Whether you are saving for a condo or a townhouse in the city or a house in the suburbs, the best part about becoming a homeowner is saying goodbye to landlords, which can be an exciting life transition!
Unlike the traditional past, more and more single, professional women are making their own commitment to home ownership. Many women are no longer waiting to find their significant other or prince charming, to be engaged or married or to even have a family before making one of the biggest purchases of their life. There is a BIG growing trend among women to become independent homeowners.
In fact, according to a recent past report by the US National Association of Realtors (2011), approximately 20% of North American home buyers are now single, professional women. This percentage has most likely continued to increase in recent years. Furthermore, Harvard University’s Joint Center for Housing Studies also released a report that showed that single women are making up one of the fastest growing segments of the real estate market, as they are buying in record numbers.
Although there is no equivalent data for Canada, many reality shows like HGTV’S Buy Herself have been created from an abundance of anecdotal information, where cameras follow the real-life realities of single, professional women making their first home purchases.
In such a dynamic cultural environment, women are finding new and interesting ways to become financially independent. One of the biggest ways that they are doing this is by investing in the real estate market. Not only does this provide an invaluable opportunity for women to build their own home equity, but more so an amazing opportunity for them to invest in their future and overall financial security.
What single, professional woman would not be incredibly proud to say their a homeowner!!! Plus women are also taking advantage of historically low interest rates and moreover, realizing that home ownership is often more affordable than renting and dealing with landlords.
A fascinating observation about this new growing trend is that most women seek out expert advice from mortgage experts and real estate agents prior to investing in the real estate market. They are being smart and building a comprehensive plan for the simplest entry into the hot market. For instance, many women make lists of desired purchase areas; prioritize important amenities in their ideal neighborhoods; and also ensure that they are well-educated on all the important facts about purchase closing costs and fees, plus being qualified and securing a mortgage.
Generally, the basic idea or stereotype that a woman should not own real estate without a man to help has diminished. Buying a home is typically the largest purchase that one will ever make in their life, which can be very overwhelming, stressful, and time-consuming. For this exact reason is why it is invaluable to work with a professional mortgage agent, real estate agent, home inspector, etc. It may also be beneficial for you to meet with a couple of different professional people to see who you would best get along with… Especially since you will be working with them for a couple of months and building a working relationship, thus you need to feel comfortable interacting with them, as well as trust that they are knowledgeable and have your best interests in mind.