The Single Girl’s Guide to Buying Your First Home: 8 Steps to Take
Why should you have to wait for a partner when it comes to buying your first home? Single women are becoming a dominant force in the property market. To make sure you buy right, we have put together this simple and effective guide to finding the perfect home for your needs and budget.
To ensure you buy the right home and to make the process a whole lot easier, here are 8 simple tips to follow.
Related: Is it Better to Rent or Buy a House? 5 Reasons Why Buying is Better
8 Things to Consider When Buying Your First Home
1. Find an area you like and make sure it’s safe
The first thing you need to do is research the areas you are interested in and make sure they are safe to live in. Of course, this will also depend on the chosen property’s security, but neighbourhoods also have a big role to play in safety factors.
When you’re driving home late at night after dinner with the girls, you want to make sure you feel safe in the area. Research and find out as much as you can about the crime rates in your areas of interest.
2. Think about the long term
You need to keep in mind how long you plan on living in this new home. What if your situations change and you need a bigger place or want to live somewhere new? The longer you stay in the home, the more likely you are to turn a profit when selling.
You can also think about possibly renting the place out if you no longer decide to live there. Just keep a few things in mind in terms of keeping your options flexible.
3. Know what you want
Make a list of everything you want in a home and be willing to make a few sacrifices here and there. For example, if you want a view and a garden, this might be a little tricky to find, so when viewing a few properties, determine what factors you are willing to let go of.
But if you want a place that accommodates for 2 appliances and has a bathroom with a bath, then don’t settle for less. Which brings us to our next point.
Discover: 10 Tips on What to Look for When Buying a Home
4. Don’t settle
Buying your first home is a big deal. Be picky about your choices and make sure you buy something that meets your most important needs. You will regret it if you buy a place out of urgency and rush into something. You need to figure out what is worth settling for and what is not.
5. Security
Security is a big factor, especially for a woman living on her own. Look at the security of the place such as burglar bars, alarm system, electric fencing. Are there guards in the complex? Are there security lights? Do all the streetlights work? When you are in the home, do you feel safe?
6. Make sure you can afford it
Basically, you need to have a budget, know what you can afford and stick to it. Have a look at what your monthly expenses are and what you can spend on the bond for a home. Better yet, if you can save up enough to put down a deposit, this will lower your monthly repayments.
Keep in mind that owning a home comes with additional expenses such as levies, sewerage, utilities and of course when something breaks, you need to pay for it to be fixed. For this reason, it’s a good idea to have an emergency fund in place.
Keep in mind how far you will be travelling to work, if your new home is further than where you currently live, then this might mean more in fuel expenses.
Read this: How to Decorate Your Home on a Budget: 5 Tips
7. Work with people you trust
Meet with some realtors whom you feel you can trust and who seem to genuinely have your back. Make sure you feel as though you can ask them for help and do not feel afraid or embarrassed to ask questions.
8. Be confident
The final step is to be confident. It can be easy to let emotions take over when you are in the process of buying a home, from the excitement of finding your dream home or the disappointment of your application being rejected.
Remember that this is a business agreement, and you shouldn’t take anything personally. Your dream home will come when it is meant to. Be patient and be confident in your choices and how you hold yourself when buying your first home.
Read next: Choosing the Right Home Insurance for Your Needs: 3 Tips
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