6 Things Single Female Homebuyers Need to Know
Calling all the single ladies! Did you know? Single women are the second largest group of homebuyers, making up 18 percent of all buyers in 2021, according to the National Association of Realtors (NAR). Even with that success, there are some unique challenges single women face. But with a little research and guidance, those challenges can be overcome. Are you next?
Here are some things to consider for the single female homebuyer.
Think about your needs and lifestyle.
When you’re a single woman, it’s important to think about your lifestyle and the conveniences you need and desire. For many women it’s a combination of wanting an investment and learning that paying rent for a nicer apartment can cost the same as a mortgage.
Questions to consider:
- Do you need to live close to work?
- Will you be driving back and forth to multiple schools and sports activities with kids?
- Is walkability important to you?
- Have you imagined having your own garden or craft room?
- Do you entertain, cook, enjoy gathering with friends and family?
A small down payment or no down payment can be workable.
If you are struggling with saving for a down payment, you may be surprised to learn you could qualify for a mortgage with less than 20% or even no down payment at all. There are many lending programs available today fitting a wide range of financial situations. First-time homebuyers, veterans and educators are just a few examples. You never know what’s possible until you ask!
Find a mortgage lender and real estate broker you trust.
Your very first step towards home ownership should be a discussion with a mortgage lender and a real estate broker. Together, they will help you make a plan. It can be nerve-racking to contact a lender, especially if you are a one-income household. What if they deny me? What many people don’t understand is that their number one goal is to put you on a path to succeed, to get a mortgage and to buy a home. It’s not as scary as it seems!
It may take some time to work on your credit.
After a discussion with a mortgage lender you trust, you may have some items to work on. It will likely benefit you to take some time to reevaluate your debt and put some work into boosting your score. While not an overnight project, you could be surprised what a few points may mean to your mortgage rate.
Know your budget and make a smart business decision.
In today’s market, it’s more important than ever to know your budget and stick to it. The goal is to become a homeowner, not to purchase your dream home. Make sure your lender has given you a solid understanding of your monthly payment and closing costs. Then, make a list of your non-negotiables in a home and begin shopping within your price range.
Be prepared for maintenance and repairs.
With any home, no matter the age, there will invariably be needed repairs as time goes on. Before you buy, be sure you understand the age of the roof, water heater and furnace. Depending on the age of the home, these could be big ticket items that you need to plan for. Setting aside some money each month to create a home maintenance savings account is a great idea.
Bottom line?
Home ownership can be achieved as a single woman. And it may be the smartest financial decision you ever make! We are here to help you make a smart business decision and to have fun during the process. Interested in learning more? Email kristin@nestbend.com to RSVP for a special event for prospective home buyers on March 22nd.