28 Aug Single women buying real estate
Women represent 20% of first time home buyers! They actually outnumber single men as homebuyers.
Here are some tips and tricks for single women buying real estate:
Talk to family and friends. Get opinions from those you trust, but prepare for nay-sayers.
Develop a budget. List all your expenses, from the morning latte to the mortgage payment. It’s daunting, but liberating to know where you stand financially. Head in the sand is not an option, if you’re moving toward homeownership.
Avoid debt at all costs. Borrow to empower, not to enslave is all the wisdom you need. Get a mortgage you can easily afford. Being house poor is an unappealing life style.
Know your credit rating. You can obtain your own score from Equifax. Your credit rating is affected by many variables, such as; amount of debt you have, missed or late payments, and ratio of credit you actually use in relationship to the limits you have. Credit has to be in tip-top shape if you’re hoping to get approved. Your score should be over 700. If it is not, don’t panic, start repairing.
Ask lots of questions. Real estate is the new national sport. Everyone is talking about it. Chat with renovators, home owners, real estate agents, mortgage brokers. You will learn something with every conversation.
Make a wish list. But, stick to your budget. Decide what you can be flexible on, and what is a must. Location, location, location, the old real estate adage, should be your priority. If you’re not handy, find a finished product.
Know your broker and agent. Develop a relationship with your “team”. Follow your instinct and do research. Commit to working with a real estate agent and a mortgage broker, however if things are going as you hoped, don’t hang around, move on! Be as clear as you can when expressing your expectations, professionals are not mind readers.
Get pre-approved. This is crucial. Don’t put yourself through the emotional voyage of looking at and finding a perfect home, only to find you can’t squeeze into it financially. Be pragmatic, obtain a preapproval and follow your plan.