Buying a house while single?

Anna786

Hi,

I am 22 and recently graduated from university this summer and managed to get a job soon after. I am currently living with my parents rent-free therefore can save almost all of my income, (my only outgoings are car insurance and road tax). I have always been frugal and worked part-time during university and have saved a substantial amount in addition to birthday money, gifts and scholarship.

I’m undecided on what to do next, I want to purchase a property and can put a deposit down next summer but I’m single :A. Is it a good idea to buy a house whilst you are still single? It seems the usual pattern majority follow is to find a partner, have children, marry and then look to buy a house. Oral least wait till they are in a long-term relationship so they can make a joint mortgage application with 2 incomes, increasing the chance of getting a good mortgage deal.

In a nutshell, should I go ahead and just put deposit down for a property next year? Or should I continue to keep saving in the hope that I’ll meet someone and buy in the future?

Do you know any family or friends who are single or have brought a house whilst single and then they met someone afterwards?

Any advice, stories or information will be much appreciated.

Thanks

diggingdude

I'm looking to buy. Mid 30s single male if there are any nice ladies out there

xylophone

In the meantime, consider a LISA?

https://www.moneysavingexpert.com/savings/lifetime-isas/

No reason why you should not buy as a singleton - I did, and so did young relative at age 24.

If you aren't ready yet, keep saving and wait until you are ready to commit to a purchase.

Slithery

Me and most of my friends weren't married and didn't have kids when we first purchased.

Anna786

I think it’s better to continue saving, its only because next summer I’ll turn 23 and I feel like I need to get on with life and get on the property ladder. The more I save the bigger my deposit and better deals I can get.

Also after we leave the EU property prices will decline so it seems like it would be better to wait it out a year or so.

Lurkingtoposting17

I’m buying a home to live in, as a single woman. Because
A.) I don’t need a man to buy a house.
B.) I have the money to support myself and my lifestyle.
C.) I need a home.
D.) I will always need a home, but I may not always have a man.

Protect and look after yourself. Nothing else is guaranteed in life.

If you meet someone just make sure you understand exit fees for mortgages, porting options and possibilities to rent should your life change and in time you want to make a sensible, informed decision to share your home or move.

As previous threads, now deleted, on here show - you just need to know what you are getting into and not walk into it blindly.

Bossypants

I bought a home as a single woman for my physical and emotional comfort and have never regretted it. It was never a consideration for me, but if it helps lots of my more relationship-oriented friends did the same, and when they eventually found their partners, many found that they had a place of their own too. Some moved in in one of the homes and let or sold the other, some sold both and bought a bigger place together, some let both and rented together, etc. Buying a place doesn't mean you are tied to it forever, it just means you don't have to move unless to choose to, so long as you can afford the bills. That's a security you'll never get in a private rental.

Anna786

In reply to Lurkingtoposting17:

That’s true, it’s not good to depend on a man, it’s no longer the 16th century. It’s better to be financially independent as opposed to playing the housewife role. I have seen relationships fail all the time, even in my own family, getting married no longer promises a lifetime of happiness as there’s always the divorce clause. A man can always leave me whereas I’ll always have my property, it’s a huge asset to have.

Since my penultimate year, everyone in my course were looking for flatshares and moving in with friends. At that point I knew I wanted to own my “own” house, to me renting is money down the drain, at least if you have your own house after paying off the mortgage it’s yours. I’m always window shopping on rightmove.com for houses as I can put an offer next summer, But it seems majority buy with a partner, I suppose it’s not always good to follow the crowd.

steampowered

I don't agree that the normal pattern is to buy a house after getting married and having children.

Plenty of people buy a house when they are single. I am sure everyone would if they were in a position to do that - the main reason why people don't is simply because they can't afford it.

If you are single now, it would presumably be quite a long time until you get to the stage of marriage and kids. I think you have to focus on your own position.

If you want to move house later you can always sell it !!!

babyblade41

I bought a house as a couple , but also bought one on my own then got divorced and then always bought on my own.

It was always my security .. I'm always in the belief you can't go wrong with bricks and mortar if you can afford to do so .. I know some people don't agree but I would always consider buying whatever my relationship status as long as all the figures add up OK

Anna786

Thank you so much to everyone for taking the time to reply to my post! I have decided that I will continue saving while I have the advantage of living at home with my parents. I will keep saving so I have 20-25% deposit. With Brexit round the corner it’s bettter to save and see the aftermath of it