A Single Girl's Guide To Buying Your First Home
Ladies, if you're thinking about investing in your future by purchasing a home on your own, you may have a lot of questions. But, having a lot of questions is a good thing, since it can help you make a better decision on many levels. To help you started, here are 4 of the most valuable tips for any woman setting out to buy a house.
Know Your Motivations. Before setting off to talk to lenders and look at homes, assess why you really want to buy a home. Although it's a big investment, when done in the right way, it can be a good step toward stability and security. But doing it right includes being realistic and being willing to wait. Understanding what you want and need from your home, finding the right motivations, and examining your ability to cover expenses will all help you buy with confidence.
Don't Ruin Your Budget When buying real estate, it's easy to spend more than you planned. The reasons vary—shopping in a tight market, getting caught up in the moment, finding your "dream home"—but the result is the same: spending more than you should. Fight this tendency by being realistic about your budget—both monthly and overall. In addition, keep in mind that there are more costs to being a home owner than just the mortgage. You will need to cover things like homeowners' insurance, property taxes, regular maintenance, appliance replacement, and HOA fees. Don't let either your lender or your real estate agent cause you to go far enough over your budget that you can't meet all your new monthly expenses and your long-term goals.
Shop Around for Financing. Some research has shown that women tend to pay more for a mortgage than men, generally because they fail to shop around as much. So, rather than going with the first recommendation you receive, don't be shy about shopping around for better financing terms and options. Be sure that the loan officers explain everything in terms that you understand and that they discuss all your options. You should start by understanding your credit report and the accompanying score, which can affect the rates you are quoted. Take time to check your credit before you plan to start home shopping and correct any deficiencies and/or improve the score.
Negotiate Concessions. Negotiating may not be your strong suit, but it's a valuable part of the actual buying process . . . and a perfectly normal one, as well. Whatever your gender or background, don't be shy about asserting your wants and needs to your agent and the seller's representative. If there are obvious things wrong with the home—like old carpet, needed repairs or replacements, or a damaged roof—ask for financial concessions from the seller to cover these anticipated expenses. When your home inspector does his or her job, discuss with them the potential costs to repair things they find as well.
By applying these four tips when looking at and negotiating for your new home, you can successfully navigate the wide world of real estate with confidence and skill. And then you can sit back, relax, and enjoy your wonderful new abode. Go to websites on real estate for more information.
