Do you think the dream of home ownership is exclusive to couples?
Think again!
According to the 2014 study by the National Association of Realtors, single women and men make up 25 percent of today’s homebuyers. More than half of that group is made up of single females. In Lena Masri’s article ‘Three tips for single female home buyers,’ she shared some of the reasons single women love homeownership. These included the ability to decorate as they please and having a sense of control.
Additionally, Masri outlines her top three tips for single folks looking to buy a home.Here are the key takeaways.
Know, specifically, what you can afford.
When you’re buying as a single individual, it’s just you. That’s exciting. The final decision is completely in your control. You get to decide if this is where you want to be.
After all, you don’t want to find yourself house rich and cash poor. That’ll leave youno wiggle room to do fun things.
Make sure your assets are protected.
Because it all falls on you, you want to make sure your assets are protected. Adequate insurance coverage is vital. This includes life insurance, disability insurance, and healthcare insurance.
Take time. Consult an expert. Really evaluate your needs.
Talk to a professional. Chances are you’re a pro in something other than the homebuying process. Sit down with your financial advisor. Discuss where you are financially. Take a close look at your long-term goals. And, think about what you need to enjoy life on a daily basis.
If the only way you can afford a new home is to give up your yoga studio membership and that’s what you love to do, maybe now isn’t the right time to buy. However, if what you want more than anything is your own garden, perhaps the cute little corner lot has your name written all over it.
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Thank you for sharing.