Pros and Cons of Buying a Home on Your Own

a year ago
This article was written by a member of the SheKnows Community. It has not been edited, vetted or reviewed by our editorial staff, and any opinions expressed herein are the writer’s own.

When you’re buying a home, it can be a very stressful situation.  For many, even with multifamily leasing technology, it can be quite the endeavor. However, there are pros and cons to everything, and this article will go over what is great, and not so great about buying a home when you’re a single person, and what you should look out for.

The pro to this, is you’re building equity.  If you’ve ever written a rent check and thought about any equity you would be building, then you’re not strange. In many cases, sometimes mortgage is a lot less than what you spent on rent.  Many people get aggravated by this, and even with the multifamily leasing technology of an apartment, it can be quite the situation.  In many cases, it can be almost the same, or comparable to rent payment, and one of the big benefits that you can get is that equity does grow when you buy a home, versus when you rent.

However, there is the con that is harder for toes that are solo to buy a home. Usually, with others and with multifamily leasing technology, it can be easier, but if you’re single and not a married couple, it might be harder, because it can create this situation of the expenses are higher, and if kids are in the picture, it might be harder. Think about that, and compare loans before you come out of this.

Now, another pro, is being a homeowner is a huge accomplishment. You’ll never feel more accomplished than getting a home on your own. It’s definitely a good feeling, and if you’re up for the challenge, it might be a whole lot better for you as well.

Then, there’s the con of you might have to change your lifestyle, including commutes. In many cases, you might have to settle for a longer commute because you get more in the suburbs, or even in the country.  It can be harder for you, and in some cases, might require a job change, so remember, you’re not just buying a home, you’re buying a lifestyle change.

Then finally, there’s the pros and cons of, you get to take care of the place you’ve probably been living with the luxury of a landlord having repairmen come to fix things, well, it’s on you. you get the benefit of being able to change how your home looks, but remember, if anything breaks down, either you’re going to have to spend money to call someone to repair it, or do it yourself. This is probably the biggest pro and con, because there’s many freedoms, but also monetary limitations.

By looking at the pros and cons of each, you can determine if you feel you’re ready for this purchase, of if this is something that you believe is something to be waited on until you’re in a better and more viable financial situation for yourself as well.