While you may think that homeownership is exclusively for families seeking the white picket fence lifestyle, an increasing number of childless couples are deciding to make the switch from renting to buying. Couples without children are actually in the prime position for buying a home, as they do not face the same monthly costs for food, clothing, school and other expenses that come along with having kids. If you and your partner are accustomed to renting but are considering taking the plunge into buying your first home, consider these benefits of buying a single-family home that apply directing to couples without children.
Owning is Cost-effective for Childless Couples
In today’s market, and with the presence of affordable home builders such as LGI Homes, it is often far cheaper to purchase a home than it is to rent. In fact, in March 2012 Trulia reported that owning was cheaper than renting in 98% of all housing markets nationwide. Because so many people are opting to rent instead of buy, rental costs are at an all-time high while mortgage costs are sitting at a historic low. Chances are, homeownership will be most cost-effective during this time in your life since you and your partner only have yourselves to care for. If your future plans include having children, consider whether or not you want to come up with a down payment for a home now or after you are also trying to juggle groceries for a family, school clothes and supplies, medical bills and other regular costs associated with having kids.
Owning is an Investment
When you choose to rent, you are only investing in one thing; the wallet of your landlord. While you may benefit from having a space to house your belongings and a roof over your head, there is no long-term benefit in renting. Homeownership comes with a variety of benefits you and your partner may have never considered, including tax deductions, credit score improvement when you make your payments on time, price appreciation, capital gain exclusion and the pride of owning your own place. When you decide to purchase a home, the money you spend each month is going toward a day you no longer have to make monthly mortgage payments. When renting, you will spend money every month for the rest of your time living there, with your rates often going up with each lease renewal. If you do plan on having children in the future, owning a home can provide something that can be handed down to them when they become adults. Many houses stay in families for generations. This is not the case with rental properties. If you do not plan on having children, your home can be an investment in your retirement and you may be able to sell it for far more than you paid once you reach your golden years.
Owning Provides More Space
If you have spent your relationship living in a cramped apartment, it’s likely you have had to make more than your fair share of compromises when it comes to space. When you buy a house, you will suddenly have far more space to share between you. You can dedicate a room to your own personal library or office, while your significant other can have the art studio or game room of their dreams.
Owning Provides Flexibility for the Future
While it’s true that owning doesn’t provide the ability for you to just up and move if your plans change, homeownership provides a lot of flexibility in other areas related to changes that may occur in the future. If you do decide to have children, you will already have the space you need for a nursery and will have established yourself in the neighborhood. If a close friend or family member falls ill or has some other unfortunate event happen to them, you will have the space to provide a temporary or long-term home for them. If you decide to change careers and pursue self-employment, you will have the room you need to set up a home office. And, if the desire to move to a new location does occur, you can always rent out your home for profit and use it as a source of income.