Independent Women Understand the Benefits of Buying a Home
By Kristin Woolard
It’s becoming more and more apparent that women are increasingly taking the reins when it comes to home purchases. There is a growing trend among single women – and, more precisely, professional single women – who are becoming independent homeowners. In two recent TD Canada Trust National Polls, the results definitely support this notion.
A recent IPSOS-Reid survey focused on women aged 20-45. The poll shows that the average age of first-time buyers was 29, 82% were single women, four in five had no children and almost half had obtained a university degree.
The Home is where her heart is: 3rd annual TD Canada Trust Women and Home Ownership Poll reveals the growing importance of having a place to call your own. Chris Wisniewski, Group Product Manager, Real Estate Secured Lending at TD Canada Trust was quoted as saying, “Even though the comforts of home have become increasingly important to women, the financial reasons for homeownership have also increased in importance.”
In this late-2009 poll, 44% of women ranked financial security as the best thing about homeownership compared to 23% of a similar sample of women in 2008. Second on the list of best things about owning a home is not having to pay rent or pay other people period (38% in 2009 versus 13% in 2008).
More people are looking for ways to become financially stable again after the economic downturn of 2008, and investing in real estate and building equity for themselves are ways to invest in their future – building financial security.
Women are taking advantage of the low rates and recognizing homeownership is more affordable. For only a couple of hundred dollars more a month they can own a place of their own where they can decorate and renovate to suit their own taste or even have a garden if they so choose.
Seeking expert advice
One of the amazing things about women looking to invest in real estate is that they are getting more advice before they make the decision to enter the market. They are seeking out mortgage experts and real estate agents, and building a plan for the perfect entry into the market. They are making lists of areas in which they are interested in purchasing, itemizing amenities they would need in their ideal neighborhoods, ensuring they have all the facts around closing costs and fees associated with making the purchase, and securing a mortgage.
Buying a home is an immense decision and can feel overwhelming. The professionals you decide to use should feel right. Ask friends and family for referrals to someone they’ve used before, and take the time to interview Mortgage Brokers and Realtors to get a good sense of their professional style, experience and personality. You will be working with them closely – possibly for months – so interactions should feel comfortable, and they should be knowledgeable and responsive even to the smallest question.
The more prepared you are, the smoother the experience will be so do a little research on your own over the Internet to get a good idea of what types of properties and areas are of interest to you. Make a list of questions to ask your Broker or Realtor – and keep it on hand so you can add to it as more questions arise.
Interest rates are the lowest they’ve been in history and they are set to go up. Most industry professionals believe that when they do start to rise – as early as this July – they will go up fairly drastically. There has never been a better time for women to make the decision to get into the real estate market to find the perfect place to call home.
Kristin Woolard is a Mortgage Broker with Dominion Lending Centres BC Mortgage Group based in Port Coquitlam. She can be reached at: 604-939-8777; kwoolard@dominionlending.ca; www.kristinwoolard.ca
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