Tips to buying a home as a single woman.
Updated: Aug 27, 2018
In 2017, 30% of the homebuyers we serviced were single
In 2017 The average home purchase price for single women buyer serviced by Tarah & Damon was $147,000
Buying a home is a complex process, and it gets even trickier when you’re going solo. You have to consider more than price. You have to think of the day to day and future. So here are a few quick tips.
DON'T GO ALL IN IF YOU DON'T HAVE TO
Just because you are pre-approved to buy a house for a certain amount, doesn't mean you you need to go all in. It's smart to make sure that your monthly mortgage payment is an amount that you are comfortable with. You don't want to have to sacrifice getting you roots touched up because of a mortgage.
COMPARE RENTING TO OWNING
Focus on your payment, see if what you are paying will be the same whether you buy or rented. Look at all of the benefits of owning, specifically your ability to create equity.
CONSIDER YOUR FUTURE
Buy with a state of mind that your life may change. From marriage to having children. Think of the changes your life is sure to experience and buy accordingly. Your first home doesn't have to be your forever home, but it does need to be a tool you can use to live your best life.
HAVE A BACK UP PLAN
Since you are responsible for all your own debts, think about having about twice as much money in the bank as you originally estimated, "particularly if you’re doing renovations.
Depending on the age and state of the home and property, it may be worth the expense of buying a warranty. Remember you have to always protect your interest.
DO WHAT YOU WANT
If you love a certain lifestyle and can afford it, don’t let others tell you what you can or can't have. Follow your heart and pocket book.
(Have you heard of the Homebound)
KEEP IT BASIC AT THE START
Don’t start with pricey flooring or bells and whistles in an unstable market. Go simple and chic until time to upgrade and be open to new ideas.
Don't want to cut the grass, shovel the snow or take out the trash? Condo or town home communities may be what you need. These homes are often low maintenance and come with home owner associations that will cover basic exterior repairs or upgrades. Not to mention keep you from buying a lawn mower. You can get all of this for a fixed monthly cost.
TAKE A HOMEBUYER CLASS
A homeownership class will discuss preventing foreclosure, home inspection, etc., and it is highly recommended