First Home Facts

Should You Buy A House As A Single Adult?

A few decades ago, it was almost unheard of for someone to buy a house as a single adult. That was just something you waited to do until you "grew up" and got married. But with more adults choosing to delay marriage or stay single indefinitely, the number of single homeowners is also on the rise. Is buying a home as a single person right for you? Here are some factors to consider before you set your sights on becoming a home buyer.

You'll need to be realistic about prices.

If you look around at the homes that your coupled-up friends have, you may come to believe that you should live in a home within the same price range. But the fact of the matter is, those couples likely have two incomes to live off of, whereas you only have your own income. It's important to keep this in mind as you house hunt. Do not be discouraged if the houses in your price range are not quite as spacious or updated as those owned by your coupled friends. You may be able to find something nicer by sacrificing on space, since after all, 2 bedrooms is all most single people need.

Plan for uncertainty.

When you're married or in a long-term partnership and one person loses their job, there's usually still some money coming in from the other partner. If you lose your job, you may be left completely without income. So, it's important that you have enough money set aside in an emergency fund before you buy a house. Set aside 3 - 6 months' worth of living expenses so that if you do lose a job, you're not left unable to pay your mortgage. If you are in a highly unstable job, you may want to seek more stable employment before you begin seriously house hunting.

Consider chores and upkeep.

You'll be the only one around to mow the lawn, vacuum the carpet, weed the flower beds, and so forth. Make sure you have enough time in your schedule to handle these tasks, or find out how much hiring someone to tackle them costs in your area -- and be sure that fits into your budget. If you fear you won't have enough time or money for all of the upkeep involved with owning a home, you may be better off renting an apartment. You may also want to look into condos, where outdoor maintenance is typically handled by the condo association and you'll only have to keep up your home's interior.

If you're single and have the resources to buy your own home, then congratulations. Contact a real estate agent in your area, and get started today.