Buying A House Single Woman
The real estate website Estately recently conducted a study showing how the continued gender wage gap in America affects home affordability and ownership for women. To answer this question Estately used 2016 U.S. Census data to compare men’s and women’s median salaries in the 50 most populated U.S. Based on those salaries (and assuming a monthly mortgage payment of 28% of the gross monthly income) the site used a mortgage calculator to determine the maximum home price each salary could afford. Armed with all of this information and after a review of the homes currently for sale in major cities across the country, Estately identified what percentage of homes men versus women could afford by city. The in some urban centers were bleak. Seattle for instance, has the biggest wage-based housing gap.
Buying a house by yourself is tricky and here's a few tips to navigate the real estate market solo. 3 Tips for Single Female Home Buyers. Many single women like Lorenzo are buying their own. Owning a home is a lot of work, and you’re presented with a lot of unique challenges as a single woman. But it can also be a great investment, especially as rental prices continue to rise. Here’s what you should consider before buying a house on your own. 5 Questions Single Women Should Ask Before Buying a Home. Rebecca Lake Aug 10, 2016. Buying a house might make sense if you’re tired of dealing with a landlord or noisy neighbors. But you don’t want to rush into homeownership, especially if it would be cheaper to keep renting. Buying a home as a single woman can present some. Why Single Women Are Buying Homes at Twice the Rate of Single Men Skip the spouse, buy the house: Single women account for 17 percent of homebuyers in the U.S., vs. 7 percent of single men. While it might not be an ideal time to buy a home, you still need a place to live and, if you're used to living in a home you own, you may want to buy another home right away. Buying a home when getting divorced is possible, but you might need the cooperation of your spouse in order to do it.
112 peaches and cream download. Men can afford nearly 150% more homes than women. Colorado Springs, Miami, San Diego and San Jose also topped the list with significant gaps.
For instance, in Colorado Springs men can afford 122.5% more homes than women, while further down the list in San Diego, the difference is still a significant 68.5%. With these results in mind, we asked real estate and personal finance experts to share their top tips for single women seeking to purchase a home. Don’t Let the Down Payment Scare You Away Coming up with the funds to make a down payment on a home can often seem impossible, particularly when so many Americans have sizeable student loan bills and more.
Andrina Valdes, division president at Cornerstone Home Lending, urges buyers not to let this part of the process discourage them. “Over and over again, potential home buyers report saving for the down payment as the biggest hurdle to homeownership.
When you’re relying on one income to save up for it, the problem can seem insurmountable,” says Valdes. The good news is there are all kinds of down payment assistance programs that can help individuals get into a home for less money down. The Federal Housing Administration loan is popular among first-time and single-income home buyers thanks to its 3.5% down payment requirement. There are also programs offered by the Veterans Administration and also USDA loans that may require no down payment at all, says Valdes. Line-Up a Guarantor or Co-Purchaser The reality is that many single income households, whether they’re run by men or women, need assistance buying a home in today’s market. Experienced agent Julie Gans of Triplemint suggests lining up a qualified guarantor, co-purchaser or someone who might be able to gift money for your home purchase. “These three options help buyers with lower income, lack of reserve funds or the total overall funds to purchase properties,” said Gans.
“Finding the right property that will allow these options are important and help women and single income families be successful in their purchases.” Consider a Fixer Upper A growing trend among home buyers with limited means has been buying older properties and rehabbing them, says Ralph DiBugnara, president of Home Qualified. “There are a few mortgage products in the market right now that make that easier,” said DiBugnara. “Fannie Mae has a loan called Home Style and FHA has what’s called a 203k loan.
They both allow you to not only finance the purchase price but also construction costs in the loan to help your home look new. This is one way women can buy less inexpensive homes and make them new, also giving them a much higher valued property at completion.” Look at Homes Well Below Your Means Real estate analyst Julie Gurner, of FitSmallBusiness.com, says it’s critical that single income households buy properties that are well below the amount they’ve been pre-approved for.
“You see that gorgeous home at the top of your range? Pass on it, and you’ll be glad you did,” said Gurner. “Single women and single income families have to be especially mindful to buy a home below their meansIt gives them an additional expense cushion every month. Things come up. Doctor visits, your car breaks down, or your furnace breaking can be a big financial hit if you don’t have the ability to absorb it. On months where nothing goes wrong, you have the ability to save.” As a single income earner, it’s important to protect yourself financially and be able to provide the necessities that make life stable.
Having a home below your means can give you both and a great place to live. House hunt during the right season When it comes to finding an affordable home, time of year can make a big difference. That means shopping during the right seasons, when prices traditionally are more negotiable and inventory is better, says Valdes. Recent data from Trulia shows that there’s a 7% spike in starter home inventory during the fall, making it an ideal time to find a good deal. On the flip side, starter home inventory drops by more than 20% during the summer, making the warmer months a less appealing market. Minimize Credit Card Debt As you embark upon your housing search, it’s critical that you reduce existing debt.
This helps on a variety of levels. For instance, not only does it make you a better mortgage applicant, it will also help once you’re in your new home dealing with a whole host of new expenses.
Gans, of Triplemint, suggest tackling credit card debt in particular. “Pay off all credit cards prior to purchase to lower your income to debt ratio,” advises Gans. “This reduces your liability and makes you look more appealing to a seller.” If you want to make sure your credit can qualify for a good mortgage, you can check your. To track your credit more regularly, is an easy-to-understand breakdown of your credit report information that uses letter grades—plus you get two free credit scores updated every 14 days.
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Thomas Patterson Forget being homemakers—single women are now home buyers. Solo females began to outpace lone males in purchasing homes in the early 1990s. By 1999, single women represented about one in five total sales, buying homes at twice the level of single men, a proportion that has held roughly steady since, according to National Association of Realtors data. 'A lot of people, myself included, take pride in owning a home,' says Portland, Ore., lawyer Katie Abbott, 36.
She bought a two-bedroom, 1,100-square-foot Craftsman this summer. 'There's no reason that it (homebuying) should be limited to only if you're married,' she says. Before you jump on this trend, take a few important steps to ensure the time is right for you. Buying a house is the biggest financial commitment most of us will make in a lifetime.
A wrong move could haunt you for decades, but the right decision will make you a proud homeowner. GET FINANCIALLY FIT Save a big down payment. Many financial advisers recommend putting down at least 20 percent of the purchase price to make sure you can sell the house in the future, even if prices fall.
'The less you put down, the greater the probability of being underwater (owing more than the value of the house) at some point,' says Eleanor Blayney, a consumer advocate for the Certified Financial Planner Board of Standards. Take care of yourself.
Before you acquire a major real estate asset, make sure you are contributing enough to a retirement fund, have six months of living expenses saved for emergencies and have purchased disability insurance—a must for single women, according to award-winning author and money manager Julie Jason, based in Stamford, Conn. 'It's not a simple decision of, 'I like this house; let's go buy it!' The worst thing you can do is put all your money into a house and not put any money into retirement,' Jason says. 'You're deploying assets to make this purchase that you could be using for another purpose.' Educate yourself. Shop around to find financial professionals you trust, including a real-estate agent and lender who are willing to answer all your questions and educate you about the transaction. Read all your mortgage documentation.
Bone up on real estate basics, home repair, siding and roofs, garden care and home heating systems, even if you have to resort to books with the words 'dummies' or 'idiots' in the title. MAKE SURE THE TIME IS RIGHT Plan to stay in the home you buy for five or seven years. When you take out a mortgage, you pay closing fees, moving costs and other 'friction' costs that can never be recovered. Make sure that the general area and the specific house will suit your needs long enough to make it worthwhile. Consider what would change if you met a long-term partner. How long you would stay in a house depends in part on whether you remain single. Evaluate whether the property could accommodate two residents, or more if you might add children.
Before Abbott bought her home, she had a structural engineer make sure she could build into the unfinished attic, which you currently enter through a ladder on the wraparound porch. 'It's a home that I could grow and expand into,' Abbott says.
Be sure your job and the local economy are stable. We all heard the horror stories of layoffs followed by foreclosures in the Great Recession. Be wary of buying a home if either your employer or the community is on shaky ground. CALCULATE THE COSTS OF BUYING Compare owning to renting. You can't necessarily afford a mortgage payment that's the same as your rent bill. There's homeowners' insurance and taxes to consider, and additional utilities and maintenance costs.
Ask the existing homeowner what she pays for gas, electric, water, sewer, garbage removal and lawn maintenance. Remember extras like condo or neighborhood association fees.
Build it into your budget. Ask colleagues and friends to recommend vendors who can help you keep the house in shape. Consider moving costs. At a minimum, you'll spend time away from work and shell out for packing supplies.
Then you'll need money to fix up and furnish your new home. Abbott set aside $20,000 for moving, painting, and furnishing her new guest bedroom and dining room.
Buying A Home Single Woman
Keep in mind you'll be in charge of long-term repairs. During your home inspection, ask the inspector to explain everything that will need to be replaced or repaired, and make sure you know the age of each major system in the house.
That will form the basis of your to-do list for the coming decade. 'The biggest mistake people make when they buy a home is not to consider the non-routine expenses,' says Jason. 'You're probably doing one major project a year.' Cover photo by Robert Erdmann/August WAYS TO START SAVING TODAY It's a big task to save up 20 percent of the purchase price of a home. Consider these ways to make it easier. Set up an automatic, recurring transfer from your checking account to a savings account. If you never see the money, you won't spend it.
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Limit eating out and clothes shopping. Switch from pay services to free ones, and save the difference.
For instance, ditch the gym membership for running and biking trails. Cancel cable and instead watch free television online or borrow from the library.
Sell old clothes, books, music and belongings that you no longer use. Have a rummage sale or sell them online.
As a bonus, you'll have less stuff to pack and move. Negotiate better rates for services such as insurance, banking and your phone bill. You never know what you can get unless you ask!. Take a second job or start a side-business. If you tutor kids in the evenings or walk dogs, all that money can go into your house fund. Live with your relatives—just for a while. Make sure it's limited, and invite them to your housewarming party when you move.
This article is excerpted from USA TODAY Modern Woman magazine, which contains articles about lifestyle, health, relationships, money, home, travel and more. Find it on magazines newsstands or at modernwoman.usatoday.com.
