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Old 09-11-2019, 04:41 PM
 
2,004 posts, read 866,351 times
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Iím single and donít really need much space, but Iíve decided to buy a home next year. I just want my own place where Iím not living in an apt on top of a bunch of strangers. My only fear is buying a home limits your mobility. Youíre kind of stuck and if you donít like it or want to move, itís a hassle and expensive. I also like the idea of not having additional unknown expenses Iím responsible for. Like needing a new roof, something breaking, etc. What is everyoneís experiences in going from renting to buying? Particularly as a single person?
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Old 09-11-2019, 04:49 PM
 
Location: Omaha, Nebraska
7,518 posts, read 4,312,849 times
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There's no question that both of your concerns are valid. Things WILL break unexpectedly and you will have 100% of the responsibility for getting them fixed. That's why you need to set aside about 1% of your home's value every year into a maintenance fund, so you will be prepared when the inevitable happens.

Home ownership is definitely less stressful if you have (or are willing to learn) some basic handyman skills.
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Old 09-11-2019, 04:56 PM
 
Location: Salem, OR
14,101 posts, read 33,257,455 times
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So I never bought a home as a single person, but have sold homes for single people that went back to apartment dwelling. The ones that bought homes as singles and then sold them a couple of years later, all said the same thing. Homeownership is one project after another. Whether it is yard work, painting, repairs, etc. You have to be willing to put some time into maintaining the home or have the funds to hire it out. Homes aren't just about repairs, but regular maintenance like roof moss treatments, gutter cleaning/sealing, pressure washing, window cleaning, caulking, etc. It was ongoing weekend work that did these singles in and they put the home up for sale.

Unless you want to devalue your investment, you must regularly maintain your home. You gain space away from people in apartments, in exchange for weekend work around the home.
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Old 09-11-2019, 04:57 PM
 
Location: The Triad (NC)
29,033 posts, read 63,203,245 times
Reputation: 33214
Quote:
Originally Posted by Berteau View Post
I’m single and don’t really need much space, but I’ve decided to buy a home next year.
I just want my own place where I’m not living in an apt on top of a bunch of strangers.
It's a shame that sort of preamble seems required.
Lot's of people want or need the space for al sorts of things.

Quote:
My only fear is buying a home limits your mobility.
You’re kind of stuck and if you don’t like it or want to move, it’s a hassle and expensive.
I also (don't) like the idea of not having additional unknown expenses I’m responsible for.
No doubt there are issues to consider and these are at the top of most lists.

What it mostly comes down to is how likely it is that you'll continue to live there
and presumably work at the same job and the same town for the next X years.
If you're sure... then it's 90:10 you buy; there's really no question to it. (X beginning at 5-10yrs)
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Old 09-11-2019, 04:58 PM
 
Location: OH>IL>CO>CT
5,346 posts, read 8,616,982 times
Reputation: 7413
Quote:
Originally Posted by Berteau View Post
Iím single and donít really need much space, but Iíve decided to buy a home next year. I just want my own place where Iím not living in an apt on top of a bunch of strangers. My only fear is buying a home limits your mobility. Youíre kind of stuck and if you donít like it or want to move, itís a hassle and expensive. I also like the idea of not having additional unknown expenses Iím responsible for. Like needing a new roof, something breaking, etc. What is everyoneís experiences in going from renting to buying? Particularly as a single person?
So rent a house instead of an apt.
I bought a house because I wanted to be in control of if and when things needed attention. And "pride of ownership". Also the long term growth in equity is an nice thing. Having bought and sold 5 homes over 40 years, its only as much of a "hassle" as you let it be.
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Old 09-11-2019, 07:03 PM
 
Location: Western MA
1,645 posts, read 1,087,007 times
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As a compromise, consider a townhouse?

Otherwise, consider what type of work you are ready and willing to do and figure out how much it will cost to hire out for other stuff. I hate yard work and knew that going in, so I was happy to find a place with a small yard. I have landscapers for mowing and yard maintenance, so I can just enjoy my outdoor space and not deal with all of that. You've got to figure out your monthly budget and see what you can afford.

Regarding roofs and other stuff: you can make sure you don't buy a house with an older roof. You can find out the age of the various systems. Home inspection will help with some of this. But, something will always go wrong too. You just want to make sure that you bake in a good house emergency fund into your budget. Never buy the max that you can get approved for. That is a recipe for disaster.

Bottomline, consider your lifestyle and be realistic about your budget. Talk to your friends and colleagues about their homes -- hopefully they can be honest about the pros & cons.
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Old Yesterday, 07:28 AM
 
Location: Northern Virginia
5,167 posts, read 5,521,778 times
Reputation: 12815
Quote:
Originally Posted by Berteau View Post
Iím single and donít really need much space, but Iíve decided to buy a home next year. I just want my own place where Iím not living in an apt on top of a bunch of strangers. My only fear is buying a home limits your mobility. Youíre kind of stuck and if you donít like it or want to move, itís a hassle and expensive. I also like the idea of not having additional unknown expenses Iím responsible for. Like needing a new roof, something breaking, etc. What is everyoneís experiences in going from renting to buying? Particularly as a single person?
Your concerns are real and valid.

If you enjoy renting but not apartment living, a compromise would be to rent a single family home.
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Old Yesterday, 08:23 AM
 
Location: Florida -
8,876 posts, read 11,037,660 times
Reputation: 17084
Quote:
Originally Posted by Berteau View Post
I’m single and don’t really need much space, but I’ve decided to buy a home next year. I just want my own place where I’m not living in an apt on top of a bunch of strangers. My only fear is buying a home limits your mobility. You’re kind of stuck and if you don’t like it or want to move, it’s a hassle and expensive. I also like the idea of not having additional unknown expenses I’m responsible for. Like needing a new roof, something breaking, etc. What is everyone’s experiences in going from renting to buying? Particularly as a single person?
You are indirectly paying fore things, along with taxes, insurance and other expenses, as part of your monthly rent. However, renters don't gain any property appreciation or equity, which has long been the mainstay of the investor-rental market. (Of course, owning requires a larger initial and ongoing investment than 2-3 months in renter deposits.)

Even greater rental mobility is not completely cut and dried, unless one rents on a month-to-month basis instead of an annual lease.
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Old Yesterday, 08:29 AM
 
Location: Raleigh
8,513 posts, read 6,383,508 times
Reputation: 11887
Quote:
Originally Posted by Berteau View Post
Iím single and donít really need much space, but Iíve decided to buy a home next year. I just want my own place where Iím not living in an apt on top of a bunch of strangers. My only fear is buying a home limits your mobility. Youíre kind of stuck and if you donít like it or want to move, itís a hassle and expensive. I also like the idea of not having additional unknown expenses Iím responsible for. Like needing a new roof, something breaking, etc. What is everyoneís experiences in going from renting to buying? Particularly as a single person?
I'm married, but recently bought my first home a couple of years ago.

The first thing to consider is that you're not at a LL/PM's mercy when it comes to doing things like you want. Want a dog? Have at it. Paint your bathroom Pink? Go for it.

You should know the neighborhood to an extent ahead of time. Bad neighbors are less annoying because there's simply more distance between you.

Roof, HVAC, and to a lesser extent plumbing and wiring and foundation are going to be your major expenses, but a home inspection should shed light on all of that.
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Old Yesterday, 08:53 AM
 
Location: Tennessee
24,353 posts, read 18,138,230 times
Reputation: 28618
Quote:
Originally Posted by jghorton View Post
You are indirectly paying fore things, along with taxes, insurance and other expenses, as part of your monthly rent. However, renters don't gain any property appreciation or equity, which has long been the mainstay of the investor-rental market. (Of course, owning requires a larger initial and ongoing investment than 2-3 months in renter deposits.)

Even greater rental mobility is not completely cut and dried, unless one rents on a month-to-month basis instead of an annual lease.
I'm closing on an inexpensive townhome ($96,500) tomorrow. With 3% down, my all-in PITI with taxes and insurance in escrow is $659/month. The townhome has been completely remodeled, with new stainless steel appliances, new granite, new laminate flooring, and freshly painted. 2BR/2BA, with a loft that could be used as an office or small bedroom, and a ~550 sq. ft garage. The current owner is a dentist who had it remodeled and then moved out of the area.

Renting something similar here with stainless and granite in a townhome/PUD configuration would easily be $1,000/month. I should make up my upfront costs within a year and a half.

This condo was on the market for less than a week with mine and at least one other offer. I'm not that worried about selling it later. I'm not looking to make a lot of money off of it, and I don't think it will be a stretch to get my costs accounted for and move it if I need to leave area.

When I left my last lease, I was about ready to lose my job and moved out of state on short notice. There were plenty of people on a waiting list in my complex. The complex sent me an initial bill for about $3,000. I eventually paid them like two months rent. Leaving early on an annual lease may be more expensive than selling an inexpensive property.
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