If you’re a single woman looking to buy property in Canada, you might be happy to hear that you’re not alone. In fact, according to a recent report by LendingTree, single women are outpacing single men when it comes to buying property.
Are you a single woman with a home purchase on your bucket list? Here’s how you can get yourself into this exciting new demographic of homeowners.
Have a contingency fund. If you’re a single homebuyer, it’s even more important to have a buffer amount set aside for unexpected closing costs or costs you might run into down the road, like major repairs or an emergency. If you live on a single income, this will also be crucial should you be out of work or have an unexpected financial complication.
Think about safety as well as style. You probably have some non-negotiables on your list when it comes to choosing a neighbourhood. You might want to be close to shops and cafes, or to your friend’s house or a favourite recreation option. Make sure you also feel safe in your new neighbourhood. Visit it after dark and ensure your new building has security features that make you feel safe, like a concierge or controlled entry.
Buy what you need. Don’t think you need to purchase a larger unit just because you might want children or a partner in the future. Buy a unit that suits your life right now, even if that’s a compact one-bedroom. If you do move in with a partner, you can always keep your former home as an income property and, in the meantime, you will have built up some equity.
