“Adulting” Buying A Property As A Single Person
Whether you are moving on in life or taking those first tentative steps into “adulting” like a pro, buying a property can be an overwhelming experience. While most people consider a property to be a place for a family, should single people make that leap and buy a property of their own? Let’s have a look.
The Initial Concerns
Money is always going to be an issue, and now, with the UK market being so precarious, it’s hardly a surprise that the numbers of, not just single people, but professionals buying their own property, have gone down. If you are looking to the future, but at the moment you feel you’ve got an expendable income, it’s not surprising that you don’t want to compromise this to invest so much money into a home. On the other hand, if you are financially independent (in which case, lucky you!), there are many positives to owning your own home. You don’t have to live with other people if you don’t want to, and you have that tangible security. You won’t have landlords writing to you with one month’s notice that you need to vacate!
While you are responsible for the boiler if it breaks down, you can also do whatever you want to the property. While it’s worth looking to the future, especially if you’ve bought a house and you intend it to be full of children someday, you should make the most of the space you’ve got right now. It’s a luxury that not many people have, and you may as well make the home as close to your perfect vision as possible. You can work with contemporary architects to build your perfect home over time. While there’s no real rush, you still want to have a property that’s yours to enjoy. This is one of the major upshots of buying a home as a single person.
You’ve got a property that is yours to mould. But for the issues a mortgage can throw up, the real freedom of having your own property gives you the chance to do whatever you want to it and live in it however you want. For example, if you miss having someone to live with, you can easily advertise for a housemate that will reduce your outgoings but on the other hand, you’ve got the responsibility of another person in your precious property. But having a home that’s a base, can give you the option to do whatever you want in life. You could take a job abroad, and rent out the property, and while this is a lot of responsibility, the financial benefits are lucrative.
So many people don’t consider buying a house as a single person, because it can feel financially impossible. But if you make the necessary plans, and you are in a position to buy a property, there are so many positives to owning your own home in comparison to renting, but the overarching freedom is something that we don’t generally consider. Think on!