I’m coming to the end of my twenties and I’m seeing lots of intelligent women who are single, and looking to buy a house OR who are single and stuck in a mortgage with their ex partner. All of these women are smart, very desirable and completely fed up of the difficulties that comes with relationships.
So here’s my pitch: don’t wait for another man you can buy property with. Do it on your own instead.
Don’t get me wrong, it will be more difficult and it will take longer to buy if you’re saving for a deposit alone. But I’m curating a life off the belief that you should build the perfect life for yourself and seeing if a man fits in there. And if you want a house, go buy yourself a house!
For me, it’s not that surprising that in 2019, single women represented 18 percent of the total homebuyers in 2019 in the USA, versus a mere nine percent of single men. Which is totally crazy, because, if you add in the gender pay gap, it’s actually more difficult for us to buy a house on our own!
It’s a terrifying jump, but a decision I’ve made for myself. Even if I do (somehow) get married in 10 years, I can still have my little place which I can rent out, mitigating lots of money worries in the future.
If you agree with me, keep reading! Because I have come up with some steps to help you get on the property ladder.
1. Work Out Affordability
First step: work out what you can and what you can’t afford. You can do this using a handy mortgage qualification calculator.
This one is great because you can input information about the sort of property you want to buy and any debt you have. Then you can mess with the numbers so you can see that if you wait 5 years, and pay off more debt, you’ll probably be able to afford a larger house or apartment in the end.
It will also allow you to understand what your top-end and low-end budget is, which will help you be realistic when you eventually start looking for a place.
If you find yourself looking at your accounts and finding that your outgoings are higher than what you’re earning, this might be your chance to complete a thorough audit.
2. Create A Plan Of Action
Now you know how much you can afford, you need to create a plan of action. This means, start planning for when you want to buy, how much you have to save up by that time and how much debt you need to re-pay.
Creating a plan will help you to achieve what you want in the right amount of time. It will also help to stop you getting distracted if you get into a new relationship.
This plan doesn’t have to be set in stone, there are unknowns in life (like a pandemic, ha!) which means the plan needs to be somewhat flexible.
3. Work Towards Your Plan
It’s all well and good making a plan, but putting it into action is the hardest part.
Making your dreams of home-ownership come true will be a fine balance of turning down evenings out, buying the supermarket-own brands and spending lots of time browsing Rightmove.
Just remember, following through on this plan will provide you with financial security in the future.
House prices in the UK are likely to fall in the next year, a predicted 11% drop by the end of 2021, making the market perfect for first time buyers. But that doesn’t mean you have to buy immediately. Bide your time, make a plan, and watch it work out.