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Since I have two boys, this is not first-hand info. I understand that homeschooling an only child can be done successfully, but it's very hard. Much depends on the child. If the child is incredibly social, it takes extra effort to plan a social life in which the child feels he or she interacts enough with other children.
At least one parent must be the social type to plan a social life for the homeschooled child. Most homeschooling functions are not "drop-off" activities. If you are a parent caring for the child, you might find yourself spending hours with other homeschooling parents (mostly mothers). If you are not comfortable with this much socializing, it could be a problem for you.