A Single Woman’s Guide To Home Ownership
Almost twice as many single women are purchasing homes than single men, and almost one in five homes purchased today are purchased by single women.
So why are single women making up such a large part of the housing market, and what are the special considerations single women should make when purchasing a home?
What Women Want
The demographics of single women buying homes are quite diverse. All ages, young professional women in their 20s-40’s, middle age professional women, divorced mothers, down sizers, and snow birds, there are really no TYPICAL single women making home purchases, each has a unique situation, and their needs are just as diverse.
Based on my experience, there do appear to be a few trends in this market, and here is a list of what I see:
· Spend less than $300,000 or trade up for more than $500K.
· Consult an able mortgage adviser to determine best financial outcome.
· Work from home, or are away from home a lot.
· Travel for work or love vacations.
· Homebodies and love to grow food and into alternative medicine.
· Prefer two bedrooms or more
· Prefer 1.5- 2 bathrooms
· Prefer walk in closets
· Try on 800-1500 Square Feet, for size
· Evaluate the need for a garage
· Less likely to choose new construction
· Likely to avoid noise pollution from buildings that sit on a busy street
· Prefer central a/c, especially if on a busy street
· Chose energy audits and alternatives to electric heat
· Will compromise size and cost to get other amenities, but not compromise location
· Smaller spaces are acceptable, and many prefer condos
· Desire security and safe neighborhoods with a strong community feel
· Look for close proximity to walking trails, parks, stores, shopping, and fitness centers
Things To Consider
If you are a single woman looking to enter the housing market, or know someone who is, then what should be considered before making the leap into home ownership?
The considerations are much the same as those of any homeowner! I particularly enjoy supporting your discovery journey, and empowering women to educate themselves around pricing, resale, home features, and home ownership. I love people, I love houses, I have the best job.
Taking a realistic look at your financial situation is always important. Sign up for Financial Peace University. Please ask who I recommend for the best mortgage adviser. 15 Steps to Buying a House! Text or call today, 508-269-7677.