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Feb
02

Top 4 Tips For Single, Female Homebuyers in Las Vegas

By Kathryn Bovard

Did you know that according to the National Association of Realtors single women account for 21% of all home purchases? Did you also know that single men only account for 10%? Because female homebuyers share certain concerns when buying a home, Marilyn Kennedy Melia at Bankrate.com points out the following four tips for them to keep in mind:

1. Plan For Your Retirement.

Mariko Chang, a consultant who recently completed a report on the wealth gap for women for the Insight Center for Community Economic Development in Oakland, Calif. says that several factors, like a greater likelihood of working at jobs that offer paltry retirement and other benefits, keep single women from achieving their financial goals. He also claims that although the nation has witnessed a housing bust, homes should still climb in value over the long haul, leaving longtime owners with a valuable asset. This means that owning a home can help women enter a more secure retirement if they pay down their loan balance over time. Chicago-based certified financial planner Leisa Aiken says it is a mistake to expect a quick run-up in property values, especially since there’s still an abundant supply. “You shouldn’t think of a home as an investment that will make you rich,” Aiken says. “But if you buy a home that you can afford to pay off, maintain and live in over a long period of time, you’ll have a low-cost place to live in retirement.”

2. Don’t Borrow Too Much.

Experts caution against borrowing as big a home loan as a lender will approve. Mortgage lenders may approve borrowers with good credit and other favorable factors for a home mortgage that, combined with their other regularly occurring debts, takes up one-third or more of the borrower’s gross pay. Instead, decide what percentage of your gross pay works with your budget and will not be a financial strain.

3.  Aggressively Research Financing.

Don’t select a lender based solely on a friend’s recommendation. Rather, check rates with several mortgage lenders. Zhenguo Lin, assistant professor of real estate at Mississippi State University, co-authored a recent study that found women head of households pay 40 basis points — nearly 0.5 percent — more on home mortgages than other borrowers. When controlled for income, credit score and other factors, that difference dropped to 8 basis points. “But that’s still significant,” says Lin, who believes the cost variance is due to the fact that 41% of women say they relied on a recommendation, while only 25% of men did.

4. Try to Get Seller Concessions.

How much money is actually needed to maintain a home is one of the most misunderstood aspects of ownership. But buyers who know better are able to get concessions from sellers upfront to fix any imminent problem an inspection may turn up.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Whether buying a Las Vegas Home or renting, don’t try to go at it alone. There’s lot of resources online, and an email to a local real estate or mortgage pro can set you in the right direction.

Related posts:

  1. Now Is a Great Time to Buy a Home in Las Vegas
  2. Dos and Don’ts for Selling Your Home in the Las Vegas Real Estate Market
  3. Is now the time to buy or sell a Las Vegas home?

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  2. [...] And while saving may not sound as exciting as investing, it’s much less risky. In fact, with careful planning, it’s almost risk-less. It’s no secret that foreclosing on a home is bad news for the [...]

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