Three Tips for Single Female Home buyers

There's no doubt that owning a home is a dream. It is also happens to be something that weighs more and more in your conscience as time goes by so it's good to take a close look and learn from what has brought other people success.

In a brave new world where women don't have to rely on men to own a home it's good to take a few pointers from women who have made it happen themselves. From all reaches of the internet, these are the top 3 insights for any woman interested in buying a house.

1. Know What you can Afford

According to a 2014 statistic from National Association of Realtor's women spend an average of $135,000. Affordability is a major issue which means not only being able to cover your mortgage but also the taxes, insurance, maintenance and, on top of it all, still having money set aside for emergencies. If not, then you are as they say "house rich and cash poor".

A good way to organize yourself is to calculate your mortgage (20%) and put away about 8 months worth of expenses before making the move. Here is a great tool offered by Fidelity to figure out what you can afford.

Another thing to consider is an FHA Down Payment (if you live in Florida) or a Down Payment Assistance Program.

2. Protecting your Assets

Since you are going at this alone it's critical to cover all your bases. Get life insurance as well as disability and healthcare, you should also consider setting up trust so that insurance proceeds go to your independent beneficiary if something should happen to you.

For those of you who have marriage on the horizon or get married at some point you can look into shielding your home by issuing a prenuptial agreement should things go south or keep the house under your name and yours alone--we sincerely hope it doesn't come down to this but you should be ready regardless.

3. Take your Time and Speak with the Right People

This is one of the biggest financial decisions most people make in their entire life, so, it's good practice to work side-by-side with a real estate agent and consult financial advisers--do your research!

Speaking of research, it doesn't hurt to seek out a Home Buyer Workshop in your area or look at other Home Ownership Programs.

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