As a single woman, the thought of purchasing your own home can be rather intimidating, even if you are financially secure. It’s about getting to grips with the legal matters concerned in securing a property that can sometimes be the most confusing. Here are some helpful tips on how to get through this process as easy as possible.
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What to do with a property post-divorce
If you are going through a divorce and you no longer want to keep your half of a mutually owned property, then it could be a good idea to sell the property and split the profits between the two of you. It gets tricky when your ex-partner doesn’t want to sell and what to do if this happens. Consulting with a property lawyer may be the next best step here to help you decide on the necessary legal steps going forward.
Look at your finances
Suppose it all goes according to plan, and you manage to sell your mutually owned property with no hassles. This would work in your favor not only to secure a mortgage because your credit score will be favorable, but you’ll also have a nice down payment to put down on the property you have set your sights on.
However, these two factors go into getting a mortgage you can afford. Apart from your credit score and the down payment you’re able to make, your current income will also play a part in the type of mortgage you can qualify for. All these factors will ultimately end up determining what your monthly mortgage repayments will be. Plus, you’ll also have other costs to consider, such as moving costs, closing costs, realtor fees, and home inspection costs which should point to what your Annual Percentage Rate is likely to be.
Consider more affordable options
If finances are an issue for you, then more affordable options exist. For example, if you are a first-time home buyer, you can qualify for a significantly reduced down payment rate and discounts on closing costs and processing fees to finalize the deal.
Then there is the type of property you could opt for; fixer-uppers or properties in foreclosure might be the way to go here, as you could end up securing a lovely property at a bargain price that just requires a few touch-ups here and there.
Make sure you choose a prime location
Choosing the right location is a big deal when it comes to buying a property. If it is close to everyday amenities, then this is already a good starting point to begin with. If you are looking for a job, ensure that there is potential for that in your area. Also, be sure to look into what residential or commercial developments are planned for the area, as these are the types of promising signs that the location you’ve chosen is good to go with.
Make the moving process easier
Moving all your belongings to a new property will most probably require a colossal effort, which is why you should seek out the help of everyone and anyone who is willing to lend a helping hand. You could also search for affordable moving companies online. But be sure to do your research and collect a few quotes beforehand so that you can get the best deal possible.
There are many advantages to buying a home as a single woman. So don’t let the challenges distract you from becoming a property owner in your own right.