Whatever men can do, we can do better, right? Even in the home buying process. And apparently, twice as many single women are buying homes than single men.
If you’ve considered buying your first home, is there anything specific you should consider as a single woman?
As a matter of fact, there is. Let’s look at 5 steps to home-ownership as a single woman.
1. Know Your Budget – and Stick to It
Buying a home is a huge financial step. Before you stick a stiletto-heeled foot in the door, know how much it’s going to cost.
Besides your mortgage payment, you’ll have to pay for home insurance, utilities, and any unexpected expenses. Plus, the down payment is sizable compared to a deposit on a rental.
Seek out the best mortgage lenders to get pre-approved for a mortgage. Once you know how much you’re pre-approved for, “practice” your monthly payments. For example, if your rent is $900 but your mortgage will be $1300, but the difference in savings.
2. Research Neighborhoods
You may be an independent single woman, but even the best of us get creeped out in the dark once in a while. Before you buy a home, research potential neighborhoods for safety.
Check out crime stats from the police department. Visit your favorite neighborhoods both in the day and night.
Plus, examine the safety features of a potential home. Solid doors, interior access from a garage, high windows, sturdy locks, and an alarm system can give peace of mind.
3. Beef up Your Savings
Sure, your down payment will be a good chunk of money, but that’s not the only thing you should be saving up for. Once you’re a homeowner, all repairs and unexpected expenses will be your sole responsibility.
What if the air conditioner should break? A pipe leaks and causes water damage? Or a tree falls during a storm?
It’s a good idea to have emergency funds saved up for the unknown, about six months’ worth. Then make sure to replenish your savings if you have to spend any of it.
4. Think Long-Term
It may be a seller’s market right now, but there’s no guarantee it will stay that way once you’re ready to sell your home. To get the most of your investment, buy a home for the long-term.
The longer you stay in your home, the more likely you’ll make a profit once you sell. That means you’ll have to consider any upcoming life circumstances as a single woman.
What if you get a job offer elsewhere? What if you finally meet your soulmate?
If your situation does change, consider if you’ll rent out your property or have someone move in with you to keep your investment sound.
5. Get a Home Inspection
And when you do find the home of your dreams, make sure to get a home inspection before the closing process. That should help keep any surprises from popping up down the road.
A home inspection can find any lingering problems with the house you may not be aware of.
A bad roof? Shotty electric issues? A home inspection will look for it all.
The inspection not only protects your investment, it protects your savings from a huge blow of an unforeseen repair bill.
Own the Home Buying Process as a Single Woman
Independence as a single woman will take you as far as you let it. By using these tips, you can now check home-ownership off that list.
Looking for more ways to own your happiness as a single woman? Check out the Happiness category in our Lifestyle blog!