In the early years, there was a common notion that women should hold off on their plans of buying a home until they get married. However, this no longer seems to be the case nowadays. Current figures show that single females are now making up 15 percent of the home-buying market. Should you buy solo or should you wait first? Here are the pros and cons of buying a home before married:
Why You Should Buy Now:
In today's market, it might make more sense to buy now even while you are single. As previously reported here on Realty Today, prices of rental homes across the U.S. are already rising, with some priced higher than you would pay for your monthly mortgage.
This means that renters should seriously consider buying a home now that mortgage rates are at an all-time low and take advantage of the booming economy. Realtor.com notes that 15 percent of the home-buying market is comprised of single females, which is 4 percent higher than the figures in 1981.
"The data suggests that women desire a place to call their own and are willing, even if they are on lower incomes, to make financial sacrifices to get there," said NAR's manager of Member and Consumer Survey Research, Jessica Lautz.
Aside from this, you can sell your original home once you get married and you may even break even or earn some profit from the sale if you choose the right house.
Why You Should Wait for Prince Charming:
While buying a house on your own is definitely an achievement worth bragging about, it goes without saying that there are certain challenges that come with this process.
According to the publication, it is harder to get qualified for a mortgage on one income alone, as this makes it riskier for the lender. Aside from this, you may suddenly meet your one true love just days, weeks or months after closing on your property; and before you realize it, you are already pregnant with your first child and will require a bigger home for your family.
