As demographics shift and people hold off on getting married, more and more women are preparing for their first home purchase solo. Women tend to see real estate as a sound investment opportunity and more single women than men opt to take the property plunge on their own. Buying a home on a single income is not without risk. Here’s 3 tips for single female homebuyers to consider before hitting the open house circuit:
Don’t Go Overboard
The first rule of shopping for a home is knowing your budget. Get pre approved for a mortgage and know what you can easily afford. Set up a spreadsheet and factor in carrying costs like utilities, outstanding debts, insurance and property taxes. Nothing is worse that being in over your head.
Protect your Assets
As a single homeowner protecting your assets is even more important. Look into getting the best rates for life, property and health insurance. Additionally, investigate your options for protecting your investment should you decided to marry or live common-law. Shielding your home in the event of divorce with a prenuptial or co-habitation agreement.
Get Expert Advice
Buying a home is one of the largest finanial transactions you will ever make. Ensure you seek out expert advice before proceeding with any purchase. As an experienced realtor I have a diverse range of experts in my professional network ranging from mortgage specialists, lawyers, contractors and home inspectors. Take your time, prepare wisely, and you’ll be moving into your new home in no time!