Today’s post is sponsored by NPBS Mortgages. Hope this article inspires you to take the next step! ????
We can vote, engage in politics and get to do virtually anything we want – why not buy our own homes instead of just being homemakers?
Of course, this is not to say that we should hate, but outmatching lone males in purchasing homes since the 1990s is something to be proud of. That’s about one in five total sales, twice the level of single men. Before you join the trend, learn a few important tips to make sure the time is right for you as buying a home is one of the biggest life commitment anyone can make. One wrong decision could haunt you for a lifetime, but the right decision will make you a happy and proud homeowner.
Educate Yourself. Look around and find financial experts that you trust, including lenders and real-estate agents who are willing to sit down and answer all your questions and inform you about the transaction. Educate yourself with mortgage documentation. Learn the real estate basics, home repair, garden care, siding and roofs, and even home heating systems. There are hundreds of resources online (like this) to assist you with your decision, and learning.
Save for a big down payment. Any final advisor worth his salt will recommend putting down at least 20 percent of the purchase price of a prospect property to ensure that you can sell the house in the future (if you ever wanted to). Applying for a mortgage can be tricky, so you need to choose expert providers. NPBS mortgages, for example, offers comprehensive support and flexible assistance for first time home buyers, go check them out.
Prepare for your future. Before acquiring a major real estate investment, make sure that you’re good with other investment plans like a retirement fund, saved for at least six months of living expenses and have secured disability insurance – a must for us single women.
Plan for the long haul. Taking out a mortgage means paying closing fees, moving costs and other costs that cannot be recovered. Ensure that the property you’ll buy will suit your requirements long enough to make your decision sensible.
Ensure that your job and the economy are stable. You know the stories behind layoffs followed by hundreds of foreclosures due to the Great Recession *shivers*. Beware of buying a property if either the community or your employer is unstable.
HOW TO START SAVING TODAY
- Limit eating out and shopping. I know it’s hard, but grit your teeth through it.
- Set up automatic, recurrent transfer from your checking account to your savings account. Heck, if you don’t see the money, you can’t spend it.
- Sell old books, clothes, music and other belongings that you’re no longer using. Rummage through your stuff, I’m sure there’ll be a lot. You even get to pack less stuff when it’s time to move.
- Start a side-business or take a second job. If you start walking dogs, or tutor kids in your neighborhood, all that extra money can go into your fund.
- Negotiate rates for services such as banking, phone bill and your insurance. Just ask, you never know what you’ll get. There might be new promos or deals available for you.
That’s about it! Good luck on your house-hunting! Do tell us if you’re successful, okay?