Single women are a huge slice of the home buyer pie. According to the National Association of Realtors, in 2011 single women made up over 20% of all homes purchased, double that of single men. Nevertheless, single women are going to have concerns just like all other buyers. Here are 3 tips that single women home buyers need to keep in mind prior to purchasing a home.
How Are Your Finances
Home buying markets can be overwhelming for first time buyers. This is a great time to consult a financial adviser or accountant to understand those basic financial commitments. Ask questions such as “how much money will you need as a down payment, mortgage payment, property taxes, insurance, and premiums”. Also, ask what home expenses will you have after purchasing a home. What will your utilities bill look like? How much do common repairs and maintenance run? A home is an investment, so thinking ahead of these things will help you understand how much you can afford. Stay within your budget and save for upgrades so that your home always maintains and increases value.
Do Your Homework
Research. Research. Research. The home buying market is a puzzle consisting of many pieces to consider before piecing it all together. Ask your friends or coworkers that have recently purchased a home for advice on things they considered when purchasing a home in the neighborhood. Search online and use secondary resources such as articles to learn about the local market. Research areas you are considering and write down specific questions you may have. You can then discuss these with your Realtor in further detail.
As a single woman home buyer your safety and privacy should be a priority. Make sure you research the neighborhoods you are considering for them to be in a low crime rate area. Are there specific safety features you want in your new home? Think about secure windows, secure doors, alarm system ready, fenced yard and attached garages when looking for a home. Tell these to your Realtor so they know that they are on your must have list.