Solo Home Buyers Face Unique Challenges

female home purchase picRecent reports have noted a marked increase in the number of female home buyers across the United States. In fact, it’s not only young couples and families who are eagerly entering the real estate game; young, single women are buying in droves.

The most recent available data from the National Association of Realtors (NAR) notes that home buyers consisting of single women have been purchasing homes at almost twice the frequency of their male counterparts.

“More women than men think buying a home is a good financial investment,” Jessica Lautz, NAR’s manager of member and consumer survey research, told Reuters. “Many of them are thinking of the pure desire to own a home and to settle and make roots.”

That said, single females don’t differ significantly from their male counterparts in the challenges they’re facing. There are two things both need to bear in mind when taking the plunge:

Affordability. A couple or family may have two incomes to contribute to a down payment and subsequent mortgage payments. If you’re making a big purchase on your own, knowing what you can comfortably afford becomes all the more crucial.

Despite what your mortgage approval says, make sure that you’ll be able to make payments without feeling stretched. And remember to factor in the costs of upkeep, repairs, and unforeseen circumstances; unexpected emergencies could cost you thousands of dollars – a cost that you’ll bear entirely on your own.

Protection. Just because you purchased your home on your own doesn’t mean you’ll always live in it alone. It’s important to remember that your home is probably your biggest investment, and you need to protect it. That may mean signing a prenuptial contract or another type of agreement in case you and a partner divorce/break up.

Insurance. Last, but certainly not least, be sure to properly insure your home against a wide variety of potential hazards. That includes purchasing homeowners, life, and, depending on the circumstances, disability insurance.

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