4 Tips for Single Women Buying HomesMay 23, 2018
Did you know the number of single women buying homes in the U.S. last year was double that of single men? That’s right. Based on survey data by the National Association of Realtors (NAR), single women accounted for 18% of home buyers in the U.S. in 2017, while their male counterparts accounted for only 7% of home purchases.
That makes single women the second largest group of home buyers in the country, second only to married couples. If you’re a single woman who plans to purchase a home in the near future, we’ve compiled four of our favorite tips just for single women buying homes.
1 – Take a Free Class on Homeownership
A lot of states have home counseling agencies that offer free or low-cost classes that help potential home buyers, both male and female, to understand some of the basic things they should be knowledgeable about when purchasing and owning a home. Some typical topics covered in these types of classes include what to expect during a home inspection, understanding your credit history, financing and the loan process, managing mortgage payments and how to prevent foreclosure.
2 – Watch Your Budget
According to an article on Bankrate, women have a greater tendency to overextend themselves financially when purchasing a home than men. Therefore, they should be especially cautious not to borrow too much when buying a home. In fact, it’s often wise not to borrow the maximum amount a lender is willing to loan you even if you’ve been approved for the higher amount. Rather than look at the full loan amount, it’s more important to analyze what the monthly mortgage payment, combined with home insurance and taxes, would be and strive to keep that monthly payment to one-third of your monthly budget or below that amount.
3 – Research Neighborhoods
Based on research from Redfin, women are more concerned about neighborhood safety when buying a home. That’s why it’s important to do some research to find the right neighborhood, one that’s safe for you, your family and your guests, while still being affordable enough to fit into your budget. It’s a good idea to ask for recommendations from your real estate agent, friends, family and co-workers, especially if they’re more familiar with the area where you are home shopping than you are.
4 – Bring Someone with You
As a safety precaution, it’s a good idea to bring someone along with you when house shopping, or even when meeting your real estate agent for the first time. It’s even better if you can bring someone who has some background in construction, if you lack that background yourself, so that they can give you helpful advice about which home is the soundest, in the best condition or will require the least amount of work.
Lakeside Title Streamlines Real Estate Transactions
Lakeside Title Company provides title insurance and numerous title-related services in Maryland, Washington, D.C., Northern Virginia, and Southern Pennsylvania. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!