There’s nothing that screams “Independent Woman” than having your own home that you purchased with your money. But is owning a home possible for a single person?
It makes sense that having two incomes can make it easier to pay the down payment and even qualify for a bigger loan. After all, aside from companionship, marriage also acts as a safety net in case something happens.
But does a single yet successful woman need to have a wedding ring on her finger to sign the closing deal? Absolutely, not.
On average, experts say that single women own at least 22 percent of homes in the country. The truth is that they are already outpacing men who own less than 13 percent of the entire homes in the U.S.
As long as your job is stable, and you believe that you’ll be staying in the same area long enough to call it home, then creating a nest egg for your future is an excellent idea. But what do you need to do to buy a home by yourself?
What it Takes to Buy a Home if You’re Single
Plan ahead. If you want to be smart when it comes to your financial decisions, then you need to know where to start.
The first thing that you need to do is to think long term. While home prices have been steadily going upwards for the past couple of years, there’s still no guarantee that the value of the property that you’re planning to purchase will also continue to rise. So, it’s best to have a plan for what you’ll do with the property if ever something drastic happens with your life. You need to keep your options as flexible as possible.
Next, look at the lenders near your area and get yourself pre-qualified for a home loan. Having one doesn’t only build your credibility as a competitive buyer, but it also shows that you have enough funds in the bank to get yourself approved for a mortgage. So, try to take a look at your budget and check your financial health. Doing so is an excellent decision, especially if you’re planning to buy a Lake Murray real estate property along the waterfront.
Once you’ve found the right realtor, you need to build up your savings in case you lose your job or have a medical emergency. Since you don’t have a partner to back you up, beefing up your savings is the best way to go.
Why Owning a Home While Single is a Great Idea
You’ve probably seen those house-hunting reality TV shows where couples fight over which house is perfect for them. Not only is it uncomfortable to watch, but you also feel embarrassed for them.
When you’re riding solo, you don’t have to bicker over anything about the house. There will be no disagreements over what to do with the kitchen, either. You can even take advantage of the beneficial tax deductions, which often comes as a great relief, especially for your monthly dues.
If you think about it, it doesn’t matter if your married or single when buying a home. As long as you can afford it, then it’s indeed possible to turn your dream home into a reality.