purchased by a single homeowner. Over half of those single homebuyers are women.
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) Owning a home is an achievable goal completely within your control. Choosing marriage and starting a family can delay your goals of home ownership.
2) You can build greater courage from the process of studying how to buy a home, setting up a budget, and making whenever sacrifices are necessary to reach you goal.
3) When you become a homeowner, you benefit from tax deductions and the opportunity to earn rental income if circumstances force you to relocate.
4) After spending time with a mortgage broker or realtor, many single homebuyers were amazed to find out that owning a piece of real estate wasn’t as outrageous as they thought.
5) Owning a home provides a sense of belonging and a place for your friends to socialize.
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.
When you’re single you can receive many positive benefits by owning a property. Don’t fall into the trap of waiting until you’re married to buy a home. That day may never come.
Learn more about Tustin homes for sale. Use these local Tustin Realtors and see what they can do for you.
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