The days of women waiting for marriage to get their home with a little white picket fence are over. Nowadays women have more buying power than ever, especially in the real estate market. In fact, single women represented 22 percent of home purchases (according to survey of National Association of Realtors).
Why the big shift towards single women buyers? In part, it is because women are focusing on their careers and have strong individual earnings. These women are smart enough to know that owning real estate is the best way to build wealth. If you are single and debating whether you can afford to own your own home, here are some factors that may prepare your for the big decision.
First, consider your rent situation compared to owning your own home. In Phoenix, real estate prices have increased, but there are still some great deals to be found, especially as the market slows down. Compare what you are currently paying in rent with an average mortgage payment.
Do not forget to factor in your yearly tax savings. While a mortgage payment may be more than rent, your yearly interest deduction can more than make up for the difference in amount. Also, evaluate how much your rent may increase on a yearly basis. With a mortgage, your housing costs are fixed.
As a single woman, your home buying power rests completely on your income, and your credit score and records. Do you know what your credit score is? Your credit score (referred to as your FICO score), is a numerical representation of your credit risk. If you are not sure what your credit score is, this is the perfect time to investigate. You may find that there are some problems with the credit score that you can easily clean up and improve your score.
Do you know how much you can afford to spend for a home or condominium? There is more to consider than just the how much your monthly payments will be. If you purchase a home, there will be expenses for maintenance of the home and property; many condominiums and developments require payment of monthly home owner association dues.
As you prepare to purchase property, consider all the costs associated with the property. In fact, you might ask a friend that owns similar property to give you an estimate of how much they spend on a comparable property.
Buying a home is a big step, but it is something you can do on your own. It is a step towards independence and financial security.
Even experienced home buyers may not know everything they can do to make their Phoenix, Arizona home buying experience be all it can be. Although it is fun to find a new place to call home, it is definitely a serious business transaction. After all, for many people it is the single biggest asset they will ever own in their lives. It may help to know all the steps you can take to make it easier and in the long run even save you money.
It is important for you to use a real estate or buyer agent since buying and selling real estate can become very complicated. As with anything else involving your money, you should shop around for the right person. That basically means that you need to feel comfortable with the person you choose. No matter how many other clients he or she has, you deserve full attention when it is required. Your agent must have enough experience that they can work with a lot of balls in the air when necessary. Some of the things to look for in a good agent when you are buying a Phoenix, Arizona home are:
They stick to your price range and do not try to push you over your limit.
They promptly return your calls, emails, and faxes.
They help negotiate with the seller.
If needed they help you find a good inspector, appraiser, and attorney.
The real estate agent is only part of the equation. You also have the whole area of financing to deal with. There are things you can do to get things moving on that front:
Obtain copies or your credit reports from the three main reporting agencies; Experian, TransUnion, and Equifax. You are entitled to one free copy each year. Check each one for accuracy and get any errors corrected.
Know your own financial picture and how much can you afford to spend on a house and make the monthly payment comfortably? How much if anything do you have for a down payment?
Shop for your lender until you find someone you trust.
Request pre-approval from your lender so you will know for sure the range you can shop in.
A good lender will work hard to get you the best terms for your situation. In other words if you have stellar credit you should get a great rate and the best type of loan. If you have poor or less than perfect credit, your lender should work hard to find you an affordable loan, with the best possible terms. He or she should then explain how to repair your credit rating and how soon you will be able to refinance for lower interest and easier payments.
It is important that you have a great experience when you buy your Phoenix, Arizona home. Choosing the right agent and lender will take the drudgery and unexpected out of your transaction.
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Jeffrey Nelson has sinced written about articles on various topics from Debts Loans, Marketing and Real Estate. to get a free copy of Jeff Nelson's, "7 Tips Every Home Buyer Should Know," a 10-page report that describes what a home buyer should know before m. Jeffrey Nelson's top article generates over 33100 views. to your Favourites.