Finances & Money

All the single ladies’ quick home buying guide

Did you know that as early as the 1990s, solo females started outpacing lone males in purchasing homes? Now before deciding to jump on this trend, read this article to ensure that the time is right.

Buying your house – especially the first time is the one of the biggest financial commitment you will take in a lifetime. One wrong move could hurt for decades, but doing it right will make you a proud homeowner.

Put behind the ‘what if I meet a man?” thinking. Apart from the homeownership decision, this is one of the biggest concerns of single ladies. Perhaps you’re worried that you’d meet the man of your dreams in your next commute, and he wouldn’t want to live in your awesome downtown condo. Then again, you might not for years to come. If it gets to that, you have the option for him to move with you, rent out the property, or even sell it and buy a home together.

It’s completely normal to involve other people. Those close you at least. You don’t need to tackle this decision all by yourself. Involve your family or friends to ensure that you’re making a sound decision. In the end, having the opinion of someone who knows you personally can be reassuring.

Never spend as much as the bank is giving. You’ll obviously want a big, nice home with all the amenities your loan can buy, but using all your money into a place to live isn’t wise because you’ll lose flexibility to live a spontaneous life that married people envy us of.

Location is everything. Where you choose to live will impact the kind of life you’ll have, so keep a straight head when deciding a place – base it on your work location, future plans, and other circumstances.

Safety and security. You need to feel comfortable walking in your neighbourhood at any time of the day. Before choosing a home and neighbourhood, visit the neighbourhood during the day and at night. Assess the security system, neighbours, concierge, etc., then decide what’s right for you.

Affordability. Buying a home on one income is twice as hard since you’re paying the entire mortgage on your own plus other expenses like closing costs, maintenance costs, etc. Then again, you get to keep the whole profit if you decide to sell. Ensure that you have a decent down payment and as well as emergency cash.

Don’t be afraid of a house. While it’s true that a condo is cheaper, you can always offset the difference by simply getting a house with a rental apartment. If you are intimidated by the maintenance cost, you’re not alone. What’s good is that you can always ask for help to help deal with the quirkiness of cracked foundations, mowing your lawn, fixing loose fixtures, and dealing with pests, etc.

New villages like Jordan Springs make a great choice as you get to have a new house in a fresh and vibrant community without all the risk of poor home workmanship or environmental concerns that could affect your investment. Lendlease has houses for sale in Penrith for your consideration. They currently offer a $20,000 rebate for buyers when they choose from a range of selected lots. With a $20,000 rebate on offer, home ownership just got easier.

So forget being homemakers because now, you can be a home buyer!

 

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Susan Paige

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