Thoughts on Buying a Home... When You're Single.

Tonight I was having dinner with a friend when the topic of home ownership came up, and in particular- home ownership as a single woman. Now this particular friend is a successful, secure, single woman who has always been quite independent. She's been window shopping for homes for the past little while, and knows what she wants, and is more than able to take the plunge except one major thing is holding her back- she never pictured herself buying a home- alone.

It was interesting to me. Interesting enough I wanted to share my experience on the subject... both good and bad... on both buying a home as a single woman and buying with a partner you ARE and AREN'T married to. (believe it or not I have personal experience with all three scenarios).

I'm sure stigmas about this topic vary depending on your background, community and even your own family. For many of my peers, the proper succession of events was to meet someone, get married, buy a house to move into shortly after, and then worry about procreating. Which is incredibly nice for some people,

but not all of our paths are so linear- nor do we all want them to be.

While there are obviously advantages to being in a dual income situation to take the jump into home ownership- there are some serious considerations to make as well. Especially buying with someone you aren't married to- more on that later.

Anyways, back to the chat I was having last night.. When you're single... and expect or hope to someday have a relationship that will eventually include discussions about living arrangements- it can seem a bit premature to put your own roots down and take the plunge into home ownership. What if whatever you pick doesn't suit whomever enters your story?

Here's my take: If home ownership is a goal for you why hold yourself back? Even if you met someone tomorrow who you saw a future with... would you also be ready and able to take the plunge into home ownership? Those things can and likely should be separate journeys at least for the first little while.

Personally I would rather enter a relationship owning my own home, having made that major decision and being established than having the potential of the awkward

"I'm ready to buy a place, but I'm not ready for US to buy a place"

chat too soon into a new relationship. Or (even worse in my opinion) rushing into buying a place WITH someone too soon. Every relationship develops at it's own pace and only you know what is right for you- but it's a really really major decision to buy property with someone. Like almost as major as having a child together. ESPECIALLY if only one of you is going to be on the paperwork.

I have seen (and been in) situations where a couple is living together (renting) and are ready to buy... and for whatever reason chooses to have only one of them on the mortgage. Maybe one of them has poor credit or too much debt to qualify. This type of arrangement can work but you NEED to talk to a lawyer to make sure both of you are protected especially if you are both putting money towards the purchase.

There is no such thing as common-law property rights in Ontario.

Ask me how I know (because my house was so nice, I bought it twice).

Home ownership is an important step and a huge source of pride for so many people. Being a single mom owning my own home has had ups and downs, but providing this space for my family, earning equity on the money I am spending on housing, and having the flexibility to make my space my own has been SO worth it.

If you are trying to figure out if the timing is right or if buying a house is a good step for you I'd love to chat.

-Heather