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Buying a House

01

Home Buying Overview

02

Mortgage Payments

03

Steps to Buying

04

Financial Help & References

Your Biggest Purchase

So you’ve decided to buy a house. This can be one of the most complicated and one of the most rewarding experiences of your entire life. Nothing feels quite as good as the pride of owning the place you call home. But the process is complicated and home ownership carries with it a huge level of responsibility that can make the whole thing seem really scary.

You are to be congratulated if you’re at the place in your life where you’re considering this – it’s a huge milestone in your life. And if you’re doing it as a single woman, we’re even more proud of you!

Homeownership provides the financial security to safeguard women’s progress, and paves the way for future generations. With college degrees and higher earnings, women have increased their home buying activity and buying power. More single women purchase homes than single men, so you’re in good company.

We’re going to cover all the things you need to know to make this process go as smoothly as possible, but every situation is different. This is without a doubt the largest purchase you’re ever going to make, so it is one that you should approach with honesty and care. We will help you figure out the best way to invest your money: to rent or to buy? Then we will discuss the various costs involved with buying a home. Next, we’ll give you some steps to take to prepare for your home buying journey. We’ll provide a calculator to help you figure out how much home you can afford and also provide some data on the best places for single women to consider buying.

Nothing really compares to home buying – it is a beast in and of itself. But stick with us and we’ll help you tame that beast.

Here You Will Learn

  • How to determine if buying a house is a good financial investment for you.
  • Considering ALL the costs involved with buying a house.
  • How to prepare to make the biggest financial decisions of your life.
  • Calculate what you can afford for your homeownership.
  • The best places for women to buy a home.

Buy or Rent?

Purse Strings is here to help you make intelligent choices about the best way to use your money, empowering you to take your financial futures in your own hands. The decision to buy or rent is a huge financial choice that has far reaching implications. If you rent, you can pay down debt. But home ownership is an investment that can really pay off. Which is the best choice for you? Consider these five factors to help make the right decision.

01

Debt. Do you have significant credit card debt? If so, you should consider renting and paying down debt. If not, good for you!!

02

Savings. Do you have savings of $20,000 or more? If you do not, you need to save up for that down payment. If you don’t have at least a 20% down payment you will have an additional cost of PMI insurance every month as part of your mortgage payment.

03

Stability. Do you envision moving within five to seven years? Selling a home you own with fewer than seven years of ownership could cost you – so if you don’t anticipate staying put for the next decade, buying is probably not the right choice for you. The likelihood of your house being a good investment is one you will live in long enough to build equity.

04

Income. Calculations show that the cost of renting is less than the cost of buying. You really need to have some disposable income to make home ownership make sense.

05

Responsibility. Home ownership carries with it significant responsibility and risk. Just because you can afford to own a home doesn’t mean you should – so assuming the financial picture is solid, do what feels right.

Use this Rent Versus Buy Calculator to see where you stand!

Rent vs Buy

If you’re still on the path to home ownership, then let’s take a look at what it takes!

Did You Know

More than one in five home buyers is a single woman, and twice as many unmarried women are buying homes than single men. Single women make up more than one-third of the growth in real estate ownership since 1994.

This Guide

01

Buying a House Part 1 - Home Buying Overview

02

Buying a House Part 2 - Mortgage Payments

03

Buying a House Part 3 - Steps to Buying

04

Buying a House Part 4 - Financial Help & References

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