3 Tips for Women during the Home Buying Process
*Updated January 2018
Looking back, I have had the pleasure of working with women throughout most of my professional life. In my first career as an Esthetician, 
I worked in a Day Spa, where day after day a vast majority of our clientele was women. That’s not to say I never saw men – some guys do love their facial treatments! Fast forward to the present and my Real Estate career. Over the past 13+ years in this industry, I’ve worked with both men and women, and I can honestly say there is a difference between the two. While both are treated equally at the table, they show up with a different view on the Real Estate transaction, and their approaches and needs can be very different as well.
True or False?
Single women make up 23% of first time home buyers.
According to the National Association of Realtors – it’s true! Most women would tell you that there is a huge sense of independence in owing their own home, and it often helps them feel they are in charge of their future and financial goals. Regardless of whether they are single or not, women have a tendency to want to settle in and put down roots. Buying a home can give them the opportunity to do just that, while gaining a great sense of community and belonging. Here are the top 3 things Women need to know when buying Real Estate.
Know Your Budget
First and foremost, what can you comfortably afford? This is key, as no one wants to be “house poor”. Getting in touch with the right professionals is going to be critical, so finding a great Realtor should be at the top of your to-do list. Realtors are a great resource when it comes to buying a home. Not only do they know home buying and selling inside and out, but a great agent is going to know all the key players needed during the transaction – including a great lender.
Once you have contacted your Realtor, request the names of several Lenders they recommend. Contact the Lenders to get pre-qualified for a loan. Fully understanding how much you can comfortably afford and still maintain the lifestyle you enjoy, is going to make or break your buying experience. For example, you may be able to afford $2,500.00 per month for your PITI payment (principal, interest, taxes, insurance), but do you really want to spend that much? If you spend that much can you reasonably maintain your lifestyle or are you going to have to cut back (less Starbucks, wardrobe adjustments, less travel, etc.)? If you are not willing to cut back then you have to know what comfortable means to you, and what that equates to in a purchase price. Women tend to look at Buying as an investment into their future, and will often proceed with caution. Take a hard look at the short term and the long term goals. You may even want to get in touch with a financial advisor to understand the big picture.
Know Your Home Style
Understanding what type of home you can afford, and what other expenses may be involved in owning this style of home is very important. If you can afford a single family home, you need to know ahead of time what the monthly, yearly, and even next 5 years will cost just for maintenance. And maintenance on a single family home may include simple things like the lawn and interior touch ups. It could also be potentially large expenses such as roof repairs or new windows.
If you have a clearer idea of what style home you want, whether it is a single family home where you can plant a garden, a townhome with a smaller backyard, or a condo where the gardens are maintained for you, this can be a real time saver. Consulting with your Realtor about this is extremely helpful. They will ask the right questions to help you understand more about what type of home is right for your lifestyle in the market you are located in.
Know Your Team
Last but not least, surround yourself with a great team – Realtor, Lender, financial advisor, home inspector, etc. Starting out with the right team can make all the difference in the home buying experience. Women often rely on and trust other professionals, so forming a team you can trust will provide a level of comfort along the way. Most likely you will only buy a few homes over the course of your lifetime. Take your time, do your research and make sure you feel comfortable with making the right decision. Buying a home is a wonderful experience, but it is not something to rush.
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An Earnest Money Deposit (or “EMD”) is an important part of the home buying process. It is an amount of money that you will deposit (in escrow) that tells the Seller you are committed to the purchase of the home. It’s important to know that this earnest money deposit is not an extra cost of buying a home. It will be credited towards the down payment at closing. In the event that it exceeds your mortgage down payment and settlement costs, you will receive the balance at closing.
In most cases you will write the check to your Realtors, Real Estate Brokerage Company or the company that will be assisting you in the settlement (Title Company). Never write the check to the Seller or their Realtor directly. The money is usually due very shortly after the contract is fully accepted by all parties (ratified) and will be placed in an escrow account. Shortly before you go to settlement, it will be released so it can be applied towards your settlement cost and down payment on the day you purchase the home. In the event the amount you put down exceeds the amount needed for these cost, you will get a refund of the difference. This is your money, and it is treated as such. It is only applied to your costs.
Every market can be different when it comes to answering this question. Make sure you read and understand the contract. It should state what happens to the EMD if you no longer qualify (or decide you do not want to buy) the home. If you are within your rights to cancel the contract, the Seller will agree to release the funds back to you in full. However, there are many different ways this can be handled. Not all are not favorable, so understand the contract you are signing and discuss any concerns you may have with your Realtor. If you are not comfortable with the language that is written in the contract be sure to consult an attorney before signing to ensure your rights are protected too.
An Earnest Money Deposit is your way of telling the Seller “I love your home and really want to buy it.” In most cases the money remains yours and is applied to your costs in regards to the purchase. It can also be a great way to leverage your offer in the event you find yourself in competition with another Buyer. A great Realtor can guide you through the offer process and help you structure a deal that is more than just about a sales price.
The purchase of a home usually is the single greatest investment most people make in their lives. It’s important to look at one’s home as an investment, and understand what drives the value of the property in order to find opportunities that maximize wealth. Given the unpredictable nature of the real estate market, what should you know about home appreciation before you buy?
Partially amortized loans are a series of amortized payments followed by a “balloon payment” (or lump sum) at the loan’s maturity. The balloon payment is the entire remaining balance. A partially amortized mortgage provides much lower monthly repayments, however a massive final payment is due at the end of the contract. Under a partially amortized mortgage, the final payment is larger than any previous payment as it “balloons” on the last installment. This type of payment is often found in commercial lending arrangements. The lower monthly payments can be helpful while the commercial project grows and, the developer hopes, appreciates.
Not sure which type of amortization is right for you? Contact our good friend and Lender, 
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An Assessment, however, is a mass appraisal of property, that is usually conducted at the beginning of the year by local counties. They are based on the areas sales, which helps to determine the value for a large group of similar properties (like a neighborhood, for instance). This information is generally used to determine property tax amounts.