I'm single should i buy a house
propertyHow to buy a house as a single
Mom, dad and two kids? That has little to do with Germany's reality. At 41 percent, the most common form of living in this country is a single household, according to data from the Federal Statistical Office. In the metropolises in particular, the trend towards single apartments is unbroken: in Hamburg every second inhabitant now lives alone, and the trend has been rising for decades. This development is reflected in the new buildings. In many large cities, apartments are being built smaller and smaller, so-called micro-living is booming. The house in the country, on the other hand, is considered a luxury that one does not want to afford in times of housing shortage and rising real estate prices.
Singles also long for their own home, even if they don't necessarily need the additional space - after all, the property that has been paid for is still an important component in retirement provision. There are no official statistics on the proportion of singles among property owners. Christoph Brechtel, mortgage advisor at the financial services provider Dr. Small in Stuttgart, but observed increasing interest among single people, especially in metropolitan areas. "In general, there is nothing against buying a property as a single," says the expert. However, single people should be aware that they also bear the financial burden alone - and therefore “calculate the financing precisely and with a focus on safety”.
Above all, it is important to have sufficient reserves. Because while couples can support each other in bad times, single people rely on their reserves. Instead of putting every free euro into the special repayment, singles should therefore rather build up a short-term buffer, advises Brechtel. Otherwise, buyers or builders run the risk of having to sell their property in the event of prolonged unemployment or serious illness. As a rule of thumb for financing, the monthly rate and additional costs should not exceed 30 percent of the available monthly net income.
Higher hurdles in real estate financing for singles
Single people should also be prepared to have to bring in more equity than the usual advisors calculate for them. While 20 to 30 percent of the loan amount is usually sufficient for couples, singles have to put significantly more on the table at most credit institutions before they can get a loan. In this way, banks protect themselves against the higher risk of default for singles. In metropolitan areas in particular, this can be a hurdle that makes buying a house extremely difficult for singles. But once single people have the start-up capital together, they often benefit from a better interest rate and a lower monthly rate, real estate finance expert Brechtel knows.
When choosing a dream home, like all property buyers, singles should pay attention to a good location. It should be chosen so that the house or apartment can be rented or sold without any problems. This is important if the circumstances should change and a move is inevitable. In terms of size and design, singles have all the freedom their personal budget allows. When it comes to the design of the rooms, you are even ahead of couples: if you find turquoise kitchen tiles beautiful or if you would like a whirlpool in the bathroom, you can easily implement these wishes - without having to consider a partner.
- What is Dammam
- Why are you interested in technology
- Domestic cats can have schizophrenia
- Is 16 better than 18
- Can meet an IAS officer
- What are some examples of political revolution
- What are the advantages of partner cities
- What happens if someone skips namaz on Friday
- Why is my ATM card not working
- Why do beautiful women marry average men
- What is 100 100 18
- Can a devout Muslim ever leave Islam?
- How popular is Nicola Sturgeon in Scotland
- How do I pronounce Mujhe
- How do I calculate the amount of building material
- Primary school students are still learning penmanship
- Are immigrants from Great Britain welcomed in Australia?
- Would the US take over the education system in Singapore?
- How is Taipei for western tourists
- What little country has the nicest people
- What are the characteristics of reggae music
- What is wise
- What is your favorite pizza and why
- Does naked punishment really work in India?