Advice for Women Home Buyers
Women home buyers in Calgary have to come represent a huge market these days when it comes to the purchase of real estate. More than 20 % of those investing in real estate are single women and close to 40 % of this group are first time home buyers. From a demographic perspective, women are slightly more likely to look at the purchase of condos than home purchases, mainly because they don’t offer more bedrooms than they require if they don not have children. However, many other women are also very involved in buying a new home.
If you are a single woman, real estate is a good long term investment for your money as homes and condos invariably appreciate over time. A home or condo also allows you to build up equity in your property as you pay down the mortgage and the property appreciates. If you’re a woman and thinking of buying a home or condominium for the first time, here are a few valuable tips to get you started.
Plan for the Long Term
Before you buy, take a good look at your career path. Buying a home generally requires that you should be prepared to be stable in your current locale to reap any rewards you wish to attain from your investment.
Selling a home can be difficult when the market dips in a recession and because you have a mortgage you need to be able to keep up the payments should you be transferred to a new city. Some stability is ideal but of course, anything can happen so e think long term if at all possible.
Prepare For Any Life Changes
Take a look at the housing across the city and then assess what your future goals may be. If, for instance, you're looking at a one bedroom because you're single today, will it be big enough to accommodate someone else should you ever decide to settle down in a long-term relationship? You should choose your housing based on flexibility and any turns your life may take in the future.
The best way to do this is to look at the possible resale value of the home. This gives you a way out later if you find that you need bigger and better housing or get transferred out of Calgary for reasons related to your job. Find a good-looking home or condo in a desirable part of Calgary and if possible plan on making a purchase close to nearby amenities like retail stores, restaurants, grocery stores etc.
Take a Credit Pulse
Buying a home or condo requires that you have a good credit rating, a down payment, and the ability to be able to handle the debt load when you get approved for a mortgage. Perform a credit check on yourself online or through a credit bureau to see how you stand. If anything on your credit report is wrong, get the problem addressed immediately.
Take a good look at your monthly budget to see what you can afford for a mortgage. Also, take stock of what you have or will need to save to put a down payment on a property or condo as ideally you will need about 20%. The greater the down payment, the more favourably the lending institutions will regard your loan application.
Read The Fine Print On Your Mortgage
If you do find that your life changes course and you're ready to move out and move on with your life, you’ll want to be in a position where you can sell your home without a penalty. Make sure that your mortgage doesn't penalize you for selling your home within a few short years of buying it. You can go over this with your loans officer or mortgage broker for more details.
Property values vary considerably and can do so from neighbourhood to neighbourhood. Take a good look at the market throughout the city. You may want an area close to where you work or other special considerations such as schools or specific amenities such as public transportation. You will need to consider your price range.
There are many websites which provide mortgage calculators that let you play around with variations of mortgage scenarios and how that would impact your monthly budget. You can also use the services of a mortgage broker. Their services are free and they have access to whole host of lenders. They can help you find the best deals and lenders that will help you get a mortgage if you are a bit light on the down payment or have credit issues.
Single female buyers should look for a home that fits into their lifestyle now while keeping an eye on any future changes that could come about. You never know when a life-changing transition may come along and by purchasing a home with a great resale value you'll be in the perfect position to enjoy your home now and be able to sell it easily in the future if necessary.