Single Home Buyers: Get off the Fence! The tax break is calling...

Well, this could be a loaded topic but a past client asked me to give a little push to some of the single buyers out there. She just took the dive herself recently and is happier than ever!

I myself am newly single so I suppose I can have a say-so on this topic. Also, Raleigh, NC is ranked one of the hot spots for singles(really?) so there must be many first time home buyers or divorced folks looking to buy a home in Raleigh, Durham, Cary or Wake County. Hey Ya'll!

My first notion is to tell the "single world" buy something that you can rent out as an investment property easily in the future...but not everyone wants to be a real estate guru. I personally would like to "collect" about 50 homes as rentals, but my three year old wouldn't appreciate moving every 18-24 months into mommy's newest deal! So that being said, you still need to look ahead to your future.

Just because you're currently single and only need room for your toys or Fluffy's litter box doesn't mean life won't change. What happens if Mr. Right or Ms. Oh My Goodness walks into your life a week after closing? If you've bought a 700 sq. ft condo and he or she moves in...that's going to be mighty tight with two people's stuff.

Look at buying a home, condo or townhome that gives you a little expansion space. I don't mean buy a 2000 sq foot single family home, but 2 bedrooms or even better, 3 is much easier for resale down the road.

If you've been used to apartment living, don't buy a single family home with an acre lot. Start smaller and lower maintenance. A townhome will give you the feel of your own space, but you're not required to spend Saturday's mowing the lawn. Also, you've have significantly lower maintenance since the HOA does cover exterior issues(most of the time). Now some buyers hound me on HOA dues, but think about the overall time savings on the yard on top of a new roof or siding repair. It's covered for you.

The idea of a fixer upper or slightly distressed sale is a GREAT one, but don't do it if you do not want to sweat. It is a time and effort investment too. If you are handy, this can be a wonderful launch to some extra money down the road.

So single folk...buy and quit throwing away money on rent. You have alternatives. Step One: Ask some of your other single friends who did just make the jump, who they used to buy. I'm sure they'll have an opinion about their experience.

Now here are some interesting stats on singles buying homes...

• More than one in five home buyers is a single woman.
• Twice as many unmarried women are buying homes than single men.
• Single women make up more than one-third of the growth in real estate ownership since 1994.

OH YES...DID I FORGET TO MENTION AND $8,000 First Time Home Buyer Tax Credit!! That is reason alone and could buy me a lot of shoes if I didn't already own a home, bummer!