The Tribune

By MIKE LIGHTBOURN

MORE single young people are buying homes today than in years gone by.

They recognise that a mortgage payment on a house can actually be the same or even less than a rent payment, depending on the amount of deposit they are able to pay.

If you're single and buying a home, keep an eye on the future.

A single owner is much more likely to upsize than downsize. Decide what's essential for now - the number of bedrooms, size, and neighbourhood and so on. When you upgrade, your first home can provide you with equity to purchase your next home. Alternately, you might purchase a home which can be added to at a later time.

Location, that golden rule of real estate, applies to single home purchasers as well.

If you're single, remember that you alone will be responsible for maintenance. Make sure you include future repairs and maintenance in your budget.

If you are renting and have financial stability, this is a good time to think about buying a home.

Home prices in many instances are more affordable than in prior years and the government has incentives in place to make ownership easier. First home buyers can apply for a stamp duty exemption that can save tens of thousands of dollars.

Home ownership isn't for everyone. It depends on your job security, savings and lifestyle, to mention a few factors.

However, if you are able to do so, buying a home is still a great long term investment. It will probably be the largest real estate investment of your lifetime. Talk to your BREA agent.

Mike Lightbourn is

president of Coldwell Banker Lightbourn Realty