More and more single women are accepting rings – the kind you can put the new key to your home on, that is. Around one of every five buyers are single women. This trend is exciting but single homeowners may need to take more care in their financial positions going forward. To learn more about some unique considerations single buyers should expect, read on.
Consider Your Location Carefully
Location, location, location – this credo may be even more important to single women home-buyers. Depending on area, crime rates, and the personal preferences of the buyer, some single women may put a great deal of thought into the safety of the neighborhood before they buy. Homes in gated neighborhoods could offer some the security and ease that homes should bring. Unfortunately, buyers may have a difficult time locating homes in gated neighborhoods that are not too large. If you are looking for two or fewer bedrooms, you might need to go with a limited-access condominium instead of a single-family residence if you don't need those extra bedrooms. Also, consider a gated townhome or patio/garden community for homes that might come in at just the right size.
Consider Your Lending Challenges
Lenders have no reason to discriminate against single female applicants, but they might impose lower spending limits on anyone with a single income. When it's just you alone facing the mortgage responsibility, the lender could also be more stringent on things like:
- The amount of the down-payment.
- The income of the single applicant.
- The applicant's credit score.
- The debt-to-income ratio of the applicant.
- Applicant's length of employment.
Considering New or Used Homes
Women can be just as handy with a hammer as anyone else, but some don't want to spend their weekends performing maintenance and remodeling projects. New homes can be more trouble-free than old ones, but that can come at the price of charm and space. For your money, older homes can provide better locations and square footage but may come with issues. If your new home is only new to you, consider adding a home maintenance warranty plan onto your home deal. Depending on the condition of your home, these can be worth the cost with just a single large repair issue. Additionally, if the home you like is older, try to accompany the home inspector as they examine the home bit by bit. You'll get first-hand knowledge of the home's workings and witness any issues for yourself.
When you're ready to make the move, work with home buyer services to get started on making your dream a reality.