Based on recent statistics and research the rate of female home buyers is increasing. Despite the gender gap in salaries, single female home buyer are still making waves in the home buying market. Many of them are tired of paying rent and understand that buying a house is not just about securing a place to stay but an investment. Most of these females are those that don’t prioritize early marriage and as a matter of fact, many women are not waiting to get married to buy a home.
With all the challenges most women go through in the housing industry when buying a home that doesn’t stop them from buying. Before you start going through the process of buying a home here are some things you should do as a female home buyer by Anthony Wardan, a director at Maple Living.
Comparison Shop For a Mortgage Loan
You need to know the fees that you may encounter during the process. So you can then get mortgage loan estimation from different lenders which will make it easy for you to compare offers. Ensure that it is clearly stated in the estimation if the rate is adjustable or fixed, the rate lock period, the amount to pay in points reduce the interest rate and if there are any prepayment penalties. If you also think you can get something better from the estimation on your loan can at least try and negotiate. Or you can just ask for something that suits you best. In case the current rate is not favorable to you then you should consider reducing your debt, check your credit report for any error and correct it, pay bills on time for a period of six months to one year as this will increase your credit score. You can save tens of thousands of dollars on a loan at a lower rate.
Make A Budget
There is every possibility that mortgage payment is the largest expense you will face as a female home buyer and there is a need to pay for other bills at the end of the month. Buying a house you know you can’t afford will affect your savings. You have to put into consideration mortgage payment, property taxes, principal and interest payment and anything associated with housing. Even after you get pre-approval and you know how much you can borrow you don’t want to buy or start looking for a house at that price range. Make a price range based on your budget and ensure you start looking for a house that is at the lower end of your range. Then start moving up the range to see if you can get what you want within that range.
It’s good you know what you want or need and stick to it to avoid compromising. We all have different priorities when it comes to a home. For someone with a child, she will prefer a home close to a good school and a nice playground and with a beautiful home exterior like parks outside the home. While some will put the safety of the house, location, how spacious the house is, the convenience and the style of the house into consideration. And some single female homebuyers just want to buy a home regardless of the location or style because they are tired of paying for rent. But the majority of single females will prefer a home that is closer to a shopping mall, grocery store, fitness center and a good neighborhood.
Buying a house or building a new one can be very difficult and tiring due to the many challenges you will encounter especially as a single woman. But to become a homeowner you have to be persistent and never give up no matter how hard things can be during the process. With persistence, focus and determination homeownership is possible. Do you want to feel empowered, independent or responsible by becoming a homeowner? Being persistent is the key.
Consider Relocation Possibility
In the process of searching for a new home, you need to have a backup plan in case there is a need to relocate due to marriage, job opportunities or a career change. With this plan in place, you should then consider buying a property that you can easily lease out in case of any unforeseen circumstances. Considering the possibility of relocating will also help you to buy a house that has a high resale value, access to basic amenities and is not too expensive. If it is a new-build home then you don’t want to overdo the customization. So features that people generally will be looking for in a house should be included in it. And ensure the foundation of the building and the structure is in the best condition to avoid any problem when you decide to sell it.
Any single female homebuyer that wants to become a homeowner should research the area you are relocating to, says Anthony Wardan. You want to know the commune time, basic amenities in that community and crime rate. This can be done by talking to friends, family, real estate agents or asking those living in the community.