When it comes to buying homes, it used to be that it was married couples making the purchases. After all, tradition held that once two people got married, they went and bought a home. However, the world is changing, and so are the conditions in which people buy homes. Today, it's not just married couples who are going out and buying homes together. The ever-evolving mortgage world is seeing many different people come together to make real estate purchases, and for many different reasons. If you're ready to buy a home, but you don't fit in the married couple group, take a look at the groups below. You might find that you're closer to owning a home than you thought you were.
Parents and Adult Children
It used to be that parents bought homes to raise their children in. Once the kids grew up, they got married, moved out, and bought their own homes. While that still happens, an ever-growing group parents and adult children purchase homes together. Not only does this make sound financial sense, it also makes sense when you consider family dynamics. When parents reach a certain age, their adult kids usually move them home to provide them with the care they need in their advancing years. When parents and adult children purchase a home together, there are no additional housing arrangements to make.
There was a time when it would have been unheard of for non-married couples to purchase homes together. However, that time has passed. Today, more couples are delaying marriage, or foregoing it altogether. That doesn't mean they should be done out of the dream of owning a home together; and it doesn't. Many non-married couples are purchasing homes together, and enjoying a part of the American dream.
With the price of real estate going up, it can be difficult to afford a home that's large enough for a growing family. That's why multiple families are joining together to purchase larger homes. By joining multiple families together, people are finding that they afford larger homes, while paying lower mortgage payments. That's because the housing-related bills are divided by more than one family, which reduces the financial burden.
Groups of Friends
Friends used to get together and plan parties, or adventurous vacations. Today, friends are coming together to purchase real estate; whether as an investment or to pool resources. Purchasing a home with friends makes more sense than renting a home together, since you'll all enjoy the tax benefits that come from home ownership. Not to mention the fact that mortgage payments are often much less than your typical rent for similar homes.
If you're ready to buy a single family home, but you don't fit into the married category, sit down and talk to a real estate agent. You don't need to be married to purchase a home.