Historically, first-time homeowners were mostly families moving from renting to owning, young couples, or single men who would eventually add to their household. But that dynamic is changing—fast. Over the last few years, there has been an increase in single women buying their first home.
If you’re a single woman contemplating first-time homeownership, here are a few tips for you:
Finding a Home Just for You
Being a single buyer comes with its perks! You’re able to find a beautiful home with the features or in the location you want. In fact, location may be one of the most important home-buying decisions. After all, it’s the one thing you can’t change about a home. When buying a home by yourself, you can find one that’s in the perfect area for your lifestyle—whether that’s closer to stores and restaurants you regularly visit, the beach, or near family.
Making a Path Instead of Excuses
The path to owning a home is different for
but building equity in a home could be a long-term benefit to your financial
goals. Single women often find homeownership is a smart financial decision, as
long as they are buying within their means and understand their payments. It’s
a smart decision to talk to a lender early in the process. Even if you aren’t
quite financially ready to buy, a lender can show you ways to improve credit,
or show you different loan options available.
Single women may feel overwhelmed by the work owning a home could be, but there are some communities that are lower maintenance than others, with things like lawn care included. Plus, avoiding older homes with existing problems may help you feel more confident in your ability to tackle simple projects around your new home.
Working with the Best Resources
Finding out about home buying programs and the loan process can feel complicated, but there are great resources to help. First time homebuyers can also join up with the Make Your Move program. This program hosts quarterly workshop series where a panel of experts offer answers to your homeownership questions. You can follow Make Your Move on Facebook and Instagram for future event dates, tips, real estate news and more.
Over the last few years, single women have become a strong buying power in real estate. Though buying a first home is a big step, there are lots of resources to help you realize your dream of home ownership. Find even more resources and answers to lots of your questions by liking Lennar on Facebook.