You may or may not be surprised to find out that single women are among the fastest growing demographic in the real estate market. That means that more single women are purchasing homes than ever before. In fact, according to the Joint Center of Housing studies, more than 1 in 5 home buyers are women.
If you are a single woman looking to buy a new home, the Denver Metro housing market is open for business. Here are some tips just for you.
Determine Your Budget
Buying a home is a major accomplishment for anybody, but for single women relying on one income and a single credit report, it can be an even bigger accomplishment. Especially considering the gender wage gap. According to a study conducted by Estately, single men can afford 17.7% more of the houses in the Denver market, based on median salaries.
While it’s important to understand these factors, don’t let them scare you away from buying a new home. Instead, determine your housing budget, including mortgage payments, insurance, utilities and surprise costs. Getting pre-approval on your home loan can also help you figure out a realistic budget.
And remember, once you have a budget established, it will be easier to search for homes within your means.
Save for a Down Payment
You’ll want to save up for your down payment. This can sometimes be the most difficult part of the home buying process because it is often more difficult to save money when you are single.
However, having at least 20% for your down payment is going to allow you to avoid private mortgage companies and put you in a better position with your monthly mortgage payments. It will definitely be worth the extra time it takes to save in the long run.
Find a Real Estate Agent You Can Trust
It can be a bit daunting to consider buying a home on your own. That’s why hiring a trustworthy Realtor is so important. Your Realtor is the expert who will help you make the home buying process as smooth as possible. Don’t be afraid to ask lots of questions. A good agent will be happy to answer all.
Bring a Friend or Family Member Along
House hunting can be intimidating, especially when you’re looking on your own. That’s why it’s a good idea to bring a trusted friend or family member along with you for support.
It helps to have someone else there to talk through your thoughts and concerns about a particular house or neighborhood. Even better, if you’re a first time home buyer, bring someone along who is a homeowner. They’ll think of things you may not. Your Realtor will help too.
Be Diligent Before Your Closing
Make sure you feel confident going into your closing. Get a home inspection so you are aware of any potential issues with your new home. That way you can go back to the seller and ask for repairs, or at least have an idea of additional costs.
Also, make sure you stay in close contact with your agent and lender to ensure payments are received and all the necessary documents are signed. You want to go into your closing excited to buy your new home!
Whether you are a single woman or just have any questions, in general, don’t hesitate to get in touch with me.