It’s More than Just the Mortgage
Calculate the Costs
In addition to the mortgage, there are so many other expenses that will come flying your way: landscaping, heat, electric, garbage removal, etc. It would be in your best interests to pick the current owner’s brain about the costs of all the aforementioned utilities and services. This way, there aren’t any surprises when you cozy up into your new home.
The Big Move
Remember, you’re going to have to U-haul your butt out of your old residence and move into your brand new home — and it’s going to cost you. As you eye your vacant new home, you’ll be envisioning new furniture, chandeliers, and the placement of your plasma TV. “You’ll need money to fix up and furnish your new home,” USA Today adds. Abbott, the aforementioned 36-year-old homeowner, mentioned that she set aside $20,000 for moving and interior design.
Expect the Unexpected
While you’ll have an inspector tell you what repairs you’ll need to work on when you purchase the home, he or she can’t foresee every wear and tear in the future. Leave a little room in your bank account for unpleasant surprises. “The biggest mistake people make when they buy a home is not to consider the non-routine expenses,” says Julie Jason, a money manager and award-winning author. “You’re probably doing one major project a year.”
I know, I know — it’s easier said then done to save up for a home purchase, but USA Today offers pretty good advice. First, you’ll want to get a savings account, the money stays untouched because it’s less accessible. You also might need to cut back on going out with your buddies — or maybe find cheaper alternatives on Groupon or Living Social. Ditch the gym membership, jog at the park or follow some workout wizards on YouTube. Cancel your cable and watch your favorite TV shows online.
No matter how you decide to get coined up, in the end, purchasing your home as a single woman is rewarding — you’re securing one of the most valuable assets of your life.