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Things to think about when buying a home solo

Monday, September 14, 2015 @ 1:22 PM
Posted By: Nancy Neville

According to a recent study, about 20 per cent of Canadian homebuyers are singles and of that number about 45 per cent are women. In fact, Statistics Canada Census data shows that for the first time ever there are more people living alone in Canada than there are couples with children. Households of one comprise 27.6 per cent of all homes. That's three times as many since 1961.

If your stability quotient is high - you've been at your job a while and you plan on staying in the same city - buying is certainly a better option than renting given today's low interest rates.

But there's no doubt that saving up for the down payment will be more challenging with only one income to depend on. Ditto that for your monthly mortgage payments, condo fees and the maintenance that accompanies homeownership.

You should also consider your lifestyle. With more of your income going to your new house or condo, you may not be as free to spend your earnings on pricey clothes, dinners out and exotic travel.

What will your chore list be? If money is a concern you probably won't be hiring someone to shovel snow, cut grass and wash windows. Do you have the extra time for these jobs?

Your location should be as equally important a decision as a couple buying a home but perhaps even more so. As someone who lives alone, you'll want to be safe and secure in your new digs so check out the neighbourhood's crime rate. Install a security system. Walk the neighbourhood to see how safe you feel.

Buying a home is a smart investment ¬and one that you'll feel proud of for years to come – enjoy the feeling that comes with home ownership!

Category: Real Estate

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