A Single Womans Guide To Home Ownership

A Single Womans Guide To Home Ownership

The traditional home ownership landscape has changed. A new and sophisticated group of home buyers have increased in percentage in recent years, and they are single women. In fact, single women are buying homes at twice the rate of single men.

If you are ready and desire to buy a home of your own, talk to friends, relatives and co-workers before taking the plunge. At this point in your life you may need more space, less space or may want to live closer to your work, friends, or family members. Whatever your particular needs are, there’s surely a home that will fit your needs. Owning your home is the best long-term purchase you will make.

Whether your decision to purchase a home is a financial or emotional one, there are important steps to take to find the right home for you.

Be an Aggressive Finance Shopper

You’ve given purchasing a home some consideration and are now ready to start looking. It’s very important to know how much house you can afford before you begin your home search in earnest. Talk to a few mortgage lenders. The mortgage lender will review your information and qualify you for a loan amount. Don’t just use your friend’s recommendations, be savvy and shop around. Compare several mortgage lenders, ask questions and have them explain all of the options available to you. Compare rates, information and chose the best fit for you.

Be Realistic About Your Budget

In addition to the mortgage approval amount, you should consider what your monthly payments, property taxes, and insurance costs will be. Additional costs such as home maintenance and property upkeep should be taken into account as well. Because you are depending on your income to pay all of your expenses, you don’t want to over extend yourself.

Be realistic about your budget and stick to it. Don’t buy a property beyond your means. Remember it is possible to get a nice home within your budget, even if you have to make some compromises.

Single Women’s Home Preferences

Single women, from professionals to single mothers, share similar home trends. Based on market research, here are some home preferences that the average single woman is looking for:

  • Prefer two bedrooms or more

  • Will compromise size and cost to get desired amenities

  • Smaller spaces are acceptable

  • Want safe neighborhoods

  • Desire security

  • Strong community feel

  • In close proximity to friends, family, stores, shopping, and fitness centers

Make a List

Determine which features are most important to you and write them down. Make a list and rank your preferences by importance. 

Are you more comfortable in a condo where the common areas are taken care of by the association and your only responsibility is the inside of the unit? Or a house may be a better fit, even though it will require more upkeep than a condo.

Find a Real Estate Agent

A real estate agent can be a great asset in your search for a home. Ask for referrals from friends, family members and even other real estate professionals.  Search online for real estate agents and attend some open houses at which time you can speak with the agent showing the house. You should feel comfortable working with your real estate agent, and your agent should be available when you need assistance. Your agent should also return your calls, text and answer your emails within a reasonable amount of time. 

Although the home buying process can be a bit stressful and at times may even seem like a scary endeavor, remember that it can also be a learning experience and dare I say a fun one. And if you’ve longed to have a space of your own to decorate, cook, clean (or not) and entertain, stay the course and you will most definitely find your dream home. Owning a house will be your reason to rush home!

If you are interested in selling or buying a house in Fairfield County contact Kimberly Tapscott at 203-252-8327 or visit my website at www.kimberlytapscottrealtygroup.com.

Kimberly Tapscott Headshot
Phone: 203-252-8327
Dated: September 1st 2015
Views: 202
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