In society today there seems to be an expected order to things. You meet someone, move into rented accommodation and then after a while you tie the knot, pool your funds, and buy your own place together. Of course, not everyone’s life pans out that way, which begs the question; What should you do when you ready to invest in a property of your own but you’re still single? Read the guide below to find out.
Benefits of buying as a single
Whether you are newly single, or have been rocking the lifestyle for a while now, remember there are so many benefits to buying as a single person as opposed to being apart of a couple. After all, you don’t need to comprise your wants and needs for anyone else’s. That means you can choose a location, style, and property that is perfect just for you.
Also, when it comes to decorating your place, there will be no arguing about the shade of blue for the walls, whether that rug was too expensive, or confusion over whether the bathroom needs retiling. If you want it done, and you have the finances at hand, then you get to go for it without anyone else’s approval.
Type of property to consider
The misnomer about buying property as a single person is that you have to go for a small one bedroom house or apartment, or even a studio flat. This however just isn’t the case! In fact, as long as your financial situation supports it, you can go for any type of property that you like. This could range from a five-bedroom mansion to a boathouse if that is your desire.
In fact, even if cost is an issue, you may choose to buy a more substantial property and then lease out the spare rooms to cover the mortgage. This gives you a great deal of flexibility regarding the type of property you choose, and as an added benefit some instant roommates to hang out with as well.
Raising the deposit
Of course, the big stumbling block for many singles is the financial side of buying property on their own. In fact, they are immediately at a disadvantage because they don’t have a dual income. What this means is that it can take longer for us singles to save up for the deposit.
One way to raise your deposit fund is to consider adding side hustles to your repertoire. You can find out how to earn money online by clicking the link. You can consider spending some time each evening after work earning additional capital, and building your deposit over a much shorter time. All while sitting on your couch!
Single person mortgage tips
Lastly, remember that when it comes to buying a home as a single, you will need to consider things like income protection. This is an insurance policy that makes sure your payments will be met even if you lose your job or can no longer work. Something that can make buying a home for those of us that are single a much more viable possibility.