When purchasing real estate as a single woman, the process isn’t the same as if you were to do it with a partner. While you won’t need to prioritize anyone’s wishes and needs but your own, there’s also a good chance you won’t qualify for a great loan that would be granted to dual-income homebuyers. However, homeownership will still be possible, although the procedure might look a bit different. Here are some of the most important things you should know and take care of:
Get your finances in order
The financial side of purchasing real estate is often the most important, especially for single women without a partner to rely on. Staying within the budget will prevent you from making any financially devastating decisions, and it will encourage you to only look at properties you can actually afford. Review your income and regular spending to see how much flexibility you have, and to determine the downpayment and mortgage rate you can truly afford. In case finances are presenting an issue, reducing your expenses and finding an additional stream of income can be of great help.
Consider the downpayment
Unless you have enough money saved up to purchase property in cash, chances are high that you will have to make a downpayment and combine it with an appropriate mortgage loan. Most people believe that 20% is standard for real estate purchases, which is often quite a hefty sum. But that might not be true after all. In fact, many countries around the world offer great home loans, especially for first-time buyers, which allow for a downpayment as low as 3%. Research similar programs in your country and region, or even assistance offered by your employer, to find the best solution for your needs.
Invest in proper insurance
If you’re taking out a loan, homeowner’s insurance will likely be a requirement, and a great option to consider even if it’s not necessary for the purchase. However, you shouldn’t overlook the legal side of buying real estate either. Property ownership can come with a number of costly risks, which is why it’s advised to consult an experienced conveyancer or solicitor. In addition, investing in suitable conveyancing insurance is also recommended. This will help to keep you protected throughout the property purchasing process, and in case any homeownership issues arise.
Think about the resale value
When purchasing property as a single person, women are more likely to buy apartments and townhouses in more central locations, likely due to the proximity to their friends, family, jobs, etc. But it might also be wise to take the resale value into consideration when choosing real estate. Think about how you will manage any major life changes such as new career opportunities, marriage, or any other factor that might necessitate moving. Will you be able to sell the property quickly or hold it as an investment and easily rent it? Considering all of these factors will enable you to make a more favorable financial decision.
Prioritize your own comfort
Safety in your own home is a priority for everyone, but it may be especially important for single women. To ensure comfort and security, advanced research will be key. Learn more about the best neighborhoods in your area, and focus your property search on these locations. Visit social media pages and online forums to see what people are saying about these locations, and walk around the neighborhoods you may be considering. Compare the availability of shops, transport options, restaurants, and other amenities with your overall comfort levels to make the best possible decision.
Purchasing real estate can be a complex process, especially if you’re doing it on your own. Follow the guide above to streamline this process and ensure you make a good decision that will be beneficial to you in the long run.
About the author:
Peter is a fashion stylist and a writer from Brisbane, Australia. After graduating from Australian Institute of Creative Design he worked as a fashion stylist for few local fashion events. Beside fashion and styling, he enjoys traveling around exotic destinations and discovering new vintage stores. He’s future plans are in creating his personal styling business.