Buying a house as a single person

Hi everyone, as the quest for a new place to live continues I've been having doubts as to rent a place again or buy one. The rent is terribly high where I live and can't seem to find a decent 2 bedroom appartment where keeping my pets is allowed. I've been checking out appartments to buy and had stumbled upon one really great one (ideally located, big enough, 2 bedrooms, garage) but another person bid higher then me so I lost it - looking back on this the asking price was too high anyway for a limited area. Now I have seen a new build house which is a little more expensive but, has 3 bedrooms (1 large and 2 small), 170m2 living area, and a small garden. This house has a lot of things I was looking for but is located near a busy road. It is about 10m away from the road though. It is near stores and the highway (a few kms), right in the middle of the distance between three major psychiatric hospitals (im a psych resident) and also close to where my parents live.

I'm now having doubts as to whether or not it's a good idea to buy alone. My dad is willing to support me financially but I'd still have to lend a considerate amount of money.

Something in my head is saying I should not be being as a single, I should continue to rent until I meet the woman of my life and then build together. Another voice is saying that might never happen (I'm a lesbian) and this house has a lot to offer.

Would you consider buying a house alone if you were financially able or is it wiser to wait until you are in a stable relationship?

I have never had an interest in owning a home (not a strong interest - been married 8 years, can afford a home and we choose to rent for now) but if it made sense financially and I was single I definitely would -know many who have and with good results.

I bought my first place when i was quite single. Rented out the other bedroom to a friend. Kept it now some 25 years with tenants. Now I'm living in it again and happy to do so.

Hi everyone, as the quest for a new place to live continues I've been having doubts as to rent a place again or buy one. The rent is terribly high where I live and can't seem to find a decent 2 bedroom appartment where keeping my pets is allowed. I've been checking out appartments to buy and had stumbled upon one really great one (ideally located, big enough, 2 bedrooms, garage) but another person bid higher then me so I lost it - looking back on this the asking price was too high anyway for a limited area. Now I have seen a new build house which is a little more expensive but, has 3 bedrooms (1 large and 2 small), 170m2 living area, and a small garden. This house has a lot of things I was looking for but is located near a busy road. It is about 10m away from the road though. It is near stores and the highway (a few kms), right in the middle of the distance between three major psychiatric hospitals (im a psych resident) and also close to where my parents live.

 

I'm now having doubts as to whether or not it's a good idea to buy alone. My dad is willing to support me financially but I'd still have to lend a considerate amount of money.

 

Something in my head is saying I should not be being as a single, I should continue to rent until I meet the woman of my life and then build together. Another voice is saying that might never happen (I'm a lesbian) and this house has a lot to offer.

 

Would you consider buying a house alone if you were financially able or is it wiser to wait until you are in a stable relationship?

I would consider buying a house based upon the financial criteria, not based upon relationship criteria. If you can find a good house in a location where it appreciates well, provide you some rental income if you want to and is considered as a safe investment, why not?

I bought my first house when I was 22. Property in a stable market is great investment however, I am not sure where you live so you should do your own research on that.

Do not link property with relationship. If you get into a relationship, you can always sign some kind of documents to protect you. Interest rates are so low now. You said that rental properties are expensive in your area, whats the rate of return?

If you can afford it, do it.

Definitely buy alone..and if you get married make sure you have a prenup ..I bought my house alone before I married and thank god I did because after 24 years she cheated and dumped me and I KEPT the house!

After a person works out that they can easily enough pay for a home to live in, without making themself worry, a question they might ask is, can I endure living in a home by myself or will I need the company of others regularly ? Another question that might be asked is, I want to be sexually active in a long term relationship, where would I be comfortable in having that kind of activity ?

After a person works out that they can easily enough pay for a home to live in, without making themself worry, a question they might ask is, can I endure living in a home by myself or will I need the company of others regularly ? Another question that might be asked is, I want to be sexually active in a long term relationship, where would I be comfortable in having that kind of activity ?

Huh? In the sack? 😂

Huh? In the sack? 😂

I'm not sure about that, sacks are a tight fit. What do you think ?

I'm not sure about that, sacks are a tight fit. What do you think ?

👍👍👍👍🙌🙌🙌😉😉😉

Buy!

Don't put your life on hold over 'what if's'

I am in a relationship at the moment and I struggle with wanting a new couch and wanting to buy a new mattress.

When I mention this my bf takes it as an reflection of my future intentions with him.

So I stall. I've done this before. Putting my life on hold because of `what if's' and I am in a relationship.

Meanwhile my couch is looking worn and I still keep looking at mattresses.

If you aren't in a relationship now. . Live like there is no tomorrow. (I own a home. No better investment)

Be very wary of the whole "just do it" angle. Not trying to be ageist (that a word?), but a lot of folks come from a different generation of home buyers who entered the market under much different circumstances than today.

First and foremost, you buy a home exclusively because you'd like to "own." Not because you expect it to pay off. You have to consider property taxes, homeowner's insurance, your mortgage interest, the rate of inflation, maintenance, among others. And don't forget closing costs and other potential fees should you decide to sell and cash in. It's incredibly likely you'll never end up with a positive ROI. Not an argument against home ownership, but that there are a million better ways to make your money work for you if that is in fact your objective. Generally speaking, market values have stabilized since the bubble burst, so if you didn't get in those couple years when property was dirt cheap, you've probably missed the bus. And there's no question right now it is a seller's market.

Again, follow your conscience and the opportunities your wallet provides, but if you're more or less convinced it's not a good fit for you financially right now, you're probably right.

👍👍👍👍🙌🙌🙌😉😉😉

8)

I'd say take the relationship question out of the equation. Those things can change quickly. I didn't buy till this year. I should have done it 10 years ago. Renting is fine if you are moving around alot. It's also just throwing $$ away. If you do get into a relationship you can always sell or maybe rent. I made sure I could rent my place if something were to happen. Good luck

The main objective would definitely be to be a house owner and to not throw away money into thin air by renting - not to make money out of it.

It could be possible however when I do meet someone and for some reason we can't live in that house/city, I will have to relocate. But this is a what if -scenario.

I appreciate the different points of view though!

You can always move with your guy and rent your home out. With a positive cash flow if possible. It's a great source of add'l income and as a rental you can also write off a lot of things.

Buy if it makes sense financially. Take the emotional equation out of it if is doesn't apply.

Be very wary of the whole "just do it" angle. Not trying to be ageist (that a word?), but a lot of folks come from a different generation of home buyers who entered the market under much different circumstances than today.

 

First and foremost, you buy a home exclusively because you'd like to "own." Not because you expect it to pay off. You have to consider property taxes, homeowner's insurance, your mortgage interest, the rate of inflation, maintenance, among others. And don't forget closing costs and other potential fees should you decide to sell and cash in. It's incredibly likely you'll never end up with a positive ROI. Not an argument against home ownership, but that there are a million better ways to make your money work for you if that is in fact your objective. Generally speaking, market values have stabilized since the bubble burst, so if you didn't get in those couple years when property was dirt cheap, you've probably missed the bus. And there's no question right now it is a seller's market.

 

Again, follow your conscience and the opportunities your wallet provides, but if you're more or less convinced it's not a good fit for you financially right now, you're probably right.

Jman has a good point..it's a sellers market now. Inventory is so scarce here near Seattle houses are on the market about 6 days and are selling for over ask. It might be wise to wait for a downtrend..I've been through 2 of them they always seem to come around eventually

Jman has a good point..it's a sellers market now. Inventory is so scarce here near Seattle houses are on the market about 6 days and are selling for over ask. It might be wise to wait for a downtrend..I've been through 2 of them they always seem to come around eventually

So you judge it's wise to pay for a home to live in by renting it. Yeah, I'm renting at the moment, I have some wealth stashed, I'm waiting for just the right time. I don't need to pay for the maintenance of the building which is a huge advantage.

A huge factor a lot of people miss is the tax benefit of owning. Yes, there are property taxes and all the other expenses. Inflation is effectively zero in the US, so not a concern at present. But you get to deduct all your interest paid from your taxes. The first few years that equates to almost your entire mortgage. While you're not earning equity, you're at least making back essentially your rent payment x your effective tax rate. For ease, let's call that 20%. So 20% of your monthly payments is back in your pocket the first few years.

Looking at this on an ATAX basis makes it more appealing.

A huge factor a lot of people miss is the tax benefit of owning. Yes, there are property taxes and all the other expenses. Inflation is effectively zero in the US, so not a concern at present. But you get to deduct all your interest paid from your taxes. The first few years that equates to almost your entire mortgage. While you're not earning equity, you're at least making back essentially your rent payment x your effective tax rate. For ease, let's call that 20%. So 20% of your monthly payments is back in your pocket the first few years.

 

Looking at this on an ATAX basis makes it more appealing.

Yeah, it's different here in the UK.

Yeah, it's different here in the UK.

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That may be so... I was giving another perspective. That's all. I don't know U.K. tax law, so I was just saying what I know from my experience. OP can do with this information as she please.

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That may be so... I was giving another perspective. That's all. I don't know U.K. tax law, so I was just saying what I know from my experience. OP can do with this information as she please.

I live in Europe but thanks anyway for the interesting information. I'll check how it is here.

BUY THE HOUSE! Homes won't get cheaper as time goes on, they will only increase in value. If you can afford the mortgage payments and other associated costs, you should buy a house. It's the best asset a person can own. You can rent out a bedroom or two to friends and that will help with the bills. I started with a renovated cottage, then moved up to a nice 2 bedroom house then bought a 100 acre farm that I sold last year and now live in a really nice house, ravine lot, trees, quiet, private, everything I ever wanted, and starting with the farm, everything was paid for, no mortgage

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That may be so... I was giving another perspective. That's all. I don't know U.K. tax law, so I was just saying what I know from my experience. OP can do with this information as she please.

lol That may be so, I'll keep looking for evidence to make a final conclusion.

I live in Europe but thanks anyway for the interesting information. I'll check how it is here.

That's interesting evidence, I like learning about some people. One question I sometimes ask is does this person really know what they are doing ?

Buy alone. As a physician the lenders take that into account as far as repayment risk. So that is great news for you. After you move in, get a roommate, etc. But buy alone so no one has a hold on you and there are no messy dynamics. Don't over mortgage but buy what you can afford and is in a good area, appreciates etc.

I'm now having doubts as to whether or not it's a good idea to buy alone. My dad is willing to support me financially but I'd still have to lend a considerate amount of money.