There are both pros and cons to buying a home, single woman or not. If the benefits are things that you care about at this point in your life, they can be extremely satisfying.
Compared to renting, 5 benefits to owning are outlined below. See what speaks to you,and take both pros and cons into consideration.
- Not having to move if your landlord decides to sell his rental, or if he needs to rent it to a family member or friend. When I was 8 months pregnant with my second child, just 5 months into a month-to-month contract, I got a call from our landlord. I had a sinking feeling when I heard the nervousness in her voice, and then she gave it to me- the famous 30-days notice. I cried. “I’m having a baby in 30 days!” there was nothing they could do, they had to sell the property to cover another investment that was losing money, and I was stuck house searching with a toddler in tow and ready to go into labor any minute. Owning a home means that as long as you are making your financial commitments, you are in complete control of being able to stay in your own home.
- Not worrying about your monthly housing expense increasing. As the market fluctuates, some landlords will continue to be thankful that you’re a good tenant and pay your bills on time, but some will decide to raise the rent because they think they can get a higher monthly payment now than they could 2 years ago when you signed your lease. At times this can even jump hundreds of dollars a month! With home ownership, as long as you are saving and anticipating for needed home repairs, your monthly payment to the bank is always predictable and stays the same the entire duration of the loan.
- In most cases, you will move less often. Many people that rent move fairly often (often due to the two points above), and with each move, there are expenses. Most landlords require that the carpets are professionally cleaned, which costs a couple hundred dollars. In addition, there is the overlap that you are paying double rent, even if it’s just for a weekend, as your things are moved. Applying for new rentals often costs $20-$40 per person applying for a credit and background check, per rental application! In worst-case scenarios, a nit picky landlord can nickle and dime away most or all of your security deposit. Moving creates wear and tear on furniture and other belongings as well.
- Tax Deductions. If your monthly payment (not just the mortgage – but taxes, insurances, etc) is the same as what you would be paying in rent, the bonus is that home ownership gives you a tax deduction as well!
- Hanging Pictures, investing in furniture, and making the house into a home. While renting, decorating is hindered by the idea that in 6 months to a couple years you will be moving again, for sure. At that time your house will be gone over with a fine tooth comb, and you’ll be repairing every wall that you hung a picture on, taking out any shelf paper you put in, and re-painting any room you added a bit of color to. When you own a home you’re not stuck with rental-white walls, flat paint in the kitchen, or minimal decor because you don’t want to spend much on something that might not work with your next house.
I am not a professional real estate agent, broker, or financial adviser. I have no qualifications to give financial, investment, or real estate, or any other advice. I'm a single woman sharing what she has learned, and I encourage you to always double and triple check information found here. The content of the pages of this website is opinion and personal experience only. It is subject to change without notice.
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