“The Future Of Female Home Owners; Tips for Buying Your Home”
This month is all about the ladies. August kicks off with National Girlfriend’s Day, so it’s time to talk about some home buying tips for all of the girlfriends out there!
Let’s Look at the Numbers
Women are rising in the ranks and beating out the guys when it comes to single home buyers. In 2019, single, female buyers accounted for 11% of the homes purchased. Women made up 17% of first-time home buyers and 18% of repeat home buyers. Single men made up just 7% of first-time home buyers and 8% of repeat buyers.[1]
A Harvard study shows that women buying homes are of all ages, races, income levels, and marital statuses. This means, women who have always been single, have gotten a divorce, single moms, and widows are buying homes. The study shows that half lived alone before buying their home, two-thirds were previously married and about 30% are single moms.[2]
So what should you be thinking about before making that big decision to buy a home?
Manage Your Money, Save Your Money, Get Your Credit In Check
When you’re ready to buy a home, you’ll have to make a down payment. Generally, the downpayment will be from 5%-20%. So if you want to buy a $300,000 you’ll need at least $15,000 of the low end and $60,000 on the high end for your down payment. The rest of the money will come from a mortgage.Banks will be looking at components such as your credit history, payment history, account history, and how much money is coming into your pocket, before making their decision on whether or not to approve a loan for you. Those who are married or have another person buying the home with them can potentially balance this out if someone has better credit or more money. If your girlfriends are looking into purchasing a home together, that could be an option. Or you could look into having someone act as a guarantor or co-signer.
Purchasing a home can be a big step and may seem overwhelming but that’s what girlfriends are for. Look to some of your girlfriends who are homeowners and pick their brains about their experience. Run some numbers by them and don’t be afraid to ask for advice throughout the process. When you are ready to buy your home, our team at Tri-State Property Inspections will be ready to help you out with thorough exterior and interior home inspection. Call us today @ 423-559-9495
The future is female! Get with your girlfriends to start the discussion about homeownership today!