Home buying tips for single women.
By: Amanda Anderson
One of the most exciting moments of your life will be buying your very first home. Home ownership is one of the most beneficial forms of investing anyone can partake in if they take the right steps in preparation. Typical things that lead to successful home buying include improving low credit scores and researching potential areas, but single female home buyers have to take extra steps to make sure that they are not taken advantage of by crooked real estate professionals and home sellers. Before you take that big step in purchasing a new home, here are a few tips that every single female home buyer should practice to ensure that you get the most from your investment.
Get confident and show no mercy.
Okay, I’m sure you already know that because you’re a single woman that there will be many real estate professionals and sellers that will try to take advantage of you. Simply put, they don’t expect you to be real estate savvy or know the ins and outs of buying a home. Here is the perfect opportunity to show them how independent and financially savvy you really are. Take the time to learn about home buying and only work with real estate professionals who have stellar reputations. Home buying is no joke and you need to work with people who truly understand that you mean business. Do as much research as possible on each home that you could possibly see yourself purchasing.
Be realistic and realize that you won’t get rich.
I am sure you have heard about people earning millions from the house flipping profession, but please understand that they are in the minority. Realistically, most people don’t get filthy rich from purchasing their homes, but that doesn’t mean it isn’t worth the investment. While you may not necessarily make millions from your home, you can still manage to do well over time if you take good care of your property. You can even find yourself retiring comfortably if you purchase a home you can afford, and pay it off successfully in a decent amount of time.
Live within your means and you will prosper.
It may be easier to buy homes that you couldn’t afford years ago before the recession. Real estate may be suffering right now, but you will suffer later if you buy a piece of property way outside of your budget. Be realistic in what you can afford and stick to it. It is possible to get a nice home without forsaking your budget. Be smart in your purchase, not delusional.
Get aggressive when it comes to financing.
Sure, your friends may have gave you a great list of mortgage lenders that they trust, but you’re the one buying the home right? One of main ways to be savvy in home buying is by shopping around. Check the prices of several mortgage lenders and ask each one to lay out all the options.
Utilize seller concessions to save you money in the future.
Most maintenance issues occur in the first year of home ownership, so buyers who establish seller concessions with buyers will win big in the end. Seller concessions are deals in which sellers agree to pay for any repairs needed based on the findings of a home inspection. On average, you can expect to pay about 1 to 3 percent of a home’s value annually, so be sure to take advantage of seller concessions to cut maintenance costs. Buyers are even requesting one year warranties to pay for the maintenance of appliances from sellers, so don’t be afraid to ask.