Should a SINGLE person buy a house?

Hope you enjoyed that video and I’d love to hear what you think about buying a home while you’re single. If you would like more information about San Diego real estate feel free to reach out to me.

Scott Kennedy
[phone]
eXp Realty
Lic: 01947462
insta: Scott_kennedy

#buyingahome #singlehomeowner #sandiegorealestate

You know contrary to popular belief, some men and women prefer the single lifestyle at this point in their life and there is nothing wrong with that. I personally am one of those people. However, this house buying thing tends to be looked at as something you do when you are married or have children, so where does that leave people like you and me? Do we just rent until we get married? In this video I am going to give you some reasons why you should consider buying a home while you are still single.

“Single” is a status that can change at any time. Being single right now does not guarantee that you will be single in one year, let alone five years from now so take advantage of it!

Here are a few reasons to buy a home while you are single:

1. Making decisions are much easier while you are single. You just have yourself to think about. When you have a spouse or children, you have to consider their wants and needs and this reduces the number of choices you have when purchasing a home. A single person can look at one bedroom homes, condos or small townhomes that fit their budget and they don’t have to worry about breaking the bank just to add more space. Also, another great thing about buying a house while you’re single is that if you buy a home with an extra bedroom or two, you can take on roommates to help pay for some or all of your mortgage. Here’s a quick story to expand on that idea:
While I was still in the Marine Corps I bought a home in Vista, CA and after two years I decided to rent my home to my sister’s family. One of my best friends owned a home nearby and he had a room for me to rent. He owned a 4 bedroom home in Oceanside and when I moved in he had all of the bedrooms rented out for $1000 a piece. He was raking in $3000 a month from the tenants including me and his mortgage was only $2400 a month. So, he was pocketing $600 a month and was living mortgage free. Now that’s a great way to hack the system if you can afford a larger home and don’t mind living with other people. You can’t do this if you are married or with a family.

2. It’s easier to pick up and go. You’ll have much less furniture to move out and you can just pick up and go at any time. The great thing about being single is you don’t have to run anything by your spouse or kids when it comes to decisions.
3. If you have to move for work, you can either sell or rent the home out. Because homes seem to continue to rise in value, if you have to move for any reason after a few years, most likely you can sell and make a huge profit, or you can hold and rent your home out. If you’re saying to yourself, “I don’t want to be a landlord and deal with all the issues that might arise,” there is another option which is hiring a property management company to take care of all the heavy lifting. This of course with cost you monthly but it could be a great option so you are not getting those late night phone calls about the water heater going out or the faucet leaking.
Here are several things to strongly consider especially as a single person since you are the only person on the mortgage:
• Do you have a down payment? Do you have money for closing costs and do you have the monthly income to make your mortgage payments manageable? If you are active duty military or a veteran then you don’t have to worry about the down payment because the VA doesn’t require a down payment. However, if you are not military you will need at least 3.5% for a down payment. Which means if you buy a $600,000 you will need $21,000 for a down payment.
• Another thing to consider is do you plan on living in the house for at least 2 years or more? If you buy and sell your home within the first two years you will incur unneeded taxes that you wouldn’t incur if you live in the home for at least 2 years.
• Are you prepared for the maintenance and costs of a home? You’ll morse likely have a home warranty for basic things like appliances but other maintenance items can be costly. These are all factors to consider before buying a home as a single person.

[dannymartial]

It’s so hard to find a small enough house because nobody builds houses for bachelors. Only houses small enough are the ones in the slums. It’s frustrating when I have the budget for a house, but no options to choose from except 3-bedroom giant homes

[antarahibnshaddad]

Yes buy a home while you’re single it’ll increase your focus