Friday, November 2, 2018 / by Rick Devine
A House Buying Guide for Single Women
Buying a home as a single woman can be hard. Not only do you only have one income, which can make getting a mortgage reasonably difficult, but even saving up a down payment can be troublesome. Plus, women generally make less than most men, according to Business Insider. This can make things even more complicated for women looking to buy a home by themselves. However, don’t let these statistics scare you. There are numerous ways to make purchasing a home easier every step of the way.
Assess Your Budget
Your first step before you even consider buying a home should be to carefully look at your current budget. Budgeting for a home can be tough on one income, but is not impossible. Generally, you don’t want your mortgage payment to be more than 25 percent of your gross monthly income. However, especially on one income, you should be careful not to bite off more than you chew. Dave Ramsey recommends taking a careful look at how much money you’re actually making each month and creating a list of monthly expenses. By looking at your income and current expenses, you’ll have a well-rounded view of how much home you can afford.
Buying Your Home
Now that you know how much you can afford, it’s time to start looking at options. We highly recommend finding a good realtor to get started. As a single woman, you’ll be the one making all the final decisions. It is important to have someone to assist you with any concerns or questions, so make sure your realtor is someone you like and can trust.
You should also consider down payment assistance programs if you’re having difficulty saving up on your single income. FHA loans are popular among single woman and one-income households. Down payments are as low as 3.5 percent if you have a 580 credit score. To figure out what down payment to expect, research the average listing price of homes in your area; for example, homes in Charlotte, North Carolina, typically sell for $233,000.
Handling Owned Property
Before you decide to purchase a home, you should probably decide what to do with any property that you already own. If you’re undergoing a break-up or divorce, handling mutually owned property can be difficult. Often, the easiest thing to do is relinquish the property, especially if you’re already looking for somewhere else to live. This is often coupled by your ex-spouse buying out your share of the property, which can give you some much-needed cash to put toward your new home. Of course, that is considering your spouse wants the property and is willing to pay for it. Otherwise, you might have to settle for selling the property and splitting the money. This can take longer and involve more steps, but by choosing a good realtor, you can be sure that you’ll still get the payout you deserve.
After assessing your income, choosing the right realtor and loan, and deciding what to do with any property you currently own, it is finally time to move into your new house! As a single woman, you will have most of the moving work on your shoulders. If you have family nearby who can help with the move, they can be a huge asset. However, whether you have extra help, you should consider hiring a moving company. These companies make moving day far easier than it would be by yourself. They can pack up your belongings, move them to the new location, and set them in the corresponding rooms.
Purchasing a home by yourself means that all the decision-making is up to you. This can be both a good and a bad thing. On the one hand, you don’t have to compromise with anyone else, but on the other, it is up to you to make all the right decisions. Remember, knowledge is your friend, and whatever decision you make will be the correct one.
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