Considering Buying A House While Single? Read This First...

Single people are not a monolith, chances are that not two people coming across this post will be in the exact same situation. Still, there are some common questions most single people ask themselves. Before you make the leap, keep reading.

Generally, single people that buy homes tend to do so when they are older. Often, it happens after having been married or had children. Young single people generally don't tend to purchase a house compared to couples or families. Nevertheless, buying a house while single is not exceptionally rare.

Since single people are single for a variety of reasons, let's break down lists of what you need to consider based on your living situation and outlook for the future.

First up, Single Parents.

After reading about house prices, house buying tips and house buying strategies, you may be thinking of investing in your own house. As a single parent this might seem like an incredible opportunity to put down roots for yourself and your family.

However, before you take out a second mortgage on the house that you already have or rush into house hunting, it's important to take stock of what buying a house as a single parent means.

Finances, it's always about finances. Being a single parent means triple checking and that goes for chequebooks too. It doesn't matter if you're currently making enough money to house yourself, your children and the dog. Before you start house hunting it's advisable that you look at mortgages with lenders who are happy to accommodate single parents.

Buying a house is a complicated process that involves moving around large sums of money. Thinking about college funds, retirement, and more can be incredibly stressful for anyone let alone someone house hunting with children in tow. Consider your house buying options carefully and take advice from experts before you proceed down the house buying process.

However, if you are sure that house hunting as a single parent is the right option for you, then be smart about it. The first step, just like for all parents, would be to look for a house in an area that's secure and safe for your children.

House hunting as a single parent also means house hunting on your own. So, before you go house hunting consider if house-hunting by yourself is something that would help- or hinder your house hunting process. While it will ultimately be your call, what about the children's opinions?

When you're leading the pack, it's helpful to believe in the house hunt. What does that mean? Optimism is contagious, and a positive mindset will help keep the process engaging for everyone involved. Listen to your gut, if you don't think that a house will work for your family, then it probably won't.

Try house hunting when you and your children are in a good mood. A house is a big purchase, and it's important to try to enjoy the house hunt rather than let it stress you out. If your kids aren't exhausted after house hunting, then you probably didn't house hunt long enough (and if they're exhausted from house-hunting, then you found a house to maybe consider).

Timing is also a big factor, should you try to find the right home during the week? House hunting can be tiring, so it's good if you can set appointments for weekends only. That being said, house hunting isn't always easy to schedule around work and school schedules, so if something seems promising take the leap and go during weekdays. If your children are coming with you, then making a whole day out of it could be a great bonding experience.

Most single parents look for three things when house hunting: space, safety, and affordability. Finding the right balance will vary immensely based on your situation. Is it worth looking for a big bedroom for the older one setting off the college in the Fall? Are there enough bathrooms for the morning rush? Juggling all these considerations isn't easy but in the long term, it will be worth the temporary headache.

A new house is a new beginning but also a continuation of your story as a family, it's a big complicated step but, with the right mindset, it will pay off a thousandfold.

Single and loving it.

Maybe you find yourself in a position where a family is not a priority and neither is a relationship that warrants more than an extra toothbrush. Whatever your reasons: more power to you.

You understand the difference between solitude and loneliness, so what do you need to consider if you want to buy a house on your own?

Let's talk logistics first. Buying a house is expensive, so will you live alone in the home or will you rent our part of the house? If you want to live alone and prefer your independence and privacy, then you need to be ready to shoulder all the costs associated with the house. Renting part of the house means an easier time financially but you would be sacrificing some of your independence and privacy.

Will it be possible for you to maintain the home without inconveniencing yourself? Buying a single house may not always be your best option if you are single because maintaining single homes may require more time, effort and money than if you shared the single house with someone else. Scheduling repairs, cleaning, all of the administrative upkeep on amenities.

Though you may be stable enough to afford the house upfront, emergencies happen. It's important to consider if you can still meet mortgage payments even if something unexpected happens. Of course, that applies to families and couples as well but when you're the only person in the household, the extra costs can pile up.

Single and a hopeful romantic?

Though you may be single while buying the house, you may be open to sharing that home with others eventually.

While all of the previous concepts for single people content living on their own apply, you also need to consider a few things unique to your situation.

If your house matches your aesthetic sensibilities, you might have to compromise in the future. This could be as simple as rearranging furniture but in the worst cases, it may mean moving out completely. This factors into your mortgage, both its type and duration.

Thinking about the future is important but so is the present, you need to be sure that the home you buy can function both for a single person at first and for a couple or family later. That versatility can be hard to reconcile with the house's location or other factors like its layout.

The major issue with buying a house while single, one that's almost prohibitive enough, is the cost. Coupled with the possibility that future partners may not like it, the big investment might be one huge sunk cost.

At the end of the day...

Buying a house when single is more of a risk. The usual challenges are more acute, the risks greater, but if a house is what you need, it's best to come to the negotiation table with questions answered and armed with knowledge. And a very strong financial foundation.

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