In the crazy housing market over the past few years, more and more women are buying homes, condos, and townhouses themselves. Buying a home yourself is an incredible achievement for any person and navigating the purchase process can be more difficult when you are buying solo. Keep reading for my tips for single women first-time homebuyers to make the home buying process as simple and painless as possible.
Owning a home can be an incredible opportunity for anyone to both grow your personal wealth and to have a consistent place to call home. There are some sacrifices that people make in order to purchase a home. I have previously written about both the financial considerations before you buy a home and the lifestyle considerations before you buy a home. Both of those would be a great read before you go ahead with the decision to start looking.
Buying a home as a single person has some unique components. As someone who navigated the housing market a few years ago, as a single woman, I will be writing this based on my home buying experience, and have also included tips and lessons friends have shared with me.
Home buying tips for single women
Know exactly where your budget is for the initial purchase.
Don’t be afraid to reach out to a mortgage broker at your bank and run the numbers even if you are still a year or more away from buying. Use your resources to ensure you are prepared.
Budget based on your current income.
Don’t assume you are going to get a raise or bonus like you did last year. Being house poor sucks. Make sure you can afford this house and still live your life.
Know exactly what your budget is for the monthly cost.
Make sure you have pretty accurate amounts for all extra costs that come with owning a home including:
- Property tax
- Homeowners insurance
- PMI if you put less than 20% down
- Water
- Sewer
- Garbage
- Internet and cable
- Power
- Repair/replacement account funded monthly to be prepared when something breaks (and it will break…trust me!).
Have a large cash reserve fund in case there are unexpected issues.
Houses are complex systems full of different moving parts. Things will break and fail. Having money set aside for this to happen will be a lifesaver when you are facing an unexpected emergency.
Start working on your handy-woman skills.
Don’t be intimidated by the idea of working on some plumbing, or wood repairs. I love Kirsten’s perspective on home repairs she shares in this post titled “You don’t need whiskers to do that”!
Ensure your job is stable.
If you are planning to make any upcoming job changes will they be at an equivalent salary? At least for the first year or two, you want to make sure your income is reliable so you do not end up house poor.
Know what you want and trust your gut.
I will say it again. Trust your gut. Don’t let someone talk you into something you know won’t work for you, or talk you out of something you love. This is your house. Listen and consider the advice of trusted friends, family, and your realtor but know yourself. Don’t be afraid to ask friends who have gone through this process for their home buying tips for single women.
Have a trusted friend or family member shop with you.
It is helpful to have a second set of eyes and opinions looking at homes with you. If you have a trusted friend or family member who has purchased a home before, ask them if they will come along with you and your realtor to help you make a decision.
Consider a roommate.
If you are unable to find a safe and affordable home based on your qualifications, consider having a roommate either long-term or short-term using Airbnb.
It is best to ensure your house is affordable on your own salary (or have an extra-large emergency fund in case you are without a roommate for a couple of months), but a roommate can be a help especially as you are starting out with your home.
Buy a house for where you are at in life right now.
I know you dream of being married and having four kids and a dog, but right now you are single and will need to make major compromises to have a house that large. Buy something that fits you now, and then upgrade when you are married with kids on the way.
Enjoy the home buying process.
This is your house. You can do whatever you want to it or with it. Dream, plan, make it into your sanctuary.
Work hard to get your credit into the “Excellent” range.
Since your credit score is the only one the bank will consider, check about a year ahead of time and see if there are ways you can improve your score to qualify for the best rate.
A mortgage broker can help you figure this out, or there are many credit improvement websites that can help you with ideas to bump your credit. This site has some tips to help.
Ensure you are comfortable in the neighborhood and house.
Check for street lights and well-lit areas around your house. Consider if you can add additional lighting in areas if needed. Check for hiding places in bushes or other landscaping around the house. If you need to walk from where you park your car, into your house at night, would you feel safe?
Check with a realtor about any special financing you may qualify for.
Veterans Affairs loans can help anyone previously in the military, FHA loans for rural or low-income areas, and other local special grants to help with down payment incentives for certain qualified buyers. Keep your eyes and ears open in the leadup time and see if you can find any assistance.
Make sure you are comfortable with your realtor.
Realtors are full of expertise, but there may be times they don’t understand your needs or wants. Make sure you are comfortable re-stating what you need or want and saying no if they get it wrong.
Several of my friends specifically chose realtors that were women of similar age so they would feel more comfortable and be able to speak their minds without being intimidated by someone older.
Be proud as hell of yourself.
You have accomplished something that few people have done. Enjoy your home and be proud of the goal you have accomplished!
I reference the idea of being house poor several times in my list. Being house poor is when you are spending so much of your monthly income on your house and associated costs, that you struggle with living a life you enjoy or saving money for the future. Don’t spend more than you can afford, or you will be faced with additional debt or many nights sitting at home because you can’t afford to go out with your friends.
I hope these tips for single women first-time homebuyers are helpful for you. Navigating the process can be complex and confusing, but lean on your realtor and they will help you understand the process as you go. Don’t be afraid to ask questions and search online for information or ideas that you are unsure about!
Have you purchased a home before? If so, I would love to hear your home buying tips for single women! Share them in the comments below or over on our Instagram page.
Gosh…I wish I read this post before buying my first home as a single woman! I knew nothing about the process and found it so overwhelming! Thank you for sharing this informative and helpful post!
I was in the same boat! I had no idea what I was doing either, and I didn’t really have anyone in my life who had purchased a home by themselves recently. Thankfully, I had a wonderful realtor who explained things to me and answered my hundreds of questions!
These are such great tips! Buying my first house as a single woman was definitely a unique challenge, but it felt so gratifying when we closed.
It does feel like such an accomplishment when you navigated that process, gave them all your money, and now own a house! Something to celebrate for sure! Congratulations!
These are excellent tips for any new homeowner. I most especially like the call out to being proud! Its a big accomplishment.
It is so important to celebrate your accomplishments and this is a big one! Thanks for the comment!
If I were to buy a residential house, I would make sure to look for a home inspection service so the property will be scrutinized properly. Thank you for sharing here as well the importance of considering the tax. I also agree with you that she must have the utilities and amenities checked.
That is a great point! Getting a quality inspection that you trust can save you some worry in the process. Good luck on your process when you start looking at buying your home!