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Five Things Smart Women Consider While Buying A Home
More women are buying homes on their own. Increasingly, single, successful women relish their independence while buying a home. Lots of women enjoy being comfortable in their own living space. Women who are in complete control of their current and future financial standing can make sound home-buying decisions. Here are some suggestions from our top female realtors to help you purchase a house.
Be ready for the initial costs
The most important thing a woman - or anyone for that matter - needs to consider before buying a home is to calculate the amount you will owe and what exactly you can afford. If you are buying a home for the first time then you need to set aside a considerable amount for the down payment. The more you are able to set aside now, the easier your life will be later. The property buying process involves several other initial expenses such as registration costs, stamp duty, insurance and taxes. Plan for these expenses and be wary of falling too deep into a credit trap.
Implement Market Research
Always conduct extensive market research before investing in a property. Instead of hiring a realtor or choosing a lender solely on the basis of recommendations and references from your friends or family, do your research first hand. A woman in search of a home loan should make also make specific inquiries about special interest rates and other incentives that a bank offers to women borrowers. Never hurts to ask!
Keep the property entirely in your name
Experts recommend that regardless of your gender, you need to protect your income by keeping your property entirely in your name - especially if you are the sole buyer.
If you are the sole owner of your property, it becomes even more important to have adequate insurance coverage including disability, healthcare and life insurance. Keep you other assets protected while buying an expensive asset such as your home.
Consider safety and easy accessibility
Safety is key if you plan to actually live in the home you are purchasing and not just using it as an investment property. Buying a home in a safe area and neighbourhood is essential. A house that provides safety and security is essential for a woman living alone. In terms of accessibility, a house that is close to supermarkets, parks, friends and families provides an increased level of convenience as well.
Talk to experts and take your time
Buying a home is the big financial decision, so it can be helpful to consult an expert to ensure that you are making the right decision. Consulting with a financial advisor or a real-estate agent will help you look at your home-buying decision from all critical angles. Do not make impulsive decisions by getting carried away through enticing deals or a pretty home (although these matter too) think critically and consult the right experts to make a financially savvy decision.
Rosa DeCarlo was born in raised in sunny South Florida. Growing up in Miami and the in the tri county area, Rosa has gained vast knowledge about these surrounding locations. From where the grade A s....
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