The traditional path for adulthood used to look something like; go to school, get married, have a family, and buy a house. Most people did not even think about buying a house until they were married and start to have kids. However, with today’s generation choosing to get married later in life or waiting to have kids or choosing not to have them altogether, why wait on buying a house? Buying a house solo may seem impossible, but the process can be easier than purchasing as a couple.
Paying rent month after month is essentially money that you will never get back. When you own your home, the monthly payments you make can become equity and when you go to sell you can see the benefits of those payments.
Buying a home before you are married also means that you will be able to choose a home that 100% fits you. Marriage is all about compromise, and giving in on the location and certain amenities is something that you will not have to consider when purchasing as a single. So, if you would prefer to live in a small townhouse within the hustle and bustle of the busy city, you won’t find yourself talked into a rural home that takes you away from close friends and activities you enjoy.
Buying a home before marriage also gives you stability in your future moving forward. If you do decide to marry one day and move to a new location the equity that you have built in your existing single home will help to finance the larger home, you will most likely want. Selling your current home can provide you with some, or all, of the down payment you may have struggled to save as newlyweds.
Keep in mind as long as you purchase a home that you can afford on your current income you are making an investment for your future. Owning a home is the number one investment most people make and if you are still in your 20’s or 30’s you will have a huge time advantage of wealth building on your side.