Nearly 70% of women say owning a home is a top priority. Female home ownership has never been higher in the UK. And London is a city where a woman can feel at home.
But there are things that every woman should know before entering the London real estate market. If you happened to be a first-time homebuyer, then here is what you should know before doing so.
Get Your Finances Sorted Out
Ladies, don’t make the obvious mistake of buying a home when you can’t afford one. If you’re single and ready to buy your first house, then you have to save up first.
To do that, you have to cut back on needless expenses. Instead of going for that expensive cereal at Sainsbury’s, opt for cereal of equal quality but less expensive.
Saving up can be very beneficial when the time to put up a down payment comes. Since down payments are the best way to show the seller you mean business, it should be a top priority for you.
Not only that, but you will need to sort out your finances to get a mortgage loan. A house is a very expensive acquisition and you should prepare accordingly.
Set a Budget
As a general rule, UK homebuyers should always have a budget in place and use it as a reference for what properties you can and cannot buy.
A home budget will not only save you from financial disaster but it will guide you throughout the homebuying process. To do that, you will need to, again, take a look at your finances.
If you have a well-paying job that can afford you a property in the heart of London, then go for it. But never pay a price that you cannot afford. Single ladies out there know how easy it is to become a slave to your own mortgage. And since London is one of the most expensive cities in Europe, a budget will save you a lot of headaches.
Qualifying For A Loan
We mentioned that qualifying for a loan is a must. And we also mentioned that sorting out your finances is the easiest way to do that.
When it comes to taking out a loan, you will need to go to a bank. This is the only financial institution we would recommend you go to. Banks are more than willing to give you a loan to purchase your next home, but they will have to approve it first.
They will look at all of your income, credit check, and look at your financial history. They do this so they can be sure you are not a high-risk client. High-risk clients are often rejected because the bank doesn’t feel you have the financial strength to pay off your mortgage loan.
And if you cannot qualify for a loan, then you will most certainly not be able to purchase a home in London.
What To Look For?
Once the bank deems your finances in order, it is now time to go house shopping. This is the favourite thing for many women round the UK. Going from house to house and looking at what each offer can really put things into perspective.
You might be tempted to buy a house that’s near your hair salon, but it needs to tick other boxes as well. For starters, you have to make sure the home is safe. Safety should be the number one priority when it comes to women living on their own. Naturally, you should make sure that there is a police station nearby.
Also, you have to make sure that the area isn’t riddled with knife crime, as some parts of London are. And if the area is generally safe, then do expect the properties to cost more.
Another thing to look at is your lifestyle. A woman should feel comfortable living in her new home. But it should also tick all the boxes when it comes to her lifestyle. That might be a visit to that hair salon or to get together at a Starbucks with friends.
If you don’t want to drive to the other side of the city, then look for a house that is close to the things you like to do.
How Big Should It Be?
Ladies, is bigger always better when it comes to anything? Do you need a bigger house, one that will cost more than what you can afford? Should you even go for something you cannot maintain?
Size always comes into question when it comes to property. A woman should feel comfortable within her space. Naturally, some women prefer larger houses and 10% of all female homebuyers in London upgrade for a bigger space. On the opposite side, only 7% of women downgrade.
This means that women generally prefer bigger houses. This isn’t anything new as we could live in a castle if we could.
The size of the house can be easily determined by the budget and needs, so do consider that when going house shopping.
Look At The Bigger Picture
The great thing about being a career woman is the fact that you get to work in amazing places. Sometimes, you might even move cities and in most cases, settle in other countries.
So before you go house shopping, do look at the bigger picture.
On the other side, some women love settling with a man and starting a family. Most men aren’t comfortable moving into their spouses’ or girlfriend’s place.
So if you’re planning for a family, do consider this. Instead of going for that big house you’ve always dreamed of, consider settling for a condo or a flat.
Finances aren’t the only thing you should take care of when buying a house. Since a new home can cost you a fortune, you should think about whether it is a smart thing to do. If you frequently travel due to work or look to start a family in the near future, consider something smaller that can be easily rented.