Posted 9.16.13 @ 11:45
When it comes to buying a home on your own, you’re not alone! More and more Canadians (both male and female) are beginning to buy homes all by themselves – bucking the trend of buyers only buying a home after marriage or with family. A little over 20% of Canadian home purchases last year were made by solo homebuyers; this might not seem like a big deal, but we’ve come a long way! People are going to start buying homes on their own, and if you look at the Baby Boomers you’d be surprised how many of them are buying their second home or forever home on their own.
Understand What You Want
Before you start shopping for a home, you need to know what you want. Making a list of all your must haves, your want to haves and, of course, your deal breakers are going to help you understand what you really want in a home. You don’t want to just run out there blind hoping you can figure it out as you go – if anything you want to know what you don’t want more than what you do want. The more you know before you get started the easier your journey to buying luxury real estate will be.
Getting a Mortgage Can be Difficult
Getting a mortgage can be hard, especially when you’re a solo homebuyer. You’re going to want to get pre-approved for financing before you talk to a luxury realtor; this way you’ll know what your budget is and you’ll be able to spend your money in all the right places. The worst thing you could do is spend all your time chasing luxury homes for sale that you just can’t afford – take a much wider view of the home buying process and find the one that’s right for you.
Women End Up Paying More in Interest
One thing you won’t be able to avoid when it comes to buying a home if you’re a woman is paying more interest. Sounds sexist because it really is – you may get pregnant and lose income. That’s all it’s about. Women are more likely to get pregnant (didn’t see that one coming) and end up having to take breaks from work. They’re higher credit risks for this reason but they also, in most fields, don’t make as much as men do. If you’re a single woman home buyer you’re going to have to contend with a lot of stuff before you get your mortgage.
Are You Ready to Buy a Home on Your Own?
You need to take an honest look at your finances and where you’re at in life. If you can’t buy a home, don’t. If you really want to buy a home consider buying one with a friend or a partner; you’d be surprised how much a co-applicant can help the available line of credit you can get as well as how much interest you pay.