I’ve been married for twelve years and I have four kids which means I’m acutely aware of the challenges of buying a home to meet a family’s needs. However, every time I meet a young, single professional I feel compelled to be that slightly older auntie who wants to impart what I wish I’d known about homeownership back when I was single. Here’s why:
House hacking potential: House hacking, where the income you get from renting out parts of your home to cover part or all of your mortgage payment, is way less complicated for singles. Finding housemates who are cool with living in a house with little kids (bless their hearts) is way harder than simply finding a nice, compatible housemate with good credit and a stable job. If you’re happy living with roommates, this is a legit way to maintain a low cost of living without putting rent money into someone else’s pockets.
Sex appeal: It is scientifically proven that owning real estate makes you 84.7% hotter to potential partners. Okay, that’s not a real stat but, fr fr—the “adultness” of buying a home when you’re single shows a commitment to the betterment of your future self—bottom line—and who doesn’t want that in a partner?! Good chemistry and shared values are musts in a relationship, but these super practical financial things are definitely bonuses. Bring two singles together who each own real estate and you’ve got a shared asset that can either be sold or kept as income property. That’s power couple stuff right there.
Fewer limiting factors: When you’re single and child-free (and not in K through 12th Grade) the school district where you live is of little consequence. School districts are one of the toughest search criteria to work with on a home search. They just narrow the search so significantly. Toss out that consideration and the options available to childless singles and DINKs (dual-income-no-kids) open up dramatically. You can pick the cool loft, live on a busy street in the heart of the city, or get cozy in a tiny house. Buy the fun spot in the “bad” school district now and resell or rent it out if school districts become a consideration down the road.
Your future self: If I had a dollar for every time someone said to me “I wish I’d bought a house back in…” I’d have enough for a down payment! People who don’t own a home constantly refer back a few years to when homes in their area were cheaper—regardless of what interest rates looked like, how “stable” the market was, etc. Everyone recognizes that houses generally appreciate in value more than money in a savings account. For a first home purchase, very little downpayment is required (typically 0-5%). If you don’t have help from family or massive savings that might limit you to a less-than-dream house, but most people get to their “dream home” by buying and selling a series of homes, gaining a little more profit each time enabling them to level up to the next home.
If you resonate with any of this please—let me get you a coffee and let’s brainstorm if homeownership is feasible for you. If a friend immediately comes to mind, bless your friend and connect us. Use your season of life to invest in yourself.