In the old days, no one even thought about buying a home before it was time to tie the not. Who needs a house all to themselves? Today, people who consider themselves to be single make up twenty-five percent of all home purchases. Not only that, but there are twice as many single women purchasing homes as men. What a change in times! There are a variety of reasons this might be taking place. One belief is that people are marrying later, thus giving them plenty of time to establish their careers an find financial security before getting married. When these young professionals realize the amount of money they are giving away in rent, many decide it is time to buy a place of their own, and though it is a big step, buying home real estate can provide a huge sense of accomplishment and security.



Why keep Renting?

For one, renting is a much more flexible living option. You are not responsible for things like property taxes, repair work, remodeling, or routine maintenance, and the ability to move at any time is always on the table. You will never have to wait for the house to sell when you are renting a property. These kinds of benefits make rental real estate a great option for many single people, but after renting for some time, many singles find themselves becoming anxious about all of the money they are putting directly into their landlord’s mortgage. That money could be going into their own mortgage, but before a single person makes the final decision, they must consider the alterations of lifestyle that might come with this new commitment.

To help in making that decision, you must consider the benefit of home ownership against changes that will come with such a commitment. Of course, there are a huge number of advantages to owning your own home, but they should be weighed carefully along with the new responsibilities in accompaniment. For one, there are several real estate tax deductions, both involving state and federal income taxes that can save end up saving you a great deal of money. Also if the home is yours, then you are welcome to make any permanent changes that you see fit, including massive renovation, decoration, or remodeling (as long as they fall within city code). Along with that, the money you are spending monthly is first paying on the interest of your loan, but eventually you will be putting money in your own pocket by increasing your equity in the home. When the home increases in value, your investment can even increase dramatically.

Really, the benefits go on and on, but they come with a certain commitment and responsibility that some singles might not be ready for. However, in today’s market more and more singles are finding the satisfaction of owning their own home to be far more important than the flexibility of easy relocation. Thus renting grows less attractive, and investing in their future becomes the goal.