8 Tips for Single Female Homebuyers

“Just because you are pre-approved to buy a house at the top end of your range, doesn't mean you should,” advises TJ Freeborn of Discover Home Loans, pictured here with her son Jack in front of the Elmhurst, Illinois, home she bought. “Single women have only one income to rely on for household expenses. It's smart to make sure that your monthly mortgage payment is an amount that you are comfortable with. Then, if unexpected expenses arise, your ability to pay your mortgage and maintain your lifestyle isn't compromised.”

When 24-year-old Kayla Chapman of Columbus, Ohio, found out her monthly payments would be the same whether she bough or rented, she decided to take the plunge.

Salt Lake City attorney Jan Allred says, “I bought my house (in a PUD) when I still had two children at home. Now I’m an empty nester, and I don’t need all of the space. Also, keep in mind that you won’t always want stairs. As I have contemplated resale and spoken to Realtors, main floor living has been one of the main requirements of buyers looking in a PUD like mine.”

Before you buy, make sure you have the equivalent of several home payments tucked away in savings. When Lauren Bowling of Atlanta was first looking for a home to rehab, she was shopping with her fiancé. But they broke up, and she took over the purchase. She advises that you estimate paying double the price of the down payment to initially get into the home, particularly if you’re doing renovations. Lauren chronicles her purchase and complete remodel of a foreclosure in a historic Atlanta neighborhood on her blog L Bee and the Money Tree.