Are You Waiting On The Sidelines To Buy A Home Just Because You\’re Single?
If you\’re currently single, you may have toyed with the idea of home ownership. Once single people complete their schooling, many focus on developing their new careers, delaying the contemplation of buying real estate property. While many are attracted to the thought of owning a home, many singles count on being married within the next several years and decide to postpone thoughts of purchasing a house until then.
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.
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 still renting property as a single person, don\’t be duped into the same thinking as other single renters. Make buying a home one of your top priorities over the next several years. If you can\’t get a bank to qualify you for a loan based on your income, consider alternative options like renting a portion of your property out to roommates, buying a property together with family and friends, or locating a suitable property with rental income. Let\’s check out some of the benefits other single homebuyers have received by becoming a property owner:
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\’ll build greater faith in yourself for future challenges by going through the process of learning how to buy a home, working on a budget, and going through the process of self denial to reach your goal of purchasing a property.
3) When you own real estate, you receive great tax benefits and a great source of rental income if you decide to move of the property.
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) Owning a home provides a sense of belonging and a place for your friends to socialize.
6) Being a property owner instills sound financial experience so you can diversify your financial portfolio into other investments.
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 San Francisco homes for sale. Use these local San Francisco Realtors and see what they can do for you.
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