Women have become fastest-rising demographic of first-time homebuyers in the country. About one in every five home buyers is a single woman. But who are they?
Turns out, they cut across a large range of ages. 17 percent of women without a partner or spouse from ages 18 up to 60 years of age purchased homes in 2019. This because more women, especially well-paid women, have been part of the workforce compared to the previous years.
No need to wait for prince charming
For many years, many women operated under the assumption that they needed to get married before getting a house. But now, most of them are rethinking their game plan in the hopes of getting their own home.
Where does their determination for home ownership come from?
Most people see the purchase of a home as a form of independence. They look at it as a way to build their wealth and invest in an asset. But others see it as a way for them to become responsible. When you become a homeowner, you tend to be mindful of how you manage your money. Helping you achieve a comfortable life that you deserve.
The essential step to getting a house
Those who are want to make their dream house a reality understand that buying a home is a sustantial investment of time and money. Aside from working with Putney estate agents, thorough research is a must when it comes to buying a house.
A mortgage is a commitment that will tie up your money for years. The average length of the amortization period is 30 years. Doing your research will help you understand the terms of the mortgage agreement and its impact on your life for teh next few decades. It will become the basis of many of your future financial decisions.
One thing that most homebuyers should understand is that aside from the monthly mortgage payments, you also need to worry about maintenance, too. Remember that certain parts of your property need regular maintenance and repair, as wear and tear can take its toll on even the most careful homeowner’s house. So, you need to allocate enough of a budget– about one to four percent of your home’s value— to preserve it.
How to keep your monthly payments
If you’ve already had your mortgage preapproved, the next step is to plan your finances for the next few years carefully. Since there’s only one income coming in y household, there’ll be very little extra space for allowance for your budget. Make room not only for the every day essentials like food, insurance, and transportation, but also unexpected expenses.
If the circumstances of your life change (a new job, or health issues), your monthly mortgage fees may become too steep, and you might have some problems with paying mortgage on time. Many mortgage providers will let you change the terms of your loan, and others will take on your loan from the bank in exchange for their own terms
Getting a house isn’t impossible, even for a single-income household.Dream big, spend smart, and save up, and you can join the ranks of the women who are making their mark on the housing market.