Women want to become homeowners, too. However, there are barriers that stop them from successfully acquiring their own real estate property.
This is not happening in a developing nation with outdated laws. It is happening in the United Kingdom.
Where are the Single Women Homeowners?
One survey found that, among 1,000 prospective home buyers, almost nine out of 10 women (87 percent of respondents) admitted that they have previously dreamed about owning a home. Meanwhile, only seven out of 10 men (71 percent) had the same goals.
The same survey revealed that only 26 percent of women believe they will apply for a mortgage for the first time on their own. It is significantly lower than the 39 percent of men who are more confident that they will apply for their first mortgage alone.
There is a reason women are less likely to pursue the dream of becoming a homeowner. A report by the Women’s Budget Group said that women need over twelve times their annual salaries in order to successfully acquire real estate. Meanwhile, men only need over eight times.
The problem still lies in the wage gap between genders. Across the nation, women have lower earnings compared to their male counterparts. Therefore, they are likely to fall short of the requirements needed to successfully apply for a home loan.
The obstacles exist, but women can and should pursue their dreams of becoming homeowners.
Knowledge is Power
A house is an expensive investment. Anyone who wants to go into debt that will require to be paid off over a decade or more needs to first understand the situation they are about to enter.
Aspiring homeowners will get a better chance of acquiring a real estate property if they are better prepared for the process. They should consult a reliable mortgage broker to find out if they have all the requirements needed to be granted the home loan.
If the problem is finances, a meeting with a financial advisor will be of great help. A financial adviser will assess your financial health and create a budget that will allow you to pay your mortgage on time without leaving you broke and living from hand to mouth month after month.
Keep an Eye on the Real Estate Market
The real estate market does not move in a linear fashion. One year, you might have enough money to buy the house of your dreams. However, if you decide to hold off the purchase until next year, your savings and income may not be enough.
The best time to buy a house is when the mortgage interest rate is lower than average. By doing so, you would be paying less per month and in the long-term. Buying a house when the mortgage interest rate is high will require you to dedicate a bigger chunk of your monthly income toward repayment.
Express Intentions to a Realtor Early
Homebuyers make the mistake of reaching out to a realtor at the exact moment when they are ready to buy. That, however, is a bad idea. Realtors prefer if a client approaches them earlier, even two or three years before they finally buy a real estate property.
The extra time allows realtors to get to know the client and find options that check all the boxes on their bucket list.
Be Ready to Make Compromises
You will never get the house you have always dreamed of. It will not be perfect unless you are building it from the ground up and willing to spend a fortune on the property. Otherwise, there will be features that are not exactly how you wanted them to be.
Decide early only what features you cannot live without in your future home. Then, decide which are not really that important.
If, for example, you want a walk-in wardrobe but found a great property that does not have one, consider if you are willing to spend more on a house that has the extra storage space for all your clothes. You should also consider if the feature can be removed, added, or replaced in a renovation project later on.
The Value of Confidence and Perseverance
There are obstacles that make it harder for women to become homeowners, but you are capable of investing in your own real estate property. Be confident when you face your broker, realtor, and money advisor.
And, most importantly, do not be discouraged by any setbacks. If you are rejected or you lose a bidding war, do not take it to heart. Try again. Soon, you will succeed.
Buying a house is a difficult and often stressful process, but it is exciting, too. For many people, it is an important milestone in their life.