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As a single person, the thought may have crossed your mind whether it’s a good idea to purchase a home. Once single people complete their schooling, many focus on developing their new careers, delaying the contemplation of buying real estate property. While many are attracted to the thought of owning a home, many singles count on being married within the next several years and decide to postpone thoughts of purchasing a house until then.

While this strategy may seem feasible in the beginning, over time many singles discover their marriage plans fail to materialize as anticipated. Yet while these individuals continue to wait for the perfect mate, home prices can drastically increase. If these individuals had purchased a home earlier, they could have taken advantage of a low interest refinance and paid less than renting. Plus they missed out on valuable tax deductions and an opportunity to build a sizable amount of equity.

Statistics reveal one out of seven homes in the United States is purchased by a single homeowner. Over half of those single homebuyers are women.

If you’re a single individual who finds themselves still renting, don’t become susceptible to the same problems many other single renters encounter. Prioritize your goals to make purchasing a home important. If you find your credit isn’t strong enough to qualify for a mortgage loan, try exploring creative alternatives such as renting out a portion of the property to roommates, purchasing a property together with family and friends, or locating real estate with rental income such as a duplex or triplex. Here are some other positive features other single homebuyers have reaped by becoming a homeowner:

1) Owning a home is an achievable goal completely within your control. Choosing marriage and starting a family can delay your goals of home ownership.

2) You can build greater courage from the process of studying how to buy a home, setting up a budget, and making whenever sacrifices are necessary to reach you goal.

3) When you own real estate, you receive great tax benefits and a great source of rental income if you decide to move of the property.

4) After consulting with a mortgage lender or local Realtor, many single homeowners were surprised to discover the cost of home ownership wasn’t much more than the cost to rent (before tax deductions).

5) When you own property, you develop a sense of harmony as well as benefit from having a meeting place for your friends to gather.

6) Home ownership provides a valuable financial experience so you can branch off into other forms of investments such as IRAs and stocks.

As you live the single life, you can expand your financial experience by owning a home. Avoid the misconception of believing you should wait to buy a home when you’re married. Placing all your hopes on a future event may prove to be a bad decision.

If you want to view Fullerton homes for sale, then call these Fullerton Realtors to help you see one.

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