Can a single woman buy a house?
Should a single woman buy a house?
Answer to both questions: Yes, why not, everyone needs a place to live.
Having said that I will now qualify it: Not every single woman, not every married woman, every single man, every married man or quite simply every person is ready for homeownership.
Buying a home is a major undertaking, and it’s more work for a single person because they don’t have someone to share the burden of paperwork with.
It may be harder but it is possible…
Do your legwork first.
Try to be as prepared as possible, it usually takes a lot of your time to buy a house. Do your own research ask friends and coworkers if they can recommend realtors and don’t be afraid to ask realtors for some statistics, on their performance and results. Do your best to be informed, review realtor sites and stay as up to date as your schedule allows. Make every attempt to get yourself preapproved for a mortgage so you know what you can and can not purchase and the sellers know you are serious.
Location is important.
Location has many relevant factors besides the obvious prestige that can be associated with it. Some areas have lower crime rates, less traffic, access to schools (if that is a factor), shopping, public transit and recreation facilities. Amenities usually come at a cost so you may be able to get more house for less money if that is important to you. Safety is always a concern and should be an important factor in your decision both from a property and personal safety perspective, what satisfaction would come from living where you always had to worry about break and enters or worse, where you couldn’t go out for a walk in the evening.
Live within your budget.
There is always a house that is just a little over your “absolute maximum” but it is so much nicer than the others. But how nice will it seem after months or years of cutting back on something else every day to make the larger payment? Probably not that nice and absolutely a disaster when an unexpected repair comes up. Another consideration to always remember is that if you go to a reputable financial institution they will preapprove you on a formula that includes the Principle, Interest and Taxes on your loan plus the cost of any excess insurance related to high ratio loans due to lower down payments plus your estimated utility costs.
Do not take a mortgage calculator and recalculate the base rate and assume that you have far more disposable income than you have. There is a reason that they have their formulas, they work! Where you can potentially save some money and have a little more to put into the mortgage is by using a mortgage broker who can shop around for more favorable rates for you.
As important as all the previously mentioned points are the final and absolutely most important step in the purchase preparations of a home whether it is required by the lending institution or not is to have a home inspection performed by a properly certified professional associated with CanNACHI , InterNACHI , AHIT or ASHI depending on where you live. At a cost of a few hundred dollars a properly conducted home inspection can discover untold property damage which could cost you money in repairs later worth tens of thousands of dollars or more.
Buying a home is probably the largest single transaction most of us will make, a mistake can be costly and litigation is both costly and time consuming so it is far better to do your due diligence before you buy, be cautious and protect yourself to the extent that the resources available will let you. Do not let yourself be rushed or forced into a decision, if you are uncomfortable with the process, step back and reconsider, seek help from trusted friends or professionals and if you still feel uncomfortable just don’t do it there are many more properties for sale out there and one of them will be right for you.
A single woman can most definitely buy a home. We hope you’ve found these tips useful as a starting point!