10 Smart Home Buying Tips for Female Entrepreneurs
The success of countless women-owned businesses and other ventures globally is ample proof that female entrepreneurs are on the rise. Women are also making their presence felt in the world of real estate. According to Forbes, single women are one of the fastest-growing demographics in the housing market.
However, many female entrepreneurs pour huge amounts of time and energy into their businesses, which could leave them with less time to invest in the process of buying a home. If this sounds like you, use the following tips to successfully navigate the real estate buying process.
- Use Real Estate Groups On Social Media
Social media can be a great way to connect with real estate agents, especially if you’re looking to buy in an area you’re not familiar with. According to Kansas City-based Mill Creek Home Buyers president Brady Hanna, real estate groups on Facebook are a good source of off-market properties.
- Research Real Estate Agents
Whether you find out about agents using social media, billboards, posters, Google, or any other way, don’t choose the first name you see. Mortgage lending vice president at a Californian credit union, Carlos Miramontez recommended meeting several agents before making a decision.
- Consider City, Suburbs, and Country Living
The convenience of city living is undeniably attractive but can come at a high cost, both financially and in terms of quality of life. Unless the nature of your business or other factors demand that you look for a home in the city, don’t be afraid of looking for property in the suburbs, or even the countryside. According to RealtyHop data analyst Shane Lee, you could find a much better deal.
- Buy A Home For Less Than You Can Afford
Rather than buying a home for the maximum you can afford, buy one that’s below your means. Julie Gurner, a real estate expert, said that purchasing property that is 75% or less of what you’re approved for can help you to keep your cash flow in check. As an entrepreneur, access to cash flow is crucial, and tying up all your funds in property can be a costly mistake.
- Go Through All The Costs Before You Start
The down payment may be the biggest of the out-of-pocket expenses you face when buying a home, but it’s not the only one. According to Lee, you should make yourself aware of all the other fees and costs before you start the process of purchasing a property. Origination fees, mortgage-related payments, broker’s commission, and legal fees are some of the other potential costs.
- Research The HOA
A good HOA sets standards that help preserve the character and atmosphere of the neighborhood, and that protect property values. Bad HOAs either don’t act in all residents’ interests, or they behave like overly involved busybodies. Research the HOA in the area you’re considering buying in to ensure you have shared values.
- Time Your Purchase Carefully
Purchasing a house and moving is stressful, and it takes time. If you face business issues that are likely to be time-consuming, or if you’re planning a wedding, you’re pregnant, or you’ve just had a child, consider delaying your purchase until life has settled.
- Ask For Post-Inspection Reductions
If you’ve spent time reading property descriptions and then viewing those properties in person, you’ve probably noticed that the descriptions usually are better than the reality. Real estate investment company president Lucas Machado suggested asking for reductions if you find defects during a property inspection, as many sellers will give them on request.
- Budget For Repairs And Interior Design
Whether the home you purchase is brand-new or 100 years old, damages can surface within weeks. It’s a good idea to budget for repairs when considering your purchasing costs. Just like you’d use accounting templates for your business, do the same when budgeting for repairs. Having a clear overview of potential costs is essential.
- Move In Mentally After Closing The Deal
As tempting as it may be to mentally move into a house before you’ve closed the deal, don’t do it. If you move in mentally, you might find it difficult to remain objective and retain leverage in negotiations.
These 10 tips are easy to follow. You just need to make sure you have the right mindset when investing in your future home.