When love and marriage happen, you become closer to being a homeowner. According to studies, late marriage is the leading reason why people delay buying homes. Young adults don’t prioritise buying houses without a spouse for many reasons. But the primary reason is that a single individual’s income would not suffice home mortgages and other expenses.
Technically, having a partner makes it easier to buy a house. If both of you have monthly income, you can save together for the down payment. Plus, you will have a higher chance of getting approval for home loans if you have a spouse.
So the question here is, do you need to wait for the love of your life before purchasing a house? The answer is no. If you have the means and the capacity to be a homeowner, do it. Let’s discuss the significant advantages of buying a home while you’re still single.
You can decide on your own
Being in a relationship means that you have to compromise. In every decision you make, either small or big, you have to consult your spouse. And in most cases, this leads to arguments and misunderstandings.
Lucky for you, you can avoid this unpleasant scenario if you buy a house while you’re single. You don’t have to ask anyone’s opinion, you don’t need to compromise, and you don’t need to adjust for another person’s happiness. You can make decisions on your own, and no one will make a fuss about it.
You can make renovations as you like
Indeed, brand-new homes are beautiful as they are. But sometimes, there are parts of the house that just don’t fit your preference. Some homeowners make minimal renovations to their newly bought homes to make them more appealing.
And again, home renovation is a major decision that you need to consult with your partner (if you have one). Meaning to say, renovating a house is much easier if you can do whatever you want to do with it. For the ladies, you can make your bedroom all girly and feminine as much as you like. And as for men, you can renovate an empty room to be your game room.
As you can see, the benefits of being single go beyond having the freedom to party and travel solo. It can be beneficial too when you need to make important decisions in life.
You have the freedom in choosing the location
One of the most important things to consider in buying a house is the location. Ideally, you want your home to be located near the things you value like work, friends, family, and hobbies. But it could be pretty challenging if your spouse wants the opposite things. And that’s why you need to enjoy the joy of being a homeowner while you’re still single.
Related to this, what exactly should you look for in the neighbourhood of your future home? Some communities, such as the one in peppercornhill.com.au, offer several things. Here are some of what you need to look for in searching for the perfect location for your house:
- Community centre
- Health centre
- Sports fields
- Recreational facilities
- Convenience centre
Pointers for Buying a House
Perhaps you’ve finally decided to buy your house. Where should you start? Read below to know the things to do to get your dream home.
Manage your finances
You need to ensure that your monthly income is enough for you to pay your monthly mortgage. Compute how much you spend on food, bills, and leisure to know how much money you have as an extra.
Learn how mortgages work
Mortgage companies allow homeowners to get their dream homes by lending them money. But it’s not that easy. It would be best if you had a good credit score to get approved for a loan. Moreover, you need to prepare for the down payment and other fees as well.
Know the hidden costs
Your expenses don’t end in mortgage and down payment. As you save up for paying for your home, you also need to prepare for the hidden costs. Hidden costs usually include closing fees, property taxes, registering utilities to your name and new address, and possible renovations. Having an emergency fund can come in handy if you need to have major repairs.
Sometimes, no matter how diligent you prepare for everything, things don’t always go as planned. Financial troubles may come along the way, so it’s essential to know your options. Meaning, you must have a backup solution in case things go south.
Don’t let anything stop you from being a homeowner while you’re still single despite the challenges. If anything, this is your best chance to prove what you’re capable of and how responsible you are as an adult. Remember, owning a home has many benefits that you can treasure for a lifetime.