What to Expect as a Single Woman Buying Your First Home
Renting can seem like a great way to start your adult life, but it eventually becomes old. Paying a mortgage is another way to invest your money and make it back if you need to move, unlike switching apartments.
If you’re looking to become a homeowner, read this guide to buying your first home as a single woman. By preparing for every possibility, you’ll feel ready to take on the exciting opportunities and challenges presented by homeownership.
You Might Face Social Pressure
When you announce your plans to start looking for a home, you might get some awkward feedback from friends or family. They could advise that you wait until you find a partner, get married, or decide to have kids to make such a large purchase.
Although they mean well, it might get under your skin. Prepare yourself for those conversations and what single home buyers need to know by remaining firm in the vision you hold of your future.
You Could Need to Save Longer
Many people hear that your down payment should be 20% of your home’s total value, but the average homeowner puts 7% down for their first house. Either way, you’ll likely need more time to save than you have planned.
Research where you want to move and how much homes cost in the area. Your down payment could quickly rise over $20,000 and require a year or more of saving before you can contact a realtor. It’s one of the best tips for single women buying their first homes because you won’t rush into a financial arrangement you can’t afford.
You’ll Need to Change Your Locks
Unless you buy new construction, you’ll have to change the locks on your home after getting your key. The previous homeowners may have given copies to people you’ve never met who could sneak in and rob you.
You can find new doorknobs at any home improvement store and install them in an afternoon with a screwdriver. Smart locks are also a possibility if you’d prefer a more tech-oriented home.
You’ll Have to Learn About Maintenance
Women aren’t often taught about household maintenance because it’s a male job in traditional households. You might not know how to fix a leaky pipe under your kitchen sink or inspect an HVAC unit, but you’ll need to learn when you own a home.
There’s no way to predict the future, so keep in mind that home improvement and repair videos are available online. When a riskier project like fixing electrical wiring or roof shingles becomes a necessity, contact a professional team that can do it safely.
You Should Check Crime Maps
Even if you want to move into a neighborhood in a safer part of town, you never know who you’ll get as a neighbor. While reading about what to expect as a single woman buying your first home, ensure that you check a local crime map when you find a house that interests you.
You’ll immediately know if there are sex offenders or people with violent criminal histories nearby who might target a woman living alone. As you learn tips for single women buying their first homes, prioritize your safety by checking crime maps for any property that catches your eye.
Your Mortgage Should Start Small
Refinancing is an excellent option to shrink your monthly mortgage payments when interest rates decrease, but that doesn’t mean you should accept a high mortgage rate for your first home. You won’t have a secondary income available if you lose your job or take an extended leave of absence from work.
When people mention what single home buyers need to know, this part often gets left out of the conversation. Lenders most often recommend spending 31% of your income on monthly mortgage payments, but getting a smaller, more affordable loan is always the wiser option when you’re the only one paying bills.
Research Buying Your First Home
After reading about how to buy your first home as a single woman, it’s time to get excited. You’ve got big dreams and clear steps forward to achieving them. Consider your safety, finances, and well-being while saving money and searching for your dream home to have a great experience from beginning to end.