A guest article by William Hunt, Wilmington, NC Realtor
If you are a single woman who wants to invest in real estate, then you’ve probably thought about what this could mean for you in the future, should there be a major change in your life that will cause you to make a huge decision, like getting married. Some women have the wrong idea that buying a home is like committing semi-permanently to a location only to uproot themselves afterwards. Some even see this as a big hindrance to getting married. There are some things that single women should know about investing in real estate which can help them make better decisions about buying a house in the future.
Can you afford the mortgage?
One of the things that you should take into consideration is the question of whether you can afford a mortgage on a single income. Remember that the mortgage cost will take away a huge chunk of your disposable income. You may want to consider looking at an amount which you will be comfortable to put away without affecting your life as a single person. Find housing options which will be workable for you. For example, if your target city is Wilmington and you’re hoping to buy Wilmington real estate, then it would be more advisable for you to find Wilmington homes for sale that have a smaller house on a big lot. This may be cheaper and would give you more options to expand the building later. Opportunities like these could make it easier for you to afford a house of your choice. People who have dual income generally have more flexibility regarding the amount of money they can put together to raise for the down payment and mortgage. Depending on financial situation, finding property that fits your budget as a single person may be a challenge.
Since you will essentially have to deal with the mortgage on a single income, you may want to hire a mortgage broker to help you out with finding a mortgage suitable for your means. You should also look out for mortgages that will impose a fine or penalty should you decide to sell your house within three years. If you want as much flexibility on your investment as possible, you have to be prepared for these things.
Will your new house be amenable to your current lifestyle?
As a single person, you may want to research things that you can do in a neighborhood or community before you buy one. Taking a holistic point of view on your first real estate investment will be useful in the future. You don’t just want to be in a good-looking house, you want that house to be in a location which will let you live the kind of life that you want. Examine the lifestyle that you prefer and see if the location you want to live in will accommodate that. For example, if you’re a film enthusiast, Wilmington is a great place to live because of the many film festivals held there yearly. If you like performing arts, there’s also several theaters for you to enjoy watching productions on. If you like sports, find a community with sports complexes that you can enjoy. If you want to be near family and friends, then find a place closer or more accessible to them.
Will your new house be in a safe location?
It’s a well-known fact that women are usually the target of criminal acts. It’s very important that you move into a place where you feel safe. Research about a place’s crime rate and find out whether it’s a good place for a single woman to move in to. Drive around the neighborhood and see if you feel at ease in it. Check out the house you want to buy and see if it has safety features to keep you protected. You may even want to check whether there are family or friends living nearby.
Buying a house certainly defines a lot of things in your life, although it shouldn’t be viewed as a hindrance to change. As a matter of fact, you can think of it as having more to offer your future family. You can invest in a house which can either accommodate your future family or which has a potential for high resell value in the future, should you want to sell it and move to a different location.