Does it make sense to buy a house when you're still single?

[showmethemoney2009]

Are there any single male or female here that bought a house and lived alone?

Everyone I know who are buying houses are couples who are looking to start a family together. But what if you don't find that special someone (refer to the recent 'shy' thread), are you resigned to living in condos or your parent's basement forever? On the other hand, it seems a bit odd to buy all that space and it's just you occupying it. I'm not talking about a mansion or anything, just a $250K-$300K townhouse.

[Piro21]

If you can do it, do it. Just remind yourself if you do meet that special someone you'll most likely have to sell and move elsewhere, unless they love the area you live in as well.

[randomthoughts]

I like it! Having extra rooms to stash stuff is kinda nice, even if I don't use all the bedrooms. I've lived in really small spaces and comparatively large spaces... I much prefer rattling around in a house by myself than being in a smaller more 'fitted' space.

[-=phelan=-]

There's nothing wrong with owning a house by yourself. It's an investment that you live in :)

[angel_wing0]

There's nothing wrong with owning a house by yourself. It's an investment that you live in :)

+1. Nothing wrong with that. I know tons of single ppl that own their own condo.

[YoungDr3amer]

I strongly disagree.

Clearly a poor investment decision if you choose to "buy your first" house when you not involved with another person.

Far too many obligations for one individual to maintain.

Again, I strongly advise a more suitable place for living for the short-term until further decisions are thoroughly thought out and finalized.

[latin-dss]

I think is much better to buy a house when you are single.. Once you get married and then later in life you get divorced, then you won't have to splt your house with your future-evil wife any more since its not part of the marital property, since you brought it to the marriage

[Icedawn]

I think is much better to buy a house when you are single.. Once you get married and then later in life you get divorced, then you won't have to splt your house with your future-evil wife any more since its not part of the marital property, since you brought it to the marriage

Yeah... at least for most of Canada, this is not correct.

[John75]

I recommend it if you can do it. I did it age 24. I had some good equity into it before I got married at 29. When it comes to buying properties its best to get involved as eariler as possible. Compare prices today from 10-15yrs ago and you will see why.

[Piro21]

I strongly disagree.

Clearly a poor investment decision if you choose to "buy your first" house when you not involved with another person.

Far too many obligations for one individual to maintain.

Again, I strongly advise a more suitable place for living for the short-term until further decisions are thoroughly thought out and finalized.

Why do you say that? A properly sited house shouldn't be much more trouble than an apartment or a house with other people. My 50-year-old aunt has lived in a house caring for my paralyzed uncle by herself for nearly a decade now.

[Jucius Maximus]

+1. Nothing wrong with that. I know tons of single ppl that own their own condo.

I am a single person with my own condo.
But I would ultimately like to upgrade to a house even if I'm still single. (PM me if you want to know why I think houses are better than condos.)

Houses are excellent hedges against inflation, and I think that owning one is the cornerstone of personal wealth.

[Piro21]

(PM me if you want to know why I think houses are better than condos.)

Just post the reasons here. I personally wouldn't buy a condo because I think they combine all the worst qualities of houses and apartments, but people seem to love them these days.

[YoungDr3amer]

In order for us to come to an adequate conclusion, we would need more information from the OP.

With specifics and given individual realities, possible proposals can be discussed and decided what is best for him/her.

[showmethemoney2009]

I like it! Having extra rooms to stash stuff is kinda nice, even if I don't use all the bedrooms. I've lived in really small spaces and comparatively large spaces... I much prefer rattling around in a house by myself than being in a smaller more 'fitted' space.

Yes, I can picture the freedom - I tend to think better when I'm in that kind of environment as opposed to the cramped sardine can compartment that we call a condo.

Are there any drawbacks or pitfalls that you've come across though? YoungDr3amer's post alluded to the fact that I could potentially waste the 1-time use of the First Home Buying Plan and also the fact that I could be overwhelmed with other obligations.

[muchacho_007]

I hate condos because of the maintenance fees.

However, if you have the money, buy a house that you can live in & rent.

[showmethemoney2009]

If you can do it, do it. Just remind yourself if you do meet that special someone you'll most likely have to sell and move elsewhere, unless they love the area you live in as well.


Oh I can do it. Basically, I should be able to afford a $300K home. But I'm extremely cautious as there is no turning back once I make the decision.

[VivienM]

Are there any single male or female here that bought a house and lived alone?

Everyone I know who are buying houses are couples who are looking to start a family together. But what if you don't find that special someone (refer to the recent 'shy' thread), are you resigned to living in condos or your parent's basement forever? On the other hand, it seems a bit odd to buy all that space and it's just you occupying it. I'm not talking about a mansion or anything, just a $250K-$300K townhouse.

Define "house" please.

Are you talking about a single-family house?

Are you talking about a 'real' (or freehold) townhouse? i.e. you own a piece of land, but there are other units on each side of your unit.

Are you talking about a 'fake' (or condo) townhouse? i.e. you own a floor or two, you don't have a real basement/garage/etc, and you pay condo fees.

My view: if anything, a bigger property is a wiser bet for a single person. If you believe, as I do, that the market will crash, and you haven't completely given up on love and coupledom, it's PROBABLY a good thing to have a place where your new spouse could move in and where ideally you could fit a kid or two in a pinch. The last thing you want is to lose a huge bundle because whoops, you can't fit your new spouse in the condo that was just right for a single person and you HAVE to sell in a down market.

Finally, as some others have said, if you're considering getting married down the road, ask your lawyer about the dreaded two words: matrimonial home. At least some provinces have very draconian rules on what happens to the matrimonial home on divorce - it's not the usual "you get to keep what you brought to the marriage" rule...

[brunes]

I strongly disagree.

Clearly a poor investment decision if you choose to "buy your first" house when you not involved with another person.

Far too many obligations for one individual to maintain.

Again, I strongly advise a more suitable place for living for the short-term until further decisions are thoroughly thought out and finalized.

This is a bunch of BS. You have no idea what the OPs financial situation is so how can you claim there are "too many obligations for one individual to maintain" ?

I bought my house when I was single. Granted I was in a long-term relationship and expecting a move-in shortly, but nothing is in stone. There are no more "obligations" when owning a house than renting or owning a condo, other than possibly having to keep a larger area clean - but like others have said, if you don't use all the rooms, no need to clean them all, just shut the door and don't worry about them.

[brunes]

Oh I can do it. Basically, I should be able to afford a $300K home. But I'm extremely cautious as there is no turning back once I make the decision.

You can always just get a short-term mortgage, like 1-3 years. So if you don't like it then sell and move back to a condo / apt.

[GSRee]

Yeah... at least for most of Canada, this is not correct.

Isn't it? I thought it worked like this:

- OP brings $300k home into marriage
- OP and wife divorce while home is worth $350k
- Wife gets half of the $50k increase, not half of the $350k value

So it's not quite as simple as latin-dss said, but he wasn't far off.

[FlashFyre]

But what if you don't find that special someone (refer to the recent 'shy' thread), are you resigned to living in condos or your parent's basement forever?


If you decide to live in your parents basement, plan on staying single for a long time.....

[speedyforme]

Are there any single male or female here that bought a house and lived alone?

Everyone I know who are buying houses are couples who are looking to start a family together. But what if you don't find that special someone (refer to the recent 'shy' thread), are you resigned to living in condos or your parent's basement forever? On the other hand, it seems a bit odd to buy all that space and it's just you occupying it. I'm not talking about a mansion or anything, just a $250K-$300K townhouse.

Single male and bought a semi for $343k. I made sure that:
a) I could afford it. 20% down and that my mortgage is affordable on a budget; no change to my lifestyle when I was still living with my parents.
b) I had enough space to NOT require to move unless absolutely necessary (I live in a 1666 sq ft semi w/ 3 bedrooms, 2.5 baths, great room, living/dining room etc) - I use the best view room for my office, the worst for my spare bedroom and storage and my master all to myself, I have 2 walk-in closets for myself etc. Can't complain.
c) Live where I wanted to live, near friends/family, access to commuter trains to get to work.
d) Took the lifestyle in mind, I didn't want a condo and wanted a bit more space so a Semi was as good as I could get besides Detached given the area I wanted. Not into the downtown scene and the "condo" life. Didn't need all the amenities.
e) Financially, yes it costs more because there is no dual income. And yes it will take you longer to pay it off. I took buying my first home as an investment but quickly learned that emotionally, it's more important than ever. So I just to myself, buy the best and most practical home.
f) I wouldn't give up my freedom or my space. I grew up in the suburbs and didn't want to feel boxed in. If you can afford it and not afraid to keep your place clean, not scared to do all your own housework, yardwork etc, it can be very rewarding. I mean I don't use the spare room much so I don't clean as much, the toilets are less dirty, same with floors etc. All of my relatives thought my home would be a mess because I never cleaned when I lived my parents, little did they know that once I had my own place, I took amazing care of it and it's now the cleanest house of all. Granted it's 1 person living in it but it's spotless. The ownership pride you get especially since you are on your own is incredible.

:cheesygri

Absolutely NO regrets buying on my own at all. Worth all the hard work knowing that I did it all by myself, don't need any help and can still maintain a lifestyle I want.

[Icedawn]

Isn't it? I thought it worked like this:

- OP brings $300k home into marriage
- OP and wife divorce while home is worth $350k
- Wife gets half of the $50k increase, not half of the $350k value

So it's not quite as simple as latin-dss said, but he wasn't far off.

http://www.nelligan.ca/e/pdf/Dividing_your_property_after_separation.pdf

The Ontario Family Law Act stipulates that, when a marriage ends, the full value of the matrimonial home at the date of separation must be shared even if one of the spouses owned the same home before marriage, received it as a gift, or inherited it. This is an exception to the general rule that provides that a spouse has the right to deduct the value of assets owned on the date of marriage or exclude assets acquired through a gift or inheritance.

Personally, I'm with the crowd of people who say wait until after you're in a long-term permanent relationship... if that's your long-term goal. If you're single and still looking, there are just so many different possibilities that require you to be flexible, and owning a home is definitely not conducive to that.

[speedyforme]

http://www.nelligan.ca/e/pdf/Dividing_your_property_after_separation.pdf



Personally, I'm with the crowd of people who say wait until after you're in a long-term permanent relationship... if that's your long-term goal. If you're single and still looking, there are just so many different possibilities that require you to be flexible, and owning a home is definitely not conducive to that.

I would assume that if you do get married and your spouse moves in, they would contribute and pay a nice down payment to the current home. I mean if they don't have money and you buy a house together, you end up paying the downpayment ANYWAYS because they didn't have money.

So on a basic level, I don't see a d major difference.

My future spouse has money, great let's use some of it to pay down the mortgage, they don't have any then if anything happens I lose my amount. Don't have any and we both buy our first house together, then if anything I STILL lose my amount.

[FlashFyre]

+1


single male and bought a semi for $343k. I made sure that:
A) i could afford it. 20% down and that my mortgage is affordable on a budget; no change to my lifestyle when i was still living with my parents.
B) i had enough space to not require to move unless absolutely necessary (i live in a 1666 sq ft semi w/ 3 bedrooms, 2.5 baths, great room, living/dining room etc) - i use the best view room for my office, the worst for my spare bedroom and storage and my master all to myself, i have 2 walk-in closets for myself etc. Can't complain.
C) live where i wanted to live, near friends/family, access to commuter trains to get to work.
D) took the lifestyle in mind, i didn't want a condo and wanted a bit more space so a semi was as good as i could get besides detached given the area i wanted. Not into the downtown scene and the "condo" life. Didn't need all the amenities.
E) financially, yes it costs more because there is no dual income. And yes it will take you longer to pay it off. I took buying my first home as an investment but quickly learned that emotionally, it's more important than ever. So i just to myself, buy the best and most practical home.
F) i wouldn't give up my freedom or my space. I grew up in the suburbs and didn't want to feel boxed in. If you can afford it and not afraid to keep your place clean, not scared to do all your own housework, yardwork etc, it can be very rewarding. I mean i don't use the spare room much so i don't clean as much, the toilets are less dirty, same with floors etc. All of my relatives thought my home would be a mess because i never cleaned when i lived my parents, little did they know that once i had my own place, i took amazing care of it and it's now the cleanest house of all. Granted it's 1 person living in it but it's spotless. The ownership pride you get especially since you are on your own is incredible.

:cheesygri

absolutely no regrets buying on my own at all. Worth all the hard work knowing that i did it all by myself, don't need any help and can still maintain a lifestyle i want.

[squall458]

I am in a sort of similar situation. OP, how much do you expect to pay per month for mortgage, maintenance, etc.? I just dont see how so man of you redflaggers can afford a house on your own. You guys must be making more than 50K. I hate being a teacher now. :(

I would love to own my own small little place, but I just cant see how I can afford it on a teacher's salary. Sigh.

[speedyforme]

I am in a sort of similar situation. OP, how much do you expect to pay per month for mortgage, maintenance, etc.? I just dont see how so man of you redflaggers can afford a house on your own. You guys must be making more than 50K. I hate being a teacher now. :(

I would love to own my own small little place, but I just cant see how I can afford it on a teacher's salary. Sigh.

Teacher's make a lot don't they? And yes I make a lot of money which is the only reason why I could afford doing it.

At the end of the day, there are people and families who live on VERY little, it all comes down to what you want and what you are willing to give up.

[brunes]

I don't know why everyone keeps bringing potential divorce into the situation, because it has no bearing whatsoever.

Assuming the OP sometime soon marries someone and they move into a house, then there are two situations with IDENTICAL outcomes:

a) OP buys house now for 300K, in 1 year new wife moves in, in 2 years they divorce, she takes 1/2 the house. He loses 50% of equity he built up alone during year 1, and 50% of joint equity built.

b) OP does not buy house now, continues renting. He builds zero equity. In year 1 him and new wife buy a house, in year two they divorce, she takes 1/2 the house. He loses 50% of joint equity built.

In both situations the OP has lost the exact same thing because under scenario 1 he lost the equity AUTOMATICALLY because he was renting vs. owning.

[AllWheelDrift]

Chances are your housing needs when you're single are significantly less than when you are living with someone. Buying a house is pretty much like buying anything else. You're better off if you don't buy more than you need. In the case of a house, it's not just the initial cost though, because other expenses such as taxes and maintenance tend to be proportional to the price/size of the home so it will suck up more of your cash flow.

[brunes]

Chances are your housing needs when you're single are significantly less than when you are living with someone. Buying a house is pretty much like buying anything else. You're better off if you don't buy more than you need. In the case of a house, it's not just the initial cost though, because other expenses such as taxes and maintenance tend to be proportional to the price/size of the home so it will suck up more of your cash flow.

Housing needs of a single person vs. housing needs of newlyweds are basically identical, since you share a bedroom.

Your needs don't really change until kids become involved.

[high_octane]

I'm single and I own a house.

I don't fall for everyone saying "a house is always a good investment, you'll build equity" Fact is I could be living in an apt, have less chores and more spare cash to "build equity" with (most don't have the self discipline to build equity without a mortgage though). I was able to make the 20% down payment and accelerate the mortgage to 17 yrs. I don't see how people think they're building equity with their 0% or 5% down payments

I decided to buy a house for the space and quality of life knowing that it will cost more (unless I make a profit on the sale).

You could also rent out a room while you're single, which would make it a much better financial decision

[shawn99]

I'm single and I own a house.

I don't fall for everyone saying "a house is always a good investment, you'll build equity" Fact is I could be living in an apt, have less chores and more spare cash to "build equity" with (most don't have the self discipline to build equity without a mortgage though). I was able to make the 20% down payment and accelerate the mortgage to 17 yrs. I don't see how people think they're building equity with their 0% or 5% down payments

I decided to buy a house for the space and quality of life knowing that it will cost more (unless I make a profit on the sale).

You could also rent out a room while you're single, which would make it a much better financial decision

Well that contradicts your position of space and quality of life if you rent a room out. There are boundaries and set of rules you have to follow when you share the house with a partner.

My idea is that if you buy a home, it should be utilized and to me a family makes sense.

[VivienM]

Teacher's make a lot don't they?

No. Teachers (especially at the beginning of their careers) don't make a lot. Nurses, say, make quite a bit more.

But hey, that reflects our priorities as a society. Health care for the elderly is first, and education for the young is way down there...

[TrevorK]

Deciding between a house and a condo is more of a lifestyle choice. I live in a house, and there are many drawbacks to it, such as the maintenance aspect. With a condo, almost everything major is already done for you.

If you don't want to amenities of a house, such as a yard (for pets, parties, etc...), garage (working on vehicles), larger amount of space (storage, rent to other people), etc... then it would make sense to go into a condo.

[VivienM]

Housing needs of a single person vs. housing needs of newlyweds are basically identical, since you share a bedroom.

Depends. If, for example, each person wants to have a work area (big desk, computer, books, etc), then you'll need more room with two people than just one...

(or do one of those cute, 'work area for two' things from Ikea, if you have a big enough room to pull it off in)

[AllWheelDrift]

Housing needs of a single person vs. housing needs of newlyweds are basically identical, since you share a bedroom.

Your needs don't really change until kids become involved.
True, as long as you have enough closet space. :lol:

On the flip side, for the same reason you can end up with too much housing after getting married if both people own a house or condo (and yes, I know single women that own their own place.)

I've also had friends that had a spouse that insisted on living somewhere his previous girlfriends hadn't been (not that they'd ever lived with him) so they ended up renting another condo, even though he already owned one. Granted, that marriage didn't last long.

In any case, while my wife and I continued to live in the condo I'd bought, I don't think one should assume that would be the case.

[Buggy166]

if you're single and have the money, id say shoot for a condo with a 1 bed + den or a 2 bedroom place. make one your sleeping quarters and the den/room your study or rent it out if you think you can live with someone.

renting the extra room out will in general eliminate condo fees and pay for the hydro bills so you have that extra safety cushion of income that allows you to be sure you make the mortgage payments every month with no worries.

that said, you will be having to live with another person, and unless you're best friends...its tricky

[Cheap Cat]

I strongly disagree.

Clearly a poor investment decision if you choose to "buy your first" house when you not involved with another person.

Far too many obligations for one individual to maintain.

Again, I strongly advise a more suitable place for living for the short-term until further decisions are thoroughly thought out and finalized.

I strongly disagree with your position. Not everyone gets married and many who do, don't stay married. But everyone needs somewhere to live. Are you suggesting a single person sit around and wait in case they meet that special person? Or a single people should only live in rental apartments or worse their parents homes? Sorry, I prefer to live my life. If a single person can afford to buy their own home and it fits their lifestyle, they should.

I enjoy living alone and I am very proud to own my own home. Not everyone is meant to live with someone else. Some of us enjoy our space and our freedom.

Today, many single people own their own homes including many single women. We no longer have to wait for a man to buy a home for us.

[showmethemoney2009]

Define "house" please.

Are you talking about a single-family house?

Are you talking about a 'real' (or freehold) townhouse? i.e. you own a piece of land, but there are other units on each side of your unit.

Are you talking about a 'fake' (or condo) townhouse? i.e. you own a floor or two, you don't have a real basement/garage/etc, and you pay condo fees.

My view: if anything, a bigger property is a wiser bet for a single person. If you believe, as I do, that the market will crash, and you haven't completely given up on love and coupledom, it's PROBABLY a good thing to have a place where your new spouse could move in and where ideally you could fit a kid or two in a pinch. The last thing you want is to lose a huge bundle because whoops, you can't fit your new spouse in the condo that was just right for a single person and you HAVE to sell in a down market.

Finally, as some others have said, if you're considering getting married down the road, ask your lawyer about the dreaded two words: matrimonial home. At least some provinces have very draconian rules on what happens to the matrimonial home on divorce - it's not the usual "you get to keep what you brought to the marriage" rule...


I'm talking about a 'real' townhouse. If I had my way, I would go for a single house as opposed to a townhouse or semi. But most of them are beyond what I can afford right now.

[showmethemoney2009]

I am in a sort of similar situation. OP, how much do you expect to pay per month for mortgage, maintenance, etc.? I just dont see how so man of you redflaggers can afford a house on your own. You guys must be making more than 50K. I hate being a teacher now. :(

I would love to own my own small little place, but I just cant see how I can afford it on a teacher's salary. Sigh.

I pull in a little over 4K/month after tax, I'm expecting to spend half of that towards the mortgage, maintenance fees, etc.

[showmethemoney2009]

Single male and bought a semi for $343k. I made sure that:
a) I could afford it. 20% down and that my mortgage is affordable on a budget; no change to my lifestyle when I was still living with my parents.
b) I had enough space to NOT require to move unless absolutely necessary (I live in a 1666 sq ft semi w/ 3 bedrooms, 2.5 baths, great room, living/dining room etc) - I use the best view room for my office, the worst for my spare bedroom and storage and my master all to myself, I have 2 walk-in closets for myself etc. Can't complain.
c) Live where I wanted to live, near friends/family, access to commuter trains to get to work.
d) Took the lifestyle in mind, I didn't want a condo and wanted a bit more space so a Semi was as good as I could get besides Detached given the area I wanted. Not into the downtown scene and the "condo" life. Didn't need all the amenities.
e) Financially, yes it costs more because there is no dual income. And yes it will take you longer to pay it off. I took buying my first home as an investment but quickly learned that emotionally, it's more important than ever. So I just to myself, buy the best and most practical home.
f) I wouldn't give up my freedom or my space. I grew up in the suburbs and didn't want to feel boxed in. If you can afford it and not afraid to keep your place clean, not scared to do all your own housework, yardwork etc, it can be very rewarding. I mean I don't use the spare room much so I don't clean as much, the toilets are less dirty, same with floors etc. All of my relatives thought my home would be a mess because I never cleaned when I lived my parents, little did they know that once I had my own place, I took amazing care of it and it's now the cleanest house of all. Granted it's 1 person living in it but it's spotless. The ownership pride you get especially since you are on your own is incredible.

:cheesygri

Absolutely NO regrets buying on my own at all. Worth all the hard work knowing that I did it all by myself, don't need any help and can still maintain a lifestyle I want.

Good for you man. How long have you had the mortgage and how far along are you in paying it off. While there are many perks to doing this by yourself, I could not help wondering about the fact that there are no safety net when doing it alone vs having a spouse. I mean what if you lose your job or god forbid, you fall ill? What are your options for these kinds of situations.

[theguyz]

Buy house if job secure and you like area, house morgage = less than rent and over 15 -25 years your value will go up if you upkeep house.

[showmethemoney2009]

I strongly disagree with your position. Not everyone gets married and many who do, don't stay married. But everyone needs somewhere to live. Are you suggesting a single person sit around and wait in case they meet that special person? Or a single people should only live in rental apartments or worse their parents homes? Sorry, I prefer to live my life. If a single person can afford to buy their own home and it fits their lifestyle, they should.

I enjoy living alone and I am very proud to own my own home. Not everyone is meant to live with someone else. Some of us enjoy our space and our freedom.

Today, many single people own their own homes including many single women. We no longer have to wait for a man to buy a home for us.

You go girl :).

[speedyforme]

Good for you man. How long have you had the mortgage and how far along are you in paying it off. While there are many perks to doing this by yourself, I could not help wondering about the fact that there are no safety net when doing it alone vs having a spouse. I mean what if you lose your job or god forbid, you fall ill? What are your options for these kinds of situations.

I only had it for 1 year. My mortgage is 25 years but I plan to pay it off in about 17.

As for if anything happens, that's life. If you have a spouse, then there will always be the "hope" for a second income. As for me, I have no kids to support and no family to support so worse comes to worse, it only affects me.

But then again, I work in a very stable job (government) so I knew going into purchasing a home that my income increases automatically, I have a very stable job that pays well, I save enough for a downpayment etc etc.

[speedyforme]

I pull in a little over 4K/month after tax, I'm expecting to spend half of that towards the mortgage, maintenance fees, etc.

Half is a bit much. I only have 20% down and I make about the same as you. I'd say right now my mortgage + utilities + property tax + home insurance = $1600. And my home was for $343k.

Those are usually the "in addition" costs to buying a home versus staying at home. I did not include TV/Internet because I paid for that back home when I was living with my parents. LOL

[-=phelan=-]

No. Teachers (especially at the beginning of their careers) don't make a lot. Nurses, say, make quite a bit more.

But hey, that reflects our priorities as a society. Health care for the elderly is first, and education for the young is way down there...

+1 to that, i distinctly remember seeing a handbook about how much teachers make and somehow it was in the low 30s to mid 80s after 10-11 yrs or something.

[speedyforme]

I strongly disagree with your position. Not everyone gets married and many who do, don't stay married. But everyone needs somewhere to live. Are you suggesting a single person sit around and wait in case they meet that special person? Or a single people should only live in rental apartments or worse their parents homes? Sorry, I prefer to live my life. If a single person can afford to buy their own home and it fits their lifestyle, they should.

I enjoy living alone and I am very proud to own my own home. Not everyone is meant to live with someone else. Some of us enjoy our space and our freedom.

Today, many single people own their own homes including many single women. We no longer have to wait for a man to buy a home for us.

Ding ding ding! Good for you. There is a good sense that one can do everything two people can do. Obviously it's the purpose of it all because not all single choose to be single or whatever but it's truly the sole purpose of living your life.

If I don't get married until I turn 40, I stay with my parents an extra 15 years? This is why you do what's best for you and not wait for life to allow you to do what you want. :cheesygri

[speedyforme]

+1 to that, i distinctly remember seeing a handbook about how much teachers make and somehow it was in the low 30s to mid 80s after 10-11 yrs or something.

Dang! They don't get paid enough. Then again, they only work like a total of 9 months out of the year.

[VivienM]

Dang! They don't get paid enough. Then again, they only work like a total of 9 months out of the year.

... and they spend at least part of the remaining 3 months getting stuff ready for next year's classes.

[Wing Nut]

Buying a house while you're single makes total sense. I did it and it was one of the best moves I've ever made. Marital status is largely irrelevant to house buying.

[squall458]

... and they spend at least part of the remaining 3 months getting stuff ready for next year's classes.

Its 10 months of work and not only do we get ready for next year, but I work 12 hours day, every day.

I care about teaching and my kids and once Im done coaching, or supervising after school activities, I get home and mark. After marking I prep and plan for the next day. On Sundays, I spent nearly half of it getting ready for the week. Free time = work.

So basically I'm doing a 12 month job in a time frame of 10 months. Even veteran teachers with 10 years plus experience, still spend as much time as I do because they continually want to get better and come up with new ideas.

To stay on point, I guess I won't be getting my own place anytime soon. With a salary of 47K with huge deductions, take home pay around 3K rounded down per month, what kind of mortgage could I afford?

(Best guesses of course).

[high_octane]

To stay on point, I guess I won't be getting my own place anytime soon. With a salary of 47K with huge deductions, take home pay around 3K rounded down per month, what kind of mortgage could I afford?

I could easily pay my house bills with that salary but I don't live in TO. Are teacher salaries adjusted at all for location?

PS FFVIII was the best

[Discount]

http://www.nelligan.ca/e/pdf/Dividing_your_property_after_separation.pdf



Personally, I'm with the crowd of people who say wait until after you're in a long-term permanent relationship... if that's your long-term goal. If you're single and still looking, there are just so many different possibilities that require you to be flexible, and owning a home is definitely not conducive to that.

What a load of BS. So I guess make sure you get a prenup if you have your home payed off before marriage. Is there anyway to just have kids/live together and sign some paper that does not allow the govt to designate you as married/common law?

[VivienM]

What a load of BS. So I guess make sure you get a prenup if you have your home payed off before marriage.

Can you contract out of the matrimonial home provisions?

[Discount]

Can you contract out of the matrimonial home provisions?

I would certainly hope so. If I own a home outright when I get married you can be damn sure im not automatically allowing myself to be raped out of half its value in the case of a divorce (which statistically speaking is quite likely)

[VivienM]

I would certainly hope so. If I own a home outright when I get married you can be damn sure im not automatically allowing myself to be raped out of half its value in the case of a divorce (which statistically speaking is quite likely)

Ask a lawyer with expertise in family law.

My first reading of the Family Law Act suggested to me you couldn't contract out of it (s. 52(2)).

My second reading suggests that you can't contract out of the rights of possession and whatnot in a matrimonial home, but that you can maybe contract to have it excluded from your NFP on divorce.

I haven't read it a third time. But folks, this is a reminder of why you should get your legal advice from people who work with these things every day. :)

[TrevorK]

Can you contract out of the matrimonial home provisions?

A contract cannot be enforced if it goes against the act that governs the matrimonial home. It's the same reason you can't make a private agreement of no child support and give the party keeping the kids a material possession.

[TrevorK]

No. Teachers (especially at the beginning of their careers) don't make a lot. Nurses, say, make quite a bit more.

But hey, that reflects our priorities as a society. Health care for the elderly is first, and education for the young is way down there...

The vast majority of teachers are overpaid for what they do. Many of them lack proper education in the field and do not truly care about the success of the children, but rather their own job.

There is nothing wrong with looking out for yourself, however the sad part is that teachers often hide behind the children and state what they do (such as go on strike) is for "the good of the children" when it's really just to line their own pockets.

Further, throughout their careers (within 5-10 years of being permanent) teachers are more than fairly compensated for only having a four year degree and granted benefits, such as a very generous pension plan, that far exceed that of the majority of Canadians.

[squall458]

I could easily pay my house bills with that salary but I don't live in TO. Are teacher salaries adjusted at all for location?

PS FFVIII was the best

FFVIII was the best and long live squall!

Teacher salaries vary mostly province to province and slightly board to board. More difference between provinces. I guess for TO a teacher's salary is pushing it. Hence, the move to suburbia :(

[liorsyncro]

Nothing wrong with buying while you're single as long as you can afford it. It's a good investment to start when you're young but make sure to save enough for the down payment and ensure that you're budgeting properly so that you would have spare money in more difficult times. It's not worth to buy a property if you're not making that much money and you can barely afford it. A lot of real estate agents do mass mailings with ads like "why pay your landlord's mortgage?", etc. These kind of ads are designed to look after their interests but not necessarily yours. They're designed to entice people into taking the plunge to ownership even though financially they're not really ready for it. Home ownership is a wonder thing but it has its costs: mortgage, insurance, property taxes, condo fees, utilities, repairs, etc. And that's just your housing. Add to that your own lifestyle (sic) expenses and see how much you got left at the end of the month to save a little on the side and still live reasonably ok.

[pitz]

Buying a house while you're single makes total sense. I did it and it was one of the best moves I've ever made. Marital status is largely irrelevant to house buying.

Would you still consider it to have been a good move if Canada followed in the footsteps of the rest of the industrialized world, and saw a 50-60% reduction in prices?

In a rising market, everyone looks like a genius, for having bought earlier. But in a falling market...

[VivienM]

A contract cannot be enforced if it goes against the act that governs the matrimonial home. It's the same reason you can't make a private agreement of no child support and give the party keeping the kids a material possession.

That's not what the Ontario statute says, though.

It says that you cannot contract of the Part of the statute that deals with matrimonial homes. But THAT Part isn't where the special status of matrimonial homes in property division is dealt with. It's dealt with in the Part on property division... in language that seemed unclear when I looked at it last night.

[TrevorK]

That's not what the Ontario statute says, though.

It says that you cannot contract of the Part of the statute that deals with matrimonial homes. But THAT Part isn't where the special status of matrimonial homes in property division is dealt with. It's dealt with in the Part on property division... in language that seemed unclear when I looked at it last night.

I think a basic part of contract law is that a contract cannot go against the laws/rules outlined by the government. So if there is a law outlining the division of the matrimonial home any contract that would cause the law to be nullified is not allowed.

Every province is different, and I have never read Ontario's. However, if it does not leave the division of the matrimonial home up to interpretation, then any contract you sign that goes against it is voided. If it does leave it up in the air, well, then your contract can deal with it.

I would just assume that Ontario would deal with it, I know Alberta does, and it seems like a fair thing to do.

[VivienM]

I think a basic part of contract law is that a contract cannot go against the laws/rules outlined by the government. So if there is a law outlining the division of the matrimonial home any contract that would cause the law to be nullified is not allowed.

Every province is different, and I have never read Ontario's. However, if it does not leave the division of the matrimonial home up to interpretation, then any contract you sign that goes against it is voided. If it does leave it up in the air, well, then your contract can deal with it.

I would just assume that Ontario would deal with it, I know Alberta does, and it seems like a fair thing to do.

IIRC, the basic principle at common law is that domestic contracts are not enforceable as going against public policy. There's a case from the 1920s in the U.K. that stands for that (if you care, I can find it)...

... so the only domestic contracts that are permitted are the ones that the statute permits.

In Ontario, marriage contracts are governed by s. 52 of the Family Law Act.

Marriage contracts

52. (1) Two persons who are married to each other or intend to marry may enter into an agreement in which they agree on their respective rights and obligations under the marriage or on separation, on the annulment or dissolution of the marriage or on death, including,

(a) ownership in or division of property;

(b) support obligations;

(c) the right to direct the education and moral training of their children, but not the right to custody of or access to their children; and

(d) any other matter in the settlement of their affairs. R.S.O. 1990, c. F.3, s. 52 (1); 2005, c. 5, s. 27 (25).

Rights re matrimonial home excepted

(2) A provision in a marriage contract purporting to limit a spouse’s rights under Part II (Matrimonial Home) is unenforceable. R.S.O. 1990, c. F.3, s. 52 (2).


So, 52(2) says you cannot contract out of Part II Matrimonial Home rights. But I can't seem to find any right to equal ownership (as opposed to possession) of a matrimonial home in Part II. I find it in Part I.

What does this mean? From what I can tell, that anybody potentially affected by this should ask a lawyer who knows this area. :)

[Neovingian]

This should be the rule not the exception...

[gilboman]

Would you still consider it to have been a good move if Canada followed in the footsteps of the rest of the industrialized world, and saw a 50-60% reduction in prices?

In a rising market, everyone looks like a genius, for having bought earlier. But in a falling market...

where in the industrialized world did the housing prices fall by half:confused:

I'm not asking for micromarkets like say las vegas but as a nation as a whole or something more on a macro level. and better if you don't compare Peak prices to the lowest point as well, since there's no point looking at extremes

[brunes]

I've also had friends that had a spouse that insisted on living somewhere his previous girlfriends hadn't been (not that they'd ever lived with him) so they ended up renting another condo, even though he already owned one. Granted, that marriage didn't last long.

Er, wow, that would be a giant red flag for me, I would dump that bat-crazy chick like a hot potato. It's one thing to be kind of jealous of exes., but to force a move? Come on give me a break.... you need to have some security!

[brunes]

Would you still consider it to have been a good move if Canada followed in the footsteps of the rest of the industrialized world, and saw a 50-60% reduction in prices?


As long as you continue to live in the house and plan to for a long time it really makes no difference whatsoever what the external market is doing.

[beerbaron105]

I own and live in my home, for the past 2 years now, made a buttload off equity as well. I still travel and work full-time

[P1x44r]

For me the answer is no. I would have to give up my lifestyle for something that isn't worth it. Obviously, this is put in the simplest form possible, but it's straight to the point.

[GonePostal]

Would you still consider it to have been a good move if Canada followed in the footsteps of the rest of the industrialized world, and saw a 50-60% reduction in prices?

In a rising market, everyone looks like a genius, for having bought earlier. But in a falling market...

Pitz do you just make figures up?

In the US (one of the worst hit RE markets in the industrialized world) the home values went from a peak of ~206k to a trough of ~139k. That results in a ~32.5% drop in the states.

In the UK (a close runner up to the States) the home values went from a peak of ~186k to a trough of ~147.7k. That results in a ~20.6% drop in the UK. The worst area hit was North Ireland and it fell by ~39%.

These 2 make up a huge portion of the "industrialized" world and they are no where near the 50-60% you claim. This is another instance of you manufacturing numbers. Passing opinion off as fact.

[TrevorK]

What does this mean? From what I can tell, that anybody potentially affected by this should ask a lawyer who knows this area. :)

When dealing with an asset worth hundreds of thousands of dollars, I think that's advice everyone can agree on :)

[ukgirl]

I just bought a house by myself although I guess according to some its a fake house (condo townhouse). Included in the condo fee are snow clearing, roof maintenance etc.. I think that makes it an easier house to live in for a single gal.

When I looked at prices, I could get a bigger townhouse for the same price as some condos (real condos) even in the same area so thats why I went for a house.

it doesnt make sense to wait til you're in a relationship... if you do get married then at least you are bringing something to the table and you can either both sell your houses and buy a new one or live in one and sell/rent one. Either way its a win win.

[TruHP]

My husband bought his first house at 20 years old. He rented out a room to his cousin as well. The house even before the room rental to his cousin was cheaper than him just renting an apt himself. We met 4 years later. I had no issues moving into his house. We eventually sold and moved to a different city, but for other reasons.

Also a friend of ours bought a townhouse condo while single. His now wife also bought a townhouse condo while single. She rented out her townhouse when she moved in with him and when they got married she sold hers which had a bunch of equity built up in it. When they were expecting their first child they sold "his" townhouse and they bought a very nice new house with a huge down payment from the proceeds of both townhouses. I would buy a house on my own if I could afford it and were single. Go for it!

IMO knowing that he owned his own house also reinforced that he was stable and could provide for us. Someone living in their parent's basement you don't know if they have been saving or just frivolously spending. It's more impressive to see that they are reasonable enough to own their own place rather than living in an apt.

[AllWheelDrift]

To the last two posters, of course buying a house makes sense if you assume RE always go up. On the other hand, if prices drop, the guy who hasn't bought a house yet might be able to afford a bigger one when he gets married instead of being underwater and unable to upgrade. It could be even worse if both people have a house or condo, they could both be underwater.

[speedyforme]

To the last two posters, of course buying a house makes sense if you assume RE always go up. On the other hand, if prices drop, the guy who hasn't bought a house yet might be able to afford a bigger one when he gets married instead of being underwater and unable to upgrade. It could be even worse if both people have a house or condo, they could both be underwater.

But that's not the OP question. Anyone who buys a house should realize RE risk but that's not the question or issue.

[AllWheelDrift]

But that's not the OP question. Anyone who buys a house should realize RE risk but that's not the question or issue.
I wasn't responding to the OP question, I was responding to the posts arguing for a particular side and pointed out they were making implicit assumptions about RE as a part of their argument.

[VivienM]

IMO knowing that he owned his own house also reinforced that he was stable and could provide for us. Someone living in their parent's basement you don't know if they have been saving or just frivolously spending. It's more impressive to see that they are reasonable enough to own their own place rather than living in an apt.

In another thread, I claimed that one factor fuelling the real estate boom was the idea that owning condos (or townhouses/etc) is seen as attracting women.

Thanks for confirming my theory. :)

[VivienM]

But that's not the OP question. Anyone who buys a house should realize RE risk but that's not the question or issue.

Yes, but risks are presumably greater for a single person who hasn't completely given up hope.

Big problem: whatever you can afford on a single income is often (but not always) too small for a couple and maybe a kid or two to comfortably live in. Which means that you have to move up at some point sooner rather than later, and if you're big time underwater on your giant mortgage, whooooops. Better hope the rental market is good and you can find a decent tenant...

A couple with two incomes buying, say, an affordable 3-4 bedroom house in the suburbs doesn't care as much about being underwater. Yes, it sucks having paid more for an asset than it's now worth, but if you aren't required to sell and can still make your payments, then unless you get divorced (divorce sucks) or transferred to another city (at which point, hopefully your employer will help), who cares?

[speedyforme]

Yes, but risks are presumably greater for a single person who hasn't completely given up hope.

Big problem: whatever you can afford on a single income is often (but not always) too small for a couple and maybe a kid or two to comfortably live in. Which means that you have to move up at some point sooner rather than later, and if you're big time underwater on your giant mortgage, whooooops. Better hope the rental market is good and you can find a decent tenant...

A couple with two incomes buying, say, an affordable 3-4 bedroom house in the suburbs doesn't care as much about being underwater. Yes, it sucks having paid more for an asset than it's now worth, but if you aren't required to sell and can still make your payments, then unless you get divorced (divorce sucks) or transferred to another city (at which point, hopefully your employer will help), who cares?

I agree on that. That is why my advice is to buy the best you can comfortably afford without having to move int he future for "more space". If I had to choose between condo and staying at home, I'd stay at home.

[709394]

Since when was the requirement somebody has to be in a relationship or seeing someone in order to buy a house. I mean, if you have the money and want to be independent then by all means go for it.

[VivienM]

Since when was the requirement somebody has to be in a relationship or seeing someone in order to buy a house. I mean, if you have the money and want to be independent then by all means go for it.

Uhhh, I don't think this thread defines "single" in the Facebook sense (i.e. not currently dating anyone).

I think they're defining single in the income tax sense. i.e. not living with someone in a committed, long-term relationship.

[potato]

Think about the resale.
Buy in a "nice" area.
Maintain the house.
It is not that hard to resell, mostly a pain in the a.

You make money by saving on rent and possibly appreciation.

I did it and it worked out great.
I could fairly easily afford a 3 bdrm, semi and pay off much of the principle.
After 5 years sold it to upgrade with my wife who lived there with me for the last 2 years.

[randomthoughts]

Are there any drawbacks or pitfalls that you've come across though? YoungDr3amer's post alluded to the fact that I could potentially waste the 1-time use of the First Home Buying Plan and also the fact that I could be overwhelmed with other obligations.

Hmm. Drawbacks? I don't think you can 'waste' your HBP. You should have at least a $25k downpayment before buying. And you should have it in the RRSP so that you can also use the refund for downpayment. If you don't have that contribution room yet, you can consider waiting till you have it.

Your obligations will vary depending on what you buy and how much of a downpayment you have. My downpayment was enough that my mortgage payment is about equal to basement apartment rent and I can afford to double it.

Being conservative about your finances is a good idea - you only have one income to count on, so having a good emergency fund that you can maintain the house for a while should you lose your job.

I'm in a new build house - the warranty covered defects for the first year (major defects for the first 5). The yard is pretty small and easy to care for. There are basically no repairs to speak of. So it's pretty much as worry-free as it can be. Older houses can be full of character, but in general, they're more trouble to upkeep and they'll take more to heat and cool.

Property taxes are expensive :) Budget for them. In a new build house, your first year of taxes will be abnormally low - you'll get a nasty adjustment later, so be sure to save for it.

The main thing, really, though is not to over extend yourself financially. Make a budget with room in it, save the extra room for contingencies that will come up. Don't be tempted to spend it on improvements or furniture.

[showmethemoney2009]

Hmm. Drawbacks? I don't think you can 'waste' your HBP. You should have at least a $25k downpayment before buying. And you should have it in the RRSP so that you can also use the refund for downpayment. If you don't have that contribution room yet, you can consider waiting till you have it.

Your obligations will vary depending on what you buy and how much of a downpayment you have. My downpayment was enough that my mortgage payment is about equal to basement apartment rent and I can afford to double it.

Being conservative about your finances is a good idea - you only have one income to count on, so having a good emergency fund that you can maintain the house for a while should you lose your job.

I'm in a new build house - the warranty covered defects for the first year (major defects for the first 5). The yard is pretty small and easy to care for. There are basically no repairs to speak of. So it's pretty much as worry-free as it can be. Older houses can be full of character, but in general, they're more trouble to upkeep and they'll take more to heat and cool.

Property taxes are expensive :) Budget for them. In a new build house, your first year of taxes will be abnormally low - you'll get a nasty adjustment later, so be sure to save for it.

The main thing, really, though is not to over extend yourself financially. Make a budget with room in it, save the extra room for contingencies that will come up. Don't be tempted to spend it on improvements or furniture.

I actually have about 30K in RRSP right now. There's no question that property taxes, mortgage rates, car insurance rates, etc will all be higher in the near future and will definitely impact my initial budget plan. That's why I still think I need to save for another several months towards the down payment/emergency fund.

[_Madara_]

does it make sense to buy when you're single? To someone really cheap (aka half of RFD) I would say NO.. I live at home with family which to me is certainly better than living alone by myself since people are always around. I get to pocket full year salaries rather than blowing them on rent.. Not to mention food, laundry is already ready.. Some of you may call this "leeching", but as long as you help out around the house it and play your part it really isn't. Living away by myself at university for 5 years is more than enough independent experience for anyone trying to pull that card on me.

in my late 20's after 5-6 or so years of saving up year's of work salaries living with parents and investing this money I can easily buy a 300k+ detached house and pay the majority of it up front in cash if I wanted to. Eventually whenever I get engaged I'll move out and have no worries of paying off huge mortgages I can't keep up with.

[emale]

i just turned 28,single ( will cease to be single pretty soon) male.i purchased a new townhome in 2007 for approx 275 K.its a wonderful feeling having a home for yourself.it gets even better when daddy pays the full cash for the home.the home was a gift from my dad for my 25th birthday.

prior to buying the townhome,i was renting an apartment by myself for 970 dollars a month ,plus 40 dollars for parking.right now i just have to put in around 550 dollars a month for maintenance,insurance,heat and hydro and about 2200 a year in property taxes.

[brockster]

i just turned 28,single ( will cease to be single pretty soon) male.i purchased a new townhome in 2007 for approx 275 K.its a wonderful feeling having a home for yourself.it gets even better when daddy pays the full cash for the home.the home was a gift from my dad for my 25th birthday.

prior to buying the townhome,i was renting an apartment by myself for 970 dollars a month ,plus 40 dollars for parking.right now i just have to put in around 550 dollars a month for maintenance,insurance,heat and hydro and about 2200 a year in property taxes.

You did not a purchase a new townhome in 2007, your daddy did.

Are you proud that you did not have to pay for it?

Not the typical experience and congrats daddy's boy!

[pitz]

In another thread, I claimed that one factor fuelling the real estate boom was the idea that owning condos (or townhouses/etc) is seen as attracting women.

Thanks for confirming my theory. :)

Yeah, bizarre, eh? To buy a decent car that would attract the opposite sex, you're looking at $50k+ these days, but a house -- well you can buy those with no money down, and maybe even make some equity.

Lol.

[speedyforme]

How I wish my parents had money, had to pay for everything myself

As for the argument of staying at home or buying a home, I looked at my budget and the only extra cost was the housing costs, food I spent the same as for transportation. Not to mention I can cook whatever, whenever and eat whatever. When I was at home, I'd be subject to my mom's cooking which is actually less healthy than what I eat now.

[BRAISKI]

Nothing wrong with it esp if you can afford it, I have been thinking about this too.

However if you do get married and you say already spent say... $150k then as soon as you get married your wife will automatically get 50% of it, thats only a concern if you get divorced though.

Personally I'd rather buy a condo for a single person then if or when you do get married you sell it and buy a house together, you keep some or most of the stuff you got a from the condo then the other put down for the house.

The only thing that sucks on condos are the condo fees!

[speedyforme]

Nothing wrong with it esp if you can afford it, I have been thinking about this too.

However if you do get married and you say already spent say... $150k then as soon as you get married your wife will automatically get 50% of it, thats only a concern if you get divorced though.

Personally I'd rather buy a condo for a single person then if or when you do get married you sell it and buy a house together, you keep some or most of the stuff you got a from the condo then the other put down for the house.

The only thing that sucks on condos are the condo fees!

This is why when your wife marries you and moves in, you get money from her to help pay down the house. Or have her pay for the wedding :lol:

If I ever moved into someone's home, I would put down money to help pay it off.

[yucksta]

It makes sense if it makes sense for you. Being single is just one factor, there's other stuff to consider.

Make a list of pros and cons, and go from there.

I'm single and given my personal situation and psychology, it makes absolutely no sense for me to own a home.

I'm not at a point where I can commit to living at any one place for the amount of the time that I think it would take to at least cover the costs incurred with looking for and purchasing a home. Therefore, as an investment, I think that there are better alternatives out there for me given my need for flexibility.

I also travel a lot for a living so renting from my parents is a better situation for me. I don't have to worry about the place while I am away.


.

[BRAISKI]

This is why when your wife marries you and moves in, you get money from her to help pay down the house. Or have her pay for the wedding :lol:

If I ever moved into someone's home, I would put down money to help pay it off.

Very interesting point! I think I would feel wired or greedy if I do ask her for say $75k for marrying me because I already paid parts of the house lol. If she is open minded then thats fine if not she would freak out! lol

[speedyforme]

Very interesting point! I think I would feel wired or greedy if I do ask her for say $75k for marrying me because I already paid parts of the house lol. If she is open minded then thats fine if not she would freak out! lol

Well any normal person IMO would offer to help pay down the money or ask the spouse what they should do with her money.

If she's like "Oh I was going to keep it in my separate account..."

I'd question that with "Well, what do we do about the house then since technically it's my separate account?"

[Tesla]

First off I live in KW so the housing costs and everything else is cheaper.

In regards to living with someone in your parents basement. My girlfriend and I did it, at my parents house when she was in school. She had no problem with it as my parents respected our privacy.

Anyway now the real point. I'm 24 I recently bought a 4 bedroom 3 bath house from someone I know for a very low price. Granted the house needed alot of work as they did nothing to it the entire time they were living there.
I spent the entire summer fixing it up, as well as putting on a 5th bedroom/master suite combo over the 2.5 car garage. So now its a 5 bedroom 4 bathroom house.(still need to do the garage and backyard, might put in a 5th washroom in the basement and one room in the basement is empty dunno what I want there yet)

He's the kicker though, When I out of high school I got an apptership with an amazing company working nights and I went to college though out the day. So besides weekends I never went out. I never had any expenses but my car and food and my parents let me live there for free.

Now I live in this house with my long term girlfriend who I'm prolly going to marry. In the legal sense of things I'm single though.

I also have 2 tenants who happen to by 2 of my best female friends. They pay me rent every month to rent 2 of the rooms.

I have it paid off 100% as I never wanted a mortage because I personally don't believe in them and I think they are huge scams. I also know that some people can't do it this way and need them still.
I also have a few friends who are single home owners and have tenants living in there places helping them pay off there mortage quicker and the bills.
It makes sense to buy a house and pay it off if that goes with you life style. Each to there own. I love home ownership though.

[hoob]

I am in a sort of similar situation. OP, how much do you expect to pay per month for mortgage, maintenance, etc.? I just dont see how so man of you redflaggers can afford a house on your own. You guys must be making more than 50K. I hate being a teacher now. :(

I've owned a condo since 2004 -- 2002 on plans -- when I was 26. I'm now sort of looking for a small house / cottage northest of the GTA so I can have my own place. As Delmar said, You ain't no kind of man if you ain't got land.

I make more than 50K, and am certainly single (and, frankly, I don't think that will ever change) and I just want to get away from the city. Condos are no place for a country-raised loner. :|

[Psycho44]

To stay on point, I guess I won't be getting my own place anytime soon. With a salary of 47K with huge deductions, take home pay around 3K rounded down per month, what kind of mortgage could I afford?

(Best guesses of course).

I don't even make half your gross salary and am able to afford a semi-detached house as a single person. My monthly mortgage is about $900/month at a high 4.29% interest rate so that would be 33% of your take home pay.

I'm sure you're able to get a lower interest rate and bi-weekly payments so that should lower your %'s.

btw coincidentally I was doing a search to see if I can change my monthly fixed 5-year mortgage payment to bi-weekly and get rid of the automatic monthly payment of property taxes when I stumbled on this thread. Just curious anyone know the answer?

[Rudee]

I'm not married, but own a $400k house in Calgary which I'm about 3 years away from paying off. I'm 43, and other than my mortgage, I'm debt free. If you can afford it, go for it!

[GSRee]

btw coincidentally I was doing a search to see if I can change my monthly fixed 5-year mortgage payment to bi-weekly and get rid of the automatic monthly payment of property taxes when I stumbled on this thread. Just curious anyone know the answer?

It'll likely depend on your lender, although I don't think you should have a problem with either request (I made both changes with my mortgage and there were no issues).

[Ray Oliver]

I have it paid off 100% as I never wanted a mortage because I personally don't believe in them and I think they are huge scams. I also know that some people can't do it this way and need them still.

First of all, mortgages are not like the Easter Bunny and Santa Claus - they do exist. Second, I'd love to hear your explanation of how a mortgage is a "huge scam".

[mma01]

Are there any single male or female here that bought a house and lived alone?

Everyone I know who are buying houses are couples who are looking to start a family together. But what if you don't find that special someone (refer to the recent 'shy' thread), are you resigned to living in condos or your parent's basement forever? On the other hand, it seems a bit odd to buy all that space and it's just you occupying it. I'm not talking about a mansion or anything, just a $250K-$300K townhouse.

I bought my first house in leslieville while I was single. I have since gotten married (although my wife does not contribute towards the house).

If you can afford the burden alone, why not? After doing extensive reno's to the house, falling rates on my variable mortgage, and making regular prepayments, I have built up ~250K in equity in the house in 3 years.

[YYC27]

I don't think you should put your life on hold while waiting for "someone special" to come along. If you can comfortably afford to buy your own home, and that's your ultimate goal, then go for it.

For myself, a whole house isn't something I'm particularly interested in. I don't need much space, and don't have any real desire for a yard (or the yardwork that comes with it). The condo life is perfect for me. I bought myself a 1 bdrm condo, and am loving it.