Now more than ever single women are stepping up to the plate as some of the prime movers and shakers in the real estate market. Currently they make up for nearly 22% of all homeowners, and are beating out their single male counterparts who seems more and more content to remain nestled at home in the family nest before opting get into the real estate market.
If you're a single women heading into the purchase of your first home, here are some helpful hints to consider:
Get Clear on What You Can Afford
With this being your first time entry into the world of real estate, and possibly the largest purchase you've ever made - and by a long shot, you'll want to make the transition relatively easy. You can do this by being very clear on your budget, and setting your sights on something that won't break your monthly budget. Once you've settled in, and are more secure with making ends meet and all the trials and tribulations of homeownership, you can then consider selling and moving up. So, the suggestion here is to be somewhat slow and cautious on your way towards building equity. Start small, and dream big and you'll be well on your way.
Peek a Boo!: Research Hidden Costs
Most young women entering into the real estate market are looking at the purchase of a townhouse or condo. It's very important to educate yourself on how the association you're looking to buy into deals with monthly fees, potential raises in monthly fees (community association dues) and utility costs. You'll also want to know all that your condo fees won't cover, so you can estimate what other monthly/yearly hosts may be lurking about.
Other costs that you must factor into the purchase of any home include homeowner's insurance, property taxes, and home maintenance.
A Mortgage Broker Can Help
A good mortgage broker can demystify the mortgage process and ideally help you leverage and make the most out of your one-person income. Wrapping your head around the myriad numbers you'll be confronted with can be daunting, but a good broker will make all the difference in the world.
Can't Quite Make An Adequate Down Payment : Consider a Loan from Family or Friends
One win-win situation to consider is having a friend loan you the money with an interest rate that's lower than what you'd pay at a regular bank, but higher than what they might receive from similar investments. Another option is to make them a sort of investor, such that in return for the loan you offer them a percentage of the appreciation when you decide to sell.
Don't Skimp On Safety
For most women one paramount parameter in their home search is that the neighborhood or building they invest in is secure and safe. This is a smart way to go and shouldn't be overlooked as you continue the house hunt. In this regard make sure you investigate neighborhoods during all hours of the day and night to see what sort of activity goes on there. Talk to neighbors and find out how safe they feel living there.
Go to the local police station and get solid stats on crime in the area.
Find out if there's and active Neighborhood Watch in the neighborhood.
If you're looking at a condo or town home, thoroughly investigate the safety features included. Many women opt for a unit on the second floor or higher, primarily for a better sense of security and privacy.
Lifestyle, lifestyle, lifestyle
The fact that you don't have a significant other or dependants means you can truly focus on "lifestyle" as your primary search parameter. If you love all the amenities of downtown and have a close group friends there, then by all means look for a suitably urban choice in housing. If entertaining is big on your list of activities then you might want to hunt down a home where the kitchen is the centerpiece.
Buy With Resale in Mind
As much as you need to love the home you buy, you'll want to ensure that you have a good exit strategy. After all, you never know what'll happen in the coming years. A home with easy resale is generally one that is well constructed and maintained, is aesthetically appealing and located in a good, safe neighborhood. Before purchasing find out more about where the neighborhood you're looking in may head in the next five years in terms of development. This will give you a good idea of what your investing in.
Educate yourself, seek the help you need and... GO GET EM' GIRLS!
There are several reasons for this boom of women homeowners. With equal pay for equal work the income for women has greatly increased making it more feasible for single women to buy a home on their own.
Another thing that has made it easier for single women to become homeowners are the many programs that assist them with financing. Yes, there was a time when a single women couldn't qualify for a store credit card much less hundreds of thousands of dollars to buy a home.
Add to that the fact that child support can now be included as income when applying for mortgages it's no surprise that there has been an increase in the number of single women becoming homeowners.
There is also more motivation for single women to become homeowners. Just like single men and married couples there is the investment factor.
With the rising cost of real estate property anyone can tell you it's difficult to lose when becoming a homeowner. Two other reasons for single women buying homes is women are marrying later in life and they are no longer totally dependent on men to support them.
Most single women will tell you she's not living to find a man to support her, she's living her life to it's fullest and if a man comes into her life they will be equals in the partnership, homes and otherwise.
A third reason for the rise in single women homeowners is women are no longer afraid of home repairs. With the popularity of do-it-yourself books, videos, and television programs women (both single and married) are learning they can do repairs and remodeling projects around the home that they wouldn't have considered undertaking 20 years ago.
It's not unusual to see women at such places as Lowes and Home Depot and other home improvement stores have found that nearly half of their customers are women.
With opportunity, commitment, and ability it is no surprise there is such an increase in women homebuyers and homeowners. Builders, bankers, and real estate companies are all taking advantage of this growing market and tailoring a good share of their business to women.
Single women homebuyers are looking for many of the same things couples look for when looking for a home, the neighborhood, price, and proximity to work, school, family, and friends. But a single woman is more inclined to look for security, energy efficiency and storage available. Builders are taking all three of these things into consideration during the construction of homes.
The following are a few things single women (or any homebuyer) should pay close attention to before becoming a homeowner.
* Before you start looking at homes get pre-qualified for a mortgage. Doing this does two things, it gives you an exact price range you can buy and home and can be a great benefit when it comes to making offers.
* Have in reserves of at least three months mortgage payment and upkeep for the home. You never know when your single income may become no income, be prepared.
* Remember as you look forward to becoming a homeowner is keep your emotions out of the equation. That huge weeping willow tree in the backyard you've always wanted will drop a million leaves in the fall ? are you prepared to clean them up or pay someone else to do it.
* Get inspections and ask questions. A home can be very beautiful nestled in a field of snow but come spring thaw where will the resulting water go ? it may end up in your basement.
* Don't make major changes in your income until after closing. Things like buying a new car or changing jobs can have a huge effect on financing a home loan.
* Work with a real estate agent you trust and take full advantage of their service. You are the homebuyer, they are getting paid to work for you let them do legwork and keep you on top of what is required of you. Make sure they schedule a final walkthrough just before closing (the day of closing is best).
Both Lisa & Chris Mcelroy are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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