Single in the 21st century is not a stigma; it’s a sign of independence. Women nowadays are their own bosses. They take leading positions and are in control of their own lives. This is a big step that may appear challenging for a single person at the beginning. But it’s not impossible!
Can you buy it on your own? Should you? This single woman’s guide to buying a new home will help you determine if you are ready. Here is how smart girls do it.
Planning to buy a home
Repcalgaryhomes is an overwhelming experience, especially when you do it alone. List all the important issues and activities related to your new purchase. Schedule a time to search for homes, meet with real estate agents, choose the right agent, and organize your budget.
Having a good idea of what you want home-wise, where you want to live, and how much you can afford to spend will help keep your focus sharp as you look for the ideal property for your needs.
Think Safety
We’re talking location here. As a single woman, it is better to set an eye on a more tranquil neighborhood. Buying an estate in a low-crime area should be your number one priority. You don’t want to end up in a place where you will feel anxious every time you cross the street to get to your doorstep.
During daylight, some neighborhoods seem perfectly fine, but when the sun goes down, it’s a whole different story. A little investigation will give you a broader look. Here are a few things you can do. Drop by the nearest police station and talk with the officers about any existing issues.
Another option is to chitchat with people who live in the neighborhood. Check on the internet for any crime statistics in the area. Don’t rely only on indirect information. Explore. Drive around the place during nighttime and see for yourself. Remember: you should undertake these steps before signing any papers.
Research & Compromise
It all comes down to one point: Research. Nothing good falls from the sky and you need to put in some effort to find your dream home. Explore the area, look at available websites, and select a good real estate agent. Ask for advice from people who have already gone through the process. They can even recommend a reliable real estate agent and save you some time. However, always interview even if an agent comes recommended. Just because they were a good fit for someone else does not mean they will be for you.
Don’t hold things up because of high requirements and expectations. Otherwise, you will always find some minor flaws and never decide on any home. As often happens in life you will have to give up one thing for another. Think about the basic qualities that you’re looking in a home. The rest is just a commodity.
Small is Better
A large house with a vast green yard is a dream come true for many. But be honest. Do you really need that much space? Of course, some day you may have a family and you will need something more appropriate. Until then, think about your current situation. A big house may feel lonely.
With your obligations at work and at home, keeping a huge living space constantly organized would be a challenge. Smaller houses on the other hand, require less time to clean. Plus, you will pay lower maintenance and utility costs.
Find the One
Finding a good real estate agent may be as difficult as meeting your perfect match. Check well-established companies with stable reputations. Talk to friends and family for recommendations. Go online and do some searches to determine which agents have a good online presence.
As always, meet with different agents before choosing the one. Approach it in the same way as dating. Don’t underestimate the role of real estate agents. An experienced professional will help you to go smoothly through all the procedures.
Know Your Budget
In any case, don’t apply for a loan if you haven’t checked your credit files. Even the smallest error may result in rejection. The web is a gold mine when it comes to quick and available information. Get a free mortgage and credit rating guide. Estimate how much your borrowing will cost with the plethora of free online calculators. Make a checklist of what you need to know before taking any major steps.
PITI
If taking a loan, you should get familiar with some basic terms that will come in handy when you plan your budget. Every mortgage payment consists of four components – principle, interest, taxes and insurance (PITI).
According to these criteria, the banks determine whether you qualify for a credit and how much you will pay. The acronym will help you get a more critical insight into the costs associated with buying and owning a home.
Principle –the amount of money that you borrowed and that you need to return to the lender. Usually, loans are structured in a way that you start with small payment, mainly consisting of the interest, and gradually increase.
Interest– the amount that the borrower charges you for taking the risk and lending you money.
Taxes– real estate taxes are assessed by the government agencies to sponsor different public services. The payments are spread across the number of mortgage payments throughout the year.
Insurance – there are two types of insurance; property insurance protects your home from theft, fire, and other disasters. If your down payment is less than 20% of the total price of the estate, you will need to ensure the loan too.
If you feel insecure, meet with a mortgage broker that will explain how to do most of your single-person income. Go over your credit report and discuss it together. In this way you will know your loan range, based on what you can afford to pay each month. Make sure you receive a pre-approval letter. This document confirms that you qualify for a certain amount of credit. In addition, it will make you a competitive home buyer despite the fact that you’re single.