Buying a house as a single person

[Lucha]

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 ?

 

I ask myself the same question sometimes.. but it's not an impulsive decision though, I've been looking for a new place since a year now (first I was reconsidering renting) but then talking to some people realised I already spent a considerate amount of money on renting the past six years which all went down the drain..

[MrSweetHarmony]

I ask myself the same question sometimes.. but it's not an impulsive decision though, I've been looking for a new place since a year now (first I was reconsidering renting) but then talking to some people realised I already spent a considerate amount of money on renting the past six years which all went down the drain..

 

I'm glad to hear when there hasn't been an impulsive decision combined with being under fear, compulsion. I'm not saying you have been unwise in me asking question I will ask next, do you want to tell me why you judge it all went down the drain ?

[Lucha]

I'm glad to hear when there hasn't been an impulsive decision combined with being under fear, compulsion. I'm not saying you have been unwise in me asking question I will ask next, do you want to tell me why you judge it all went down the drain ?

 

Well I could have bought a place then and that way I could have paid for a loan instead of renting.. you know? At the time it was the best decision to rent but as I'm gaining more job security and clarity on life goals I'm rethinking this. Maybe the time has come to buy.

[Silverbirch]

I bought my own home around 18 months ago, and was best thing I did! I had been following the property market quite closely for around 2 years. I live alone and 99.9% of the time I absolutely love it. I'm fixing up the spare bedroom for visitors, but truly I wouldn't want to share now unless I had to. Like you, I've got pets. I have choice of when I want to see people and have them in my life.

 

I had a good deposit when I bought, and I got a good deal on the house I bought. I was informed about the various ins and outs. I when I came for inspections i brought friends and their partners with me, in case there were faults I missed. Of course, I did get a paid builders inspection done as well.

[MrSweetHarmony]

Well I could have bought a place then and that way I could have paid for a loan instead of renting.. you know? At the time it was the best decision to rent but as I'm gaining more job security and clarity on life goals I'm rethinking this. Maybe the time has come to buy.

 

Well I consider it was money that was spent and has given a great advantage, you have learnt a valuable lesson.

[Silverbirch]

Just wanted to add that the reason I was following the realestate market for 2 years was that I did not have adequate deposit before then. I certainly wouldn't have waited that long if I had the deposit. In my case, my repayment is less than rent, but you need to put away money for a lot of other things, rates, insurance and maintenance. I am so much hPpier and feel more stable having my own place.

 

A downside for a lot of people though would be if they need to move for work. Some people are happy to rent their places out - and then at least they have a tenant paying off their investment. Once you have one property, especially if you own it, it is easier to buy other properties for investment or living in. I wish I had been able to do it sooner.

[notalady]

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

 

If you aren't in a relationship now. . Live like there is no tomorrow.

 

Completely agree with this. Consider home ownership on its own merits, ie do you want to own your own home? Can you afford the repayments and expenses? Since you said you have a stable job and more clarity in life, affordability and whether you yourself want it, is the key question.

 

I would not take future relationships into consideration at all. Just like reinvent said, don't put your life on hold for "what ifs".

 

Many of my friends / people I know (in their early 30s) bought their own home when single, my partner included. It's about you and what you want, nothing and no one else.

 

If in future you get married / partner with someone else, you can talk about buying together then. You can always sell or rent out the current property.

[Capttrae]

Deffinatly buy. With renting your just throwing money away and you could stay there 40 years and it'd never be yours. Buying a place and it's yours

[notalady]

I'll always remember in my first economics class in uni, the lecturer asked the class if it works out financially better throughout one's life time to buy or to rent your residence. Most people said to buy. He said it's actually more economical to rent for your whole life and invest the money you saved that would've otherwise been paid towards expenses for the property (the landlord pays for it) and mortgage (usually higher than rent, depending on the interest rate and rental market of course) somewhere else with higher returns on your money (eg holding good stocks long term). That always stuck with me.

 

People think renting is throwing away money. But unless you have the money or most of the money to buy the property outright, you're also "throwing away money" towards interest on the mortgage. Usually banks tell you the interest payable over the lifetime of the loan, and its enormous. Of course there's also expenses in maintaining the property, taxes, council rates, water rates etc (where I live anyway. Landlord pays for all these of course).

 

However, people mostly buy their property for emotional and other reasons. To have a place to call their own home, to be able to do whatever they want with the place, to not be subject to the landlord's rules, not having to worry about having to move, should the landlord decides to stop renting it to you. That feeling of ownership, pride and feeling of being at home is something that money can't buy. It's not always about the most economical way, but more about, what do you want in life (freedom to go wherever you want whenever you want vs stability and a place to call home), how do you want to feel about where you live.

[catfeeder]

It makes no sense to tie real estate to a relationship that hasn't even yet occurred. That puts too much pressure on your future relationships--it creates a false 'need' that can cause you to drive the wrong relationship just to get out of your parents' home.

 

It also makes no sense to tangle a relationship into buying a mortgage together. Living with someone prematurely can harm the relationship, and a harmed relationship can ruin your credit and tie you up with lawyers to split the property.

 

If you want to rent a portion of your home to roommates, do that, and preferably roommates to whom you have no sexual or love interest. Then it becomes a strict business transaction that you'll retain the power to end at any time. So if you get a bad roommate, you can kick them out--and if you get a bad lover, you can exit the relationship without impact to your home and lifestyle.

 

Think clearly, and shoot for simplicity.

[jennylove]

I've never been able to understand why so many people claim that it's better to rent because it's not as expensive as being a homeowner. I was a renter for 10 years and lived in 3 different apartments & one small house in the 10 year span. I was most certainly "paying" the full mortgage with each place including the taxes that are usually included in the mortgage payment. If anything major needed repaired, like an appliance, my rent always increased the next year.

[ShatteredMan]

I just bought my first house before the turn of the year. I had rented for a long time due to some setbacks professionally and the time it took to build up money for a down payment. I have to say that I got pretty lucky because I locked it at 4%.

 

I also wanted to buy an Ikea where I live that I know that the property values are going up quickly due to development in the area. I'm strongly against trying to buy a huge house far from where you work and want to live just because you want to have a big house. I have a bunch of friends that have done that and regretted it

 

On the other hand, I'm having to learn how to fix appliances and do woodwork all over again. I'm starting to enjoy it though.

 

I waited a long time for this because it was just never the right time or opportunity in my life. I will admit that a huge driving Factor was the breakup that I had last year. We had talked about moving in together or possibly buying a place together.

 

When she moved on with someone else, I decided that I was going to go after all of the dreams that I wanted to have with her on my own. The new house was the first of many things that I intend to accomplish in the next 10 years.

[jennylove]

The things that I love about being a homeowner: painting my walls in whatever color, wallpapering, hanging up as many pictures as I want, having nice window coverings instead of white blinds, no last minute notices about the owner needing in for something like changing the furnace filter. Having all the pets I want ❤️❤️.

[JamisonStorm]

Financially speaking, if it is cheaper to own than rent you should buy the house. Just make sure you can afford the property. Remember you will have a mortgage, real estate taxes, and insurance. You will also need money on hand for any maintenance issues that arise. New builds are nice cause you can usually get a warranty to help with any maintenance the first few years.

 

As long as you see yourself staying in that area for 7 to 10 years buying a home should work out financially well.

[Lucha]

Hi all, thanks for your input. I am now seriously considering buying the house. I've talked to the bank and it looks good.

It has everything I desire from a house (1 large and 2 smaller bedrooms, bathroom with bat/shower combination, open living area /kitchen, small garden AND new-built so I can get to choose all the floors/stairs/kitchen appliances/bathroom myself. It is located near family and not too far from work (but closer to family).

There is only one "down side": the house is located near a busy road (70kms/h but a lot of people drive 90kms/h). There is obviously some traffic noise when sitting in the garden or opening the windows. Also I own two (indoor) cats, which normally never go outside but I'm afraid if they ever escape they'd get hit by a car in an instant.

 

Am I being over-anxious here? According to my family I am. I've been looking subsequently into renting and then buying another place for over a year now, and nearly every property has some "down sides" for me. In the meanwhile I'm living with my parents, and the relationship with my narcissistic mother is not healthy for me. So I'm really looking forward to living alone again, but kind of anxious to make the "buying" step.

[Silverbirch]

Hi Lucha. There are a lot of things you can do for your cats to keep them safe. It sounds good Lucha!

[Lucha]

Update: I signed today and will be a house owner in about five months from now! Thanks for all your advices.

[Wiseman2]

Congrats!

 

Update: I signed today and will be a house owner in about five months from now! Thanks for all your advices.

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[catfeeder]

CongrAts, Lucha. Best wishes for happiness, and I hope you'll let us know how things go.

[j.man]

Update: I signed today and will be a house owner in about five months from now! Thanks for all your advices.

Glad you found something you liked, bud. Best of luck in your new home.