Ladies, are you waiting for Mr. Right to come along before making that decision to purchase your first property? Are you worried you can’t do it on your own? Are you holding back because you’re scared, or don’t think it’s an option, or think Mr. Right is around the corner? If the time and the investment is right, I’m here to help you find the courage to jump ahead confidently into homeownership.
Many woman are sitting on the fence between buying and renting but are financially ready to make the leap into homeownership. Hesitant about doing it solo in case you meet someone soon, should not be a reason standing in your way. Waiting for Mr. Right can derail a number of women’s homeownership plans, don’t let it stop you from moving ahead with your life.
When Mr. right comes around you can keep the investment in your portfolio and rent it; he can move in, or you sell it and take the equity.
More and more single women are entering the market, making up roughly one in four new buyers.
The first step for those interested in home ownership is to run the numbers and ask themselves if they are financially stable. Start with a snapshot of your personal finances to review where you stand with your assets, liabilities, and credit score. Then, dig into mortgage rates and get preapproved.
If you are not preapproved, forget about starting your search. There is no reason to even look online if you have no idea how much you can afford.
Aside from down payment, monthly mortgage costs, and emergency funds for the unexpected, it’s your responsibility to have a grasp on the countless other costs associated with buying your first place, like inspection, legal, and appraisal fees.
It’s not unusual for solo buyers to have unrealistic requirements, so sitting down with your wish list and prioritizing your needs and wants is the first step to starting the search within your financial parameters. A strong team in your corner is also essential for a first-time buyer, as is an understanding of the steps of buying. Both will help you make the right investment decision.
Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto real estate team. You can find him on Twitter and Google+. For over 10 years, Ilan has provided more than 1300 buyers and sellers valued advice and service, enabling them to reach their real estate goals. He’s kind of like the Bruce Willis of real estate.
