5 benefits of buying a home when you are single

Did you know that the average age of marriage is slowly rising? In 2020 it was 32 years old, which is a significant increase from previous generations. Instead of getting married young and buying a home as a couple, many people opt to pursue their careers first and wait until they are older before they settle down. Since more people are waiting till they are older to get married or start a committed relationship, they may have the resources and time to purchase property when they are single.

If you have postponed marriage or a committed relationship, that doesn’t mean you have to delay buying your first home. Buying your first home on your own may seem daunting, but there are a lot of benefits. Here are our top five!

1. The financing process is more straightforward. Couples who finance a mortgage inevitably have to combine their finances and align their financial goals. They’ll need to disclose savings, debt, and other credit issues. All of that goes away when you finance on your own. You already know your financial situation, so it’s much easier to start!
2. You can start small. Buying on your own doesn’t mean that you have to start with a three-bedroom, two-car garage house (unless that’s what you want). Instead, you can look at cheaper options that will allow you to build collateral as a homeowner, like a condo, townhome, or apartment. Buying a smaller property is also a great way to invest in your future. If you decide to upgrade to a larger place in the future, you can also keep your smaller home as a rental property or use your home value to fund your next property purchase.
3. You get to choose where you want to live. Buying a home as a couple is all about compromise, especially on location. You have to pick a place that’s right for both of your needs. But when you’re buying on your own, you get to decide everything yourself, including the location of your home. So if you want to live downtown, you can!
4. Roommates can help you save money on your mortgage. You may buy alone, but that doesn’t mean you have to live alone. Find some roommates to share your space, and help you save money on your mortgage payments too!
5. It’s a wise investment. Buying real estate is one of the best ways to invest your money. Owning your home is cheaper than paying rent. It helps you build up equity and savings, and it can even reduce your taxes. The earlier you become a homeowner, the more home equity you will amass throughout your life.

So if you think you’re ready to buy your first home on your own, meet with one of our loan advisors. Together, we can help you come up with a plan that’s right for your needs, and that will be a wise investment in the years to come. You don’t need a partner to become a homeowner! In fact, single adults buying property on their own is on the rise, especially for women. According to LendingTree, single women now own 22% of homes in the US, outpacing men at 13%. The ladies have figured out that homeownership is worth it, and so should you!