A single girl’s guide to buying a home. According to the National Association of Realtors, in 2017, single women accounted for nearly one in five homebuyers. This was the second-most common household buyer type behind married couples. Another report in 2018 by the Bank of America found that 73% of women value homeownership above getting married and having children, compared with 65% of men.
Over the last several decades, women have excelled in education, entrepreneurship, and career advancement. They’ve emerged as determined and driven and in turn, have also become financial decision-makers. The result: Buying their own home is no longer contingent on needing a partner.
A report from LendingTree found that single women own more than
1.5 million more homes than single men do in America’s 50 largest metro areas.
get your finances in order
The main thing that you need to do to buy your own home is to make sure that your finances are in order and that you have enough for a down payment and earn enough to cover your mortgage or home loan. You need to be able to show that you are credible to lenders.
know what’s important to you
When it comes to looking for your perfect home, one of the most common things that single female buyers look for is whether they will feel safe in the home. They also look at whether the home fits into their lifestyle if the size fits their needs
According to reports, women are more likely to compromise size and cost to get other amenities, but they’re less likely to compromise on the location or quality of the neighborhood. This often leads to women seeking other options such as custom homes or new construction properties.
If you’ve considered buying a home but just aren’t sure where to start, the first step is to talk to a lender. Do this first. You want to educate yourself as much as you can on the financial aspect of buying a home. Then, you’ll want to find the right real estate professional to help guide you through the homebuying process.