Yes, You Should Still Buy A Single Family Home If You Have No Children
Many couples who don't have children often wonder if they should consider buying a single-family home only for themselves. Some have the misconception that single-family homes are usually only for families which include children, but that isn't the case. Anyone who has the means to buy and the ability to keep the home up can buy one. In fact, it's actually a very good idea to go with a single-family home than to buy a condo or to continue to rent.
Here are some reasons why a couple who is childless should still consider buying a single-family home.
Single Family Homes Are Cost-Effective
Depending on where you live, single-family homes are affordable, especially for couples or single people without children. There are homes that are being built economically every day which makes them more affordable for couples. It can actually be more cost-effective for a couple to buy a single-family home than it is to rent.
Rents go up every year, making it increasingly more expensive year after year to rent. That money doesn't go into an investment or build equity for you, it simply goes to the landlord or owner of the apartment or home. Owning a home can actually be cheaper in many areas, as mortgage rates tend to be low enough that your monthly payments will be less than what you would pay in rent.
While you still have utilities to pay, payments for property taxes are not done every month in most cases, which can save you money. Plus, many renters pay for renter's insurance, and it won't be much of an added expense to insure the home.
It Can Help Your Finances
While single-family homes do come with a large expense, this is spread out over years, and as you pay down the principal cost of the home, your expenses will become less over time. Single-family homes can actually help your finances and even improve your credit score.
You get the benefit of several tax deductions that you would not get while you are renting. Every time you make your payments on time, your credit score improves, and if you should need a loan at a later date, you have the collateral to get one and the higher credit score to prove you are a good risk. The house will also appreciate in value over time. If you ever wish to sell it, you should receive more from the sale than you paid for it.
Gives You Flexibility For The Future
Single-family homes can help provide you with flexibility for your future too. You may not have children now, but you might plan on having kids in the future, and you will have space for them. Also, in the future, a parent or friend might become ill and need care, you may wish to have them live with you to care for them.
You may decide to open a new business, or perhaps your office will allow you to work from home. A single-family home gives you the space you need to build a home office, studio, or anything else you might need for your business to succeed.
