As women have become financially independent, homeownership is a viable option. Statistics show that Canadian women now outnumber men in buying a house or condo, according to Brenda Bouw, author of Home Girl: The Single Woman’s Guide to Buying Real Estate In Canada.
In going it alone, however, a variety of factors should be considered.
“As a single woman, there are many things to assess besides your financial capabilities,” says Carla Bouchard, a broker with Royal LePage Metro in Moncton, New Brunswick. To make the best choice for you, Bouchard recommends asking yourself these three important questions:
• How much space do I need? Detached housing can be quite spacious, but it will require regular maintenance to hold its value. Condominiums, on the other hand, may offer less living space, but maintenance is likely to be less of a burden. It is also prudent to imagine your space requirements several years down the road. Answering these questions can help you narrow your search.
• Where will I feel safe? Single women can benefit from the security offered by condominiums, many of which offer 24-hour concierge services and building access cards. Location is also something to consider. Do you depend upon public transit? Will you have to travel far to get to and from a transit stop? Put your safety first.
• Can I keep up with repairs and maintenance? It is important to look beyond the cosmetic appeal of a home. You may want to consult a professional to identify areas of repair and consider the extent of ongoing maintenance. Are you ready to make an investment in a home that requires regular upkeep?
Be sure you are prepared, financially, location-wise, and for the maintenance required to protect your investment. Consider the big picture and chances are you’ll be right at home with your new abode. More information on this topic is available online at www.royallepage.ca.