More and more single women are looking at shifting from renting to owning their own home. If you are one of those who are happily single and very much able to buy a house of their own, then there are some things you need to know before making that jump.
Here are a few considerations when you are living single and buying a house without a spouse according to Realty Times:
Make sure you have enough money to make the purchase
It's not just the down payment that you need to think about. When closing a deal when buying a home, there is also what they call closing costs and these amounts to hefty dollars that you need to pay upfront. Usually, these sums to 2-5 percent of the purchase price of your home, so make sure you are prepared to meet that payment.
Make sure you can afford it monthly
When calculating your monthly mortgage, don't forget to include taxes, insurance, homeowner's association fees, or even private mortgage insurance along with the principal and interest. Most of the time, home buyers forget of these other expenses and think that their monthly expense is more affordable than it actually is.
Be realistic about your goals
Why are you buying a home? You should be able to answer this question clearly and know what your real goal for buying a home is. Is it for pride of ownership? Or is it for fast cash?
"It is a mistake to expect a quick run-up in property values," said Bankrate. But "Owning a home can help women enter a more secure retirement if they pay down their loan balance over time."
Don't be afraid to shop for mortgages
Look around for the best mortgage. Your friend or family might recommend you to a certain loan company, but it would not hurt to get as much quotation possible. "A Consumer Federation of America study in 2006 found that women received an outsized share of subprime mortgages," said Bankrate. "Mortgage lenders may not provide women with all loan information and options because of stereotypes about women's alleged lack of financial sophistication. Have the loan officer lay out all the options."
