A survey conducted by the National Association of Realtors in the U.S. has found more single women than single men buy homes.
While no statistics on the subject are available in Canada, Invis Mortgage Company feels the trend exists here and offers theories why single women are more enthusiastic about home ownership:
· Single men don't want the commitment of homeownership, and only tend to buy a home when they get married.
· Single women view home ownership as a sign of success.
· Women are marrying later and want to build equity while they wait.
· A higher divorce rate means there are more single women wanting homes.
· More women are going to college than men and landing quality jobs. According to Statistics Canada, a record high 120,300 women received a degree, diploma or certificate in 2003. In comparison, 80,200 men received a qualification.
Women seeking mortgage financing should be aware of the following:
· Individual buyers should determine if taking the plunge into home ownership is right for them at a given time. For example, women who plan to be in their new home for three or more years should easily recoup mortgage closing costs as well as decorating and moving expenses.
· Both women who have never married or are divorced may be eligible for first-time homebuyers incentives such as the federal Home Buyer's Plan.
· When determining how much they can afford, women can count child support payments from their former spouse as income.
· For some women, a lack of established credit history can be a barrier to buying a home. Mortgage brokers can coach clients on how to establish and/or improve one's credit score.
