Hello Neighbours and Happy International Women’s Day!
I recently read an article by The Washington Post with the headline “Single women account for more real estate purchases than single man”. The 2018 stats, according to the National Association of Realtors, showed that 18% of homes purchased were by single women and only 8% by single men. You go Ladies!
Got me thinking about our client Brenda, a single mom who purchased her first home last year with us at Page&Percival Realty. I remember meeting her and thinking, “With her determination and love for her son, I want to be a part of that”. Since then, she has become more than a client and I consider her a great friend.
I wanted Brenda to share her experience as a women buying real estate for the first time. Hopefully this will encourage you ladies to “take the leap” as she says.
Here is what Brenda had to say:
What made you make the decision to buy?
I didn’t have an intention of buying as I was living in Toronto and I was blocked out if the real estate market. However when I was asked to leave my very affordable apartment, I knew it was going to be difficult to find something reasonably priced. I did look at basement apartments, but the prices were quite high for what one would get. Since I had been saving my money, I decided to reach out to Jennifer at Page and Percival to help me go through the process to determine if ownership was indeed something for me.
How did you feel before the purchase?
There was a moment when I felt like throwing in the towel, that I would never find my home. I even told my agent Tyler that we weren’t going out looking. Then I remembered I had to find shelter for my son and I, so I called Tyler back and said, let’s get back on the road. After we did find my home which was the first home we looked at, I felt like I was on the right track as the purchase was within my
budget and I didn’t feel like I needed to stretch myself financially. My real estate agent Tyler ensured that we were looking at homes below the top end of my budget. Also, I was elated as I was feeling like I was doing something for myself and my son, stability and security.
How did you feel after the purchase?
I tried to remain as calm as I could throughout the process. When I was walking to the lawyers to pick up my key, I was walking on air for sure!
What would you tell a single women considering buying?
My advice would be to go ahead and take the leap. No one can really tell you what is right or wrong, but somehow we all know in our hearts. I would strongly suggest though to crunch the numbers over and over again. Do not purchase above your means. Ideally you still want to have some money leftover each month to treat yourself to a plant, a wall hanging or gardening equipment.
Thank you Brenda for taking the time to answer our questions!
Remember… If you need real estate advice or support, we are here to help and guide you along your journey.
I would love to hear your comments and experiences.