Single Women and Homeownership

Home Ownership

Single Women

Do you know that a record numbers of single women are buying homes on their own!  20% of all homebuyers were single females compared to 10% that were single males.

Many single women home buyers have concerns and fears when buying property.  Many want to buy now but feel that they should wait until they start earning more or wait until they are ready to start a family and settle down.  But what if it seems like it is not the right time?   How long do you wait to buy?  When is the right time to buy a home? 

Sometimes it seems like it’s never the right time to buy a home but let’s look at what many women ask before buying a home. Will I be able to afford the mortgage and other costs on my own?  Will I feel safe there?  What kind of space will suit my present lifestyle?  What if I get into a long-term relationship and have to move?  How do I begin?

First you must be realistic about what you can afford.  Not only will you have a mortgage payment but you will need to cover closing cost and ongoing expenses such as homeowners' insurance, property taxes, and maintenance.

To help you determine what you can realistically afford you will need to review your budget and housing options and then set your sights on something that you can realistically afford.  Once you start to build some equity into your home, you can move up.  Other hidden costs can be utilities, home maintenance or any hidden future cost such as major repairs or increases in community association dues in a condo complex or other planned community.

Getting a good mortgage broker that will work with you will help demystify the process.  Your broker can help you make the most of your one-person income, and deal with any blights on your credit score. 

Make sure that you investigate neighborhoods. Visit during various hours of the day and night, and ask the neighbors like people gardening or out walking their dogs how safe they feel living there.  You should not judge a neighborhood on appearance. Get crime stats from the local police.

Examine safety features of any house you're considering. Many single women gravitate towards condo or townhouse communities for safety reasons that have drive-in garages.  Look for windows high off the ground, solid doors with sturdy locks and entrance paths that are well-lit and not hidden by shrubbery or rocks, and an alarm system.  You can add some of this yourself but avoid any house with unchangeable features.

Look for a home that matches your lifestyle.  What do you like to do?  What things are important in your life?  Many single women choose homes with large kitchens, because entertaining is high on their list. Or, they look for a house that's within walking distance of their favorite restaurants or other meeting places.  Most unmarried women chose their house location based on proximity to family and friends rather than to work or school.

Be ready if your life changes and you want to move by buying a home with resale value. The easiest home to sell will be a home that is well-constructed and maintained, with curb appeal and is in a good neighborhood. Don't buy the biggest and most expense home on the block because they are harder to resell.  Make sure you do not have any mortgage prepayment penalties so you will be able to sell within the early years of the mortgage without being assessed a penalty.

Self-education is the key to feeling comfortable undertaking this process on your own. You can receive this information by talking to other single-women homebuyers about their experiences and asking friends for recommendations.  Make sure you interview two or three before making a choice.  Visit Sunday open houses in the area where you're interested, to get a sense of prices and availability. Ask your Real Estate Professional for information how much the house might really sell for, since list prices don't always match sales prices.  Having a team of professionals, including an experienced real estate agent, mortgage broker, and home inspector, who will listen and respond to your needs is making the best use of getting the information needed to make a wise decision.  For more information on buying or selling your home visit   


Tags: buying, divorced, educated, home owners, Realtor, selling, single, Todays women, widowed