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These days, many single women want to invest in something they can have for years to come, and property is a high priority. Owning a home means you have stability for the future and something you can pass down to your children, and having a sound investment means you can save money in the long run.
It can be difficult to know how to get started, however, especially if you have no experience with real estate or are going through a painful divorce. The key is to get organized and do some research ahead of time so you aren’t met with any surprises that could derail your plans. Hire professionals to help you with finances and the moving process in order to keep things running smoothly, and ask friends and family for support during this time. Having a system of loved ones in place will help when you come to a step you’re unfamiliar with or just need reassurance that you’re doing the right thing.
Read on for some of the best tips on how to get started with buying a home, and how to ensure the process is as easy as possible.
Take a look at your finances
If you’ve been through a divorce, it may be best to have an accountant or lawyer help you go over your finances to make sure nothing gets in the way of your home loan and that you’re covered legally. If you’re single, take a look at your spending and keep detailed records for a few months before making any decisions about buying a home. Get an idea of the income you’re bringing in versus how much is going out; it’s important to be realistic when setting goals so you aren’t met with any obstacles down the road.
Take care of your old home first
If you’ve already had your name on a mortgage with a former spouse or partner, it’s important to be aware of the legal ramifications when it comes to what you owe. Ideally, you would be able to sell the house, pay off the mortgage, and split whatever is left with your former partner, but if you owe more on the house than what it sells for, that may not be possible. Refinancing is one option, but that requires one of you to have very good credit and the willingness to do so. Talk to your legal counsel about the best way to divide up your assets...and your liabilities. For more tips on how to do this, read this helpful article from Bankrate.
Get organized
When you finally find the home you want, get organized to make the moving process streamlined and stress-free. Pack smart by writing out packing lists for each box and taping them to the outside; clean as you go so you’ll have less to do on moving day. Wipe down cupboards, countertops, and windows, but also think about de-cluttering each room so you don’t take more with you than you need. Create piles for things you want to sell, donate, throw away, and keep to make the unpacking process much easier. HireAHelper has some excellent tips on how to avoid putting off unpacking those boxes and the best way to prepare your new home.
Hire the right movers
Having professional movers help you on your big day will allow you to free up some time so you can focus on arranging your new home the way you want it. It will also put a buffer between you and your former partner if you’re moving out of the home you shared and allow you a measure of comfort in knowing that things won’t get heated.
Buying a new home when you’re on your own can be overwhelming, so talk to your friends and family beforehand and let them know what you need, even if it’s just to help with the packing. Having a support system will help you get through this somewhat chaotic time without all the stress.