Monday, September 27, 2004

Home Ownership for Singles-- Why Not?

If you believe home ownership is something you only consider when you're married, think again. After all, you wouldn't wait around for Mr./Ms. Right before you bought a new car, would you? Granted, a new home is more expensive than most cars-- but don't let the anxiety of not having a dual income keep you from having a home of your own. It shouldn't.

Thinking about the benefits of home ownership should banish most of your fears:

  • No more "money down the drain" paying monthly rent
  • You have made an investment
  • You'll build equity
  • You have something you can sell
  • You have something to borrow against
  • You have something you can rent out if you need to travel, or take an assigment
  • You have tax deductions!
  • You have a place of your own

The process of buying a home when you're single isn't all that different from that of being married. As a matter of fact, there are many programs that are available to help single and first-time homebuyers. There are even programs that help with a downpayment. Housing & Urban Development is a good place to start.

Take it a step at a time. Get your credit in order if needed, get pre-approved for a loan amount, find out if your company offers help with buying a first home, see if your 401K can be tapped-- just make use of all the many resources open to you including your best bet, a great Realtor to help you on your way. Get your "ducks in a row", and start shopping! You'll be glad you did.