Successful Tips for Single Women Home-buyers
Article Written by: Brittany Fisher
www.Financiallywell.info | brittany@financiallywell.info
According to a report out late last year by the National Association of Realtors, nearly 20 percent of U.S. home-buyers are single women. The second-largest population group behind married couples. And they’re even outpacing their male counterparts, who buy only about 7 percent of home inventory.
If you’re a single woman and thinking about joining the legions of other women homeowners, here are some success tips.
Take A Class On Homeownership
According to Teresa Mears, real estate writer for U.S. News, taking a home-ownership class is a “no-brainer.” These free or low-cost classes will teach you things including:
- How credit scores are calculated.
- The value of a home inspection.
- How to work effectively with a real estate agent.
- What costs to expect.
- How to mortgage shop.
- How to conserve on utility bills, like water and electricity.
- Finding down payment assistance.
How To Sell Your Mutually Owned Property If You’re Dealing With A Divorce.
If you’re house shopping because you’re in the midst of a divorce, you’re going to want to handle the sale of your mutually owned property before you get started on a new purchase. Here are some tips to remember.
- For the best tax advantage, sell the property while you’re still married.
- Divide up home-selling duties and put it in writing. Example, who will do what in getting the property ready for sale? And who will handle showings and tend to real estate calls?
- Work together to come up with an asking price and an accepting price that you’ll both be happy with.
- Dividing up the profit from the home sale will depend on how your particular state handles property division. Most states are community property states, meaning everything you bought together will be equally divided upon sale.
Know What You Can Afford And Stick to It
Nothing stinks worse than being house rich and cash poor, so you’re going to want to make sure you plan wisely when it comes to choosing what you can afford. Redfin offers a calculator to help you get started. It will use your income, mortgage rate and down payment to calculate what you should spend. Even if you’re approved for a $300,000 home, doesn’t mean you should spend that much.
Important Considerations
When you’re choosing the right property for yourself, you’ll need to think about several questions.
- Do you want yard and home maintenance? In other words, is a condo or home better for you?
- Do you want extra bedrooms for growth?
- Will children be leaving the nest soon, leaving you with too much space?
- Is this neighborhood going to have any other singles?
- What happens to my property when I’m gone?
Be Prepared To Loan Shop, Aggressively
A study by the Consumer Federation of America reported that women ended up with an overwhelming number of subprime mortgages. To avoid being one of these negative statistics, make sure to shop aggressively for the best loan. Be prepared with a thoughtful list of questions and compare, compare, compare.
- Interest rate?
- Monthly payment?
- Fixed or adjustable rate?
- Other fees?
- Penalty for early pay down?
- Qualifying guidelines?
- Minimum down payment?
- Mortgage insurance and cost?
How To Tackle Moving Day
With all the other tasks involved with purchasing your first home as a single woman, it may be easy to overlook moving day. Start now by using a printable moving checklist that will give you a two-month window to prepare.
Women are just as capable as men when it comes to owning property, and maybe even better. Be sure, though, to not to fall prey to lenders, service people and others who may try to take advantage. Even today, women are often viewed as less sophisticated in the buying process.