Tips for Single Female Homebuyers
Eight smart tips to buying your first home
Statistics show that more single women purchase a home compared to single men. It appears that though buying a home is challenging, many single ladies are not easily discouraged.
The strong desire to own a home and to have more privacy and space are among the top reasons many single women buy homes.
If you are planning to get your own Waukesha home this year, here are some tips to make this process easier:
- Don’t go beyond your limits.
Know what is affordable to you and don’t go beyond that. Make sure that the monthly mortgage for the home you are buying is an amount that will fit comfortably in your budget.
Factor in the down payment, mortgages, property taxes and extra funds to cover for repairs. Take into consideration that you rely on a single income for your expenses.
- Rent vs. buy
Choosing whether to rent or to buy is a big decision. Choose the one that works best financially. Also, consider how long you will be living in one place. If you plan to stay in the area for more than five years, it is better to buy.
- Plan ahead
Before purchasing your new home, think about what you like to do, what’s currently important in your life and your future plans. The home you should be looking at should suit your present and future needs.
Maybe you like cooking or entertaining. Choose a home with a large kitchen. Maybe you enjoy dancing. Get a home with wood floors just in case you decide to use one of the rooms of the home as a dance studio.
- Plan for emergencies
Since you never know what may happen in the future, don’t use your emergency stash. Keep it safe. As Dave Ramsey says, “ Baby Step #1 is to save $1000 for emergencies.
Also, in choosing between a 10% and 20% down payment, the latter will help you get better loan terms from your mortgage lender. This means a lower monthly mortgage, which equals more monthly savings!
- Get a Home Warranty!
As a single female, having broken items at home can be stressful. You’ll want peace of mind and assurance that repairs will be taken care of right away, so get a home warranty. It’s relatively inexpensive compared to the thousands of dollars you may spend when the HVAC breaks down.
- Choose what you love
It’s your home. Choose a place that YOU like, in the community you want, with the features that you need. Whether you need a bigger kitchen, access to a lake, or a yard for gardening, it is your choice.
- Start simple and basic
Hold off on your upgrades and fancy stuff and simply start with the basics in your new home in Pewaukee. Many home buyers forget that they should be working within their budget. Don’t spend all your hard earned money for unnecessary furniture and appliances.
- Home ownership class is still the American dream
Take steps towards becoming a responsible homeowner by taking a homeownership class. You can find a class online or in your community. Or reach out to me, Kristin Johnston. I can help you learn the benefits and advantages of owning a home.
Learn more about me here : http://www.KristinJohnston.com/.
There are many considerations when you’re buying a home, especially if you are single and will shoulder the entire monthly mortgage. Let me assist you in planning and securing the home that will fit both your budget and lifestyle.
Call me, Kristin Johnston at 414-254-6647. Allow my skills to be your guide in owning your first home.
**In case you can not view this video here, please click the link below to view Tips for Single Female Homebuyers on my YouTube channel: https://www.youtube.com/watch?v=PiaJ9Otm374&feature=youtu.be**