Single ladies dive into the real estate market
The National Association of Realtors reports that last year unmarried women made up 20 percent of all home buyers, where single guys accounted for 12 percent. Single women have become a major force in the real estate market.
According to the Joint Center for Housing Studies, there are three main reasons why single women are buying homes in record numbers.
- To relocate closer to a job or family
- Because they need more space
- And the number 1 reason: because they have a strong desire to nest
TODAY.com has some helpful tips for being a savvy solo home shopper. “For starters, it’s no longer ‘location, location, location.’ It’s now ‘location, condition and price.’”
Location- Obviously, location is still important. Try to buy in the best neighborhood you can afford. But also take your passions and hobbies into consideration before investing. If you love the nightlife that a big city has to offer, consider living right in town, with restaurants and bars within walking distance. But if you’re an outdoorsy type, a more suburban — or even rural — setting would put you closer to the weekend activities you love. Since many home-buying single women also are mothers, it’s also important to consider a school district’s reputation and the safety of the area.
Condition- For many solo buyers, a property’s condition is of equal importance to its location. I purchased a brand-new condo almost 20 years ago, and reveled in the fact that I didn’t need to call a repairman for almost 10 years. Old cottages in the woods may sound charming but can be money pits. Gray says, “I know it’s boring, civil-engineering stuff, but before you buy, find out about drainage. Will your basement flood in winter rains?” And don’t be afraid to poke around at the foundation, especially when you’re buying an older home. Spending a few dollars on a professional inspector can save heartache down the line.
Price- Where the rule of thumb used to be buy the most expensive house you can so that you can realize more of a return, nowadays you should carefully consider your monthly mortgage payment. Experts say it should not exceed 28 percent of your pre-tax monthly income. And stop thinking of a house as an investment and just think of it as a home (and perhaps also a tax write-off).
For more tips, read the entire article here.