If you are a single woman considering buying a home of your own, you're not alone. Last year single women made up 18% of all home buyers, coming in second behind married couples (65%) and outnumbering single men who accounted for just 7%, according to the 2017 NAR Profile of Home Buyers and Sellers.
Home Buyer Characteristics
So, what's behind the trend? Why are women buying? This survey didn't address women's motivation but it's easy for me to imagine why. Fifteen years ago I bought my own place, solo. I mostly wanted to stop paying rent and put money toward my own investment rather than someone else's. My top reason was financial but there were others. Having control over my own space, access to the outdoors and secure off-street parking were important considerations more easily attainted through home ownership. I've never regretted my decision and have since helped several other women do the same.
Recently, I asked a few past clients, friends and family members who have also bought homes on their own, "Why did you decide to buy? What have you loved about owning? And, what advice would you give other women considering buying their first home?"
Representing a range of ages, life stages, and professions throughout the Twin Cities, the majority of women interviewed expressed a common sentiment as homeowners — few regrets. Five of these women share their thoughts, and respective homes, below. Read on to hear their motivations along with advice they'd give others who might want to do the same.
Lisa, Minneapolis
Why did you decide to buy?
I decided to buy because I wanted to own something rather than throw my money away on rent. And to have a yard! I love to garden. It was time for me to move on to the next step in being an adult!
What do you love about owning your own home?
I love not having an apartment above me with noise. I love not having my car parked on a street. I love being able to paint and decorate as I want. And the tax deduction really helps too!
What advice would you give other women who are considering buying their first home?
Don’t forget there will be expenses to save up for. Every year. Lawnmowers, exterior painting, shoveling, and other unknown repairs. Put away about $1500-2000 a year for those unknowns and upgrades.
Michelle, Golden Valley
Why did you decide to buy?
The main factor was a desire to have control over my own space. I had lived in high-density developments for >10yrs and also desired to have no shared walls. The idea of my monthly payments going toward owning rather than renting was a third factor.
What do you love about owning your own home?
The benefits are numerous, but the most significant for me is that I feel freer in my own space vs properties I've rented. One of the major benefits is that you are building equity in an asset that can benefit you in the future.
What advice would you give other women who are considering buying their first home?
Be prepared for things to need attention (e.g. plumbing, HVAC, deck/patio maintenance, yard/weed maintenance, snow removal). Even in new homes, things need attention. So plan for these things in your budget on top of the mortgage even if you have the intention of doing a lot of the work yourself. It'll cost you in service fees or buying the equipment to do it yourself, which you likely wouldn't already have if it's a first home purchase.
Be confident and be flexible. It can be an intimidating process and the bankers require a lot of documentation. When you think you've submitted everything, they will ask for more.
Maggie, Minneapolis
Why did you decide to buy?
Honestly, I just didn’t want to pay rent anymore. It felt like a waste. And I decided pretty quickly to buy once I had that feeling. I had a realtor friend I knew and trusted, so that made it easy too. I have always loved houses, so I did have that advantage. I knew generally what “good bones” looked like, knew what was an easy fix and what was harder, and knew my main wants. My main factor was price (it was just me back then) and location. I wanted to be near public transit and a few neighborhood amenities.
What do you love about owning your own home?
I love building equity. It really does make me feel financially stable. I love being able to bang out walls or paint without needing approval. And I love my neighborhood.
What advice would you give other women who are considering buying their first home?
Understand what you can truly afford. Don’t buy more just because. And I do think buying in the neighborhood you want, and updating the house is the best way to go. Also, understand how you truly live. Are you hosting a lot? Or having guests? Are you messy? If so, is an “open concept” really wise?
Barb, Apple Valley
Why did you decide to buy?
I lived in apartment for over 20 years and I wanted something I could call my own. And also have more space and decorate to my style of liking.
What do you love about owning your own home?
I love being able to make changes as I like. I like the privacy and not having people above or below me. I love to be able to have pets.
What advice would you give other women who are considering buying their first home?
Make sure your finances are in order for the expenses each month. You never know what might come up and have to be replaced.
Megan, St. Louis Park
Why did you decide to buy?
When moving back to the area, I chose to buy a home as my mortgage was actually going to be cheaper than rent while providing a nicer place than a rental. Also, I have a dog, and having a yard to let him out in is much easier for both of us!
What do you love about owning your own home?
I like the fact that I know I have an investment with the house versus a loss of money with the rent. Also, it is great having the extra space that an apartment does not provide.
What advice would you give other women who are considering buying their first home?
When buying a house, women need to be sure they are okay with doing the things that come with a house - the yard work, maintenance, etc. It is a great investment if you are willing to put some time back into it, as well as a great feeling to know you have bought your own house!
Thank you Lisa, Michelle, Maggie, Barb and Megan for your willingness to share thoughts on ownership and pictures of your beautiful homes!
Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.