Buying a home is always a big moment and for single women it represents another rung on the equality ladder conquered. Although there are some similarities between men and women who want the keys to their first place, a first time home buyer’s checklist for a woman needs to be tweaked to take into account her special needs and circumstances.
That’s why the first piece of advice has to do with confidence and having a stride in your step when you’ve made the decision to go it alone and buy your own place by yourself. Statistics report that single women are actually outpacing their male counterparts in this area. In fact, as recently as two years ago in the United States, 16% of home purchases were single women as opposed to only 9% of single men.
Remember, you’ll need to do your research and take your time before you sign on the dotted line. Asking for and getting the right help is invaluable. No first time home buyer checklist would be complete without the input from trusted professionals like a financial planner, a real estate agent and of course a mortgage broker to help put the finishing touches on the deal when you’ve found the ideal house.
No matter how you approach it, buying your own home is a big process that demands a lot of critical thinking. Looking ahead is a great idea and you should be considering protecting your asset with a prenuptial agreement if and when you decide to get married.
Single women need to look carefully at all the financial aspects. With only one income, it’s important to make sure you’ve allocated for the expenses that get added on after your renting days come to an end. Property taxes, heat, hydro and repairs can eat up a large chunk of money you might not have anticipated.
