Buying a home is a major decision that more and more single women are making on their own. In fact, according to statistics from the National Association of Realtors, in 2014 about 9% of home buyers were single men, and 16% were single women. If you’re a single woman considering picking up a home of your own, don’t be afraid of the investment, just make sure you do your research first. Here are the four most helpful considerations that you should make when looking at homes as a single woman.
Get Concessions When Buying
Owning a home is expensive, and many people don’t factor in just how much money it costs to upkeep a house. There is a lot of maintenance that must be done, and that means that you won’t have a bunch of extra money to throw around for repairs or improvement projects right when you move in. If you notice that something is damaged or needs repair when you are shopping for a house, do your best to either get the seller to take care of the repairs before you move in, or to get a small amount of money knocked off the price of the home to help cover those costs.
Loans are Not all Created Equally
It’s easy to go with the first loan that you’re offered, but you should explore your options when looking at different lenders. Find out what rates they can offer you, and look for a mortgage loan that is going to leave you with the best value overall. Always work with several different providers, and don’t be afraid to pit them against one another to get you a better deal.
Buy Within Your Means
The worst thing you can do is buy a home that you just barely afford. That’s because things happen. Just because you’re debt free at the moment, doesn’t mean that you’ll always be debt free. By buying a more affordable home, you won’t put yourself in a precarious position someday if your other expenses increase, or your earnings drop down some.
Take Insurance Seriously
As a single woman, it’s up to you to take care of your property and make sure that the bills are paid every month. This puts you at a bit of a disadvantage without someone else to rely on to help with those expenses. For this reason, it’s important to obtain good quality health, life and disability insurance. You have to protect your assets against disaster, and that’s exactly what insurance will do for you.
Buying a home is a huge decision, but it’s also an investment that can really pay off if you know what you’re doing. Just be sure to take your time and buy a home that fits your style of living and your income try this.
Speak with Muriel about how you’re able to find an award winning agent that can provide you with the house of your dreams, as well as recommend some of the best home loans out there. Go for it, you deserve it!