The statistics of the typical first-time homebuyers are fast changing today. A lot of single women these days can afford to buy properties on their own to build up valuable equity, and are no longer waiting to find a life partner prior to pursuing the lifestyle and financial advantages of owning a home. One in every first-time property buyers today is a single woman, and new property market is in sense beginning to reflect that.
While most of these women are ready to jump into the commitment of owning a home, not all of them are willing are give their valuable time to outdoor chores such regular yard or garden maintenance. As such, the majority of these women tend to purchase homes that require little or no maintenance, but with an option to plant container gardens.
The easiest and most fashionable way to hold onto their maintenance-free lifestyle is to acquire a condo. These properties are problem-free when it comes to their upkeep and unencumbered lifestyle is an obvious advantage to people that would rather not be tied up every weekend with maintenance chores.
Condominium unit owners are charged a flat monthly rate to cover maintenance of the common areas in addition to provide prompt service by reputable maintenance service providers if there are maintenance issues in any single unit. Problems related to electrical, plumbing, air conditioning and heating systems are handled by pre-approved maintenance staff as agreed with the condo management or association. This means help is available at a moment’s notice.
Women looking forward to purchase their first home have two options to opt for when it comes to financing their purchase; paying cash or through a home purchase loan product such as a mortgage. But whichever the financing option, it is critical that they work out a practical budget. This does not just imply working on a budget they can afford based on their current state of affairs but that can allow some room for changes. Skilled private mortgage experts in Canada recommend keeping mortgage interest rates as low as possible.
Consider other day to day living costs
When mulling over how much you should borrow, it is critical to allow for increases in other living costs, particularly where utilities and food are concerned. All these should not scare you off purchasing that great condominium you have always wanted but rather to urge you to work out a budget that you can comfortably afford. Once you have found a dream property to purchase, it is easy to forget other things that are equally important for your day to day living.
Use a home loan calculator
Make use of a home loan calculator to help you easily determine the kind of a home buying budget you can afford. When calculating what you can really afford, it is critical not to ignore your supplementary expenses. For instance, if you love eating out, or going to the theatre, or even indulging your passion for surfing, then make certain to include these costs. This way, you will know what kind of a condo or any other home type you can afford without having to give up your favorite hobbies.