16 Things Single and Divorced Women Should Know When Seeking Independent Home Ownership in Florida

The appeal of home ownership is that it represents financial independence and security.

But, buying a home isn’t necessarily the right decision for every single or divorced woman.

However, if it's a choice between paying off a landlord's?mortgage or their own, many women would rather opt for the latter.

A woman living on their own may feel disadvantaged compared to their coupled-up friends, especially when it comes to the not-so-small matter of saving up a?downpayment.

Moreover, because of a gender pay gap it can take women longer to save a deposit for a home downpayment compared to their male counterparts.

Women homebuyers, I know first-hand what it’s all about!

I was a divorced, single woman, custodial parent for 19 years. I received?zero alimony or support. I worked both day and night jobs to pay bills and exist day-to-day. Eventually, month by month I put money aside the best I could to get some breathing room.

And hoping one day to be a homeowner. In my case once again. Eventually, that day did come. But, only now as a Buyer’s Agent Realtor? did I become fully wise enough to know how much I didn’t know about the savvy ways to save, negotiate, and buy a home for the best price and terms.

This is why I specialize in working with women to help them throughout the entire homebuying process from initial start to the final close, and even beyond.

The following are the little discussed things I’ve learned from both my personal and professional experiences about buying a home as a woman on my own.

1. It's YOUR decision to do what seems right for you – nobody else's.

As a woman, buying a home may be a long-held aspiration.

Perhaps you’ve been a renter and want a space to call your own. To be free from worry that the landlord might increase the rent or sell.

Or maybe you’ve entered into a new phase in your life, and are ready for something you can put your own stamp on. To do as you see fit without asking permission or any second-guessing by others.

Or perhaps you’ve run the numbers and found that?renting no longer economically makes sense. Owning over the long term might be cheaper, even factoring in maintenance and other costs associated with home ownership.

It’s important to stay focused on what matters most to you.

Don’t allow yourself to be swept away in the tide of what you think you should be doing, or be based upon external pressures and the uninformed opinions of others.

YOU determine what’s best for you.”

2. Plan BEFORE starting your home search.

Buying a home is not as simple as you might wish.?

I recommends you seek answers to the following types of questions before looking:

What can you afford??

There’s no point even starting your search before you have clarity on this. The sooner you can determine how much you can comfortably afford, the more precise you can be with your search.

How does home ownership fit in with your broader life goals??

For example, if you have children or plan to start a family in the short to medium term, then buying in an area with good schools might be more of a priority for you.

Where would you like to live??

Are you more of a city dweller, or do you prefer rural life? Are you looking for a single-family house or a condo?

What are your non-negotiables??

Is not having a garden an absolute deal-breaker? How many bedrooms would you like, ideally? Is parking for you or your guests important to you?

3. Prioritize!

What’s really important about life to you? Prioritize!

If you find that life is constantly getting in the way, then it could mean that now is just not the right time for you to add a property purchase into the mix.

Or perhaps that subconsciously it’s not something you really want to do at all.

Exploring which of these things is true for you is important if you keep on hitting a brick wall whenever you begin.

As with any big goal, sometimes the enormity of it can overwhelm us. So, try breaking things down into smaller pieces.

Such as looking at prices of home in your desired area, and then comparing them against what you might be able to afford is a great way to get going.

4. Start from where you are at the present moment.

We're all guilty of daydreaming about an unspecified time in our future when we finally live in our dream house.

But, if you want to make the dream house happen, you need to prioritize action over merely dreaming.

Look at your personal finances in terms of what you might be able to afford based on your current and projected income and expenses, and see how that measures up against likely housing costs for properties in your chosen area.

Explore possible?mortgage financing options to get an idea of what you could borrow without committing until you’re sure.

Recognize that it’s the start of a journey that may include a number of stages such as research, analysis, selection, negotiation and purchase.

5. Do you stand a chance getting financing as a woman buyer with a single income?

?Absolutely! The number one metric you need to be concerned with, whether you’re buying your property alone or jointly, is affordability.

This overrides all else because it dictates what lenders might be willing to lend and, therefore, what your options might be for a suitable property.

As a Buyer’s Agent, I can direct you to mortgage lending specialists who can help you run the numbers and get pre-approved for mortgage financing.

6. Will sellers take you seriously as a woman homebuyer?

Having an experienced fiduciary Buyer’s Agent side-by-side with you throughout the entire homebuying journey adds credibility.

It’s in everyone’s best interests for the homebuying process to be run as seamlessly as possible. This is a difficult to achieve with so many moving parts

Make sure advice received is in your best interests, not someone else’s or the uninformed opinions of others.

7. How do you deal with the possibility of being discounted as a woman buyer?

Don’t! You don’t have to.

For what is likely to be one of the biggest investments of your life, it’s important that you have a trusted homebuyer adviser who is a fully supportive cheerleader as well.

Also, someone who has traveled the same journey as you and who is empathetically committed to helping you realize your goal.

8. What should you learn about when viewing a home?

Here are some of the top things to find out when viewing a property and the Buyer’s Agent can lead the way in discovering on your behalf:

Why are the sellers moving?

What’s the neighborhood like overall? The neighbors next-door and across the street?

What’s the quality of local schools if it’s a priority for you.

What are the sellers leaving behind, and what are they taking? This could be furniture and fixtures, window dressings, and even lightbulbs!

What are the average bills for utilities, and how strong and reliable is the WIFI?

When was the house last electrically rewired? How’s the water pressure? Are there any known plumbing issues or structural problems that may not be uncovered in an inspection.

Is the ownership freehold or leasehold? If the latter, what’s the tenure?

Depending on how long is left on the lease, you may struggle to get a mortgage unless it is extended to a suitable level (between 40 to 100 years). Leasehold properties are rare in the United States, but are more common in Florida.

Have there been any modifications to the original house specs? Perhaps there’s been a loft conversion or added a lanai? Make sure they’ve had proper permissions.

Are there access rights via your property to public pathways or spaces? To avoid disputes after you’ve bought the property, which areas you are responsible for and which belong to neighbors?

Buying a house is a big purchase. So be thorough while viewing. Here’s way an experienced Buyer’s Agent can be helpful.

9. A Florida Documentary Stamp Tax? Does a buyer need to pay it?

Documentary stamp taxes show up on settlement statements and are paid at closing.

It is an excise tax imposed by the state on certain documents executed, delivered, or recorded in Florida.

If there is no financing involved, the seller pays $.70 per $100 based on the sales price of the property. The cash buyer pays no tax.

If there is financing involved, the buyer pays $.35 based on the face value of the promissory note.

There is no tax due on a deed between spouses or former spouses following the divorce and the property was their marital home at the time of divorce.

10. What extras do you need to pay for on top of the escrow deposit?

In addition to your deposit, you also need to budget for:

Conveyancing:?Legal fees as well as costs for searches to check who owns the property, and whether the name on the title deed matches before it is transferred over to you.

Valuation:?Lenders will request an appraisal valuation of the property to check that it is a suitable property to lend against, i.e. it is worth the purchase price.

Property survey: The survey legally defines the boundaries of a plot of land.

Inspection:?You’ll need an inspection to check the condition of the property and see if there are any costly repairs required that might compromise its value and force you to revise your offer price.

Financing costs:?The cost of arranging finance including a mortgage adviser if you used one as well as an estate agent fees should be considered too.

Stamp tax:?On completion, you may also be required to pay stamp tax.

Be clear on all the costs associated with your purchase in advance so there are no surprises during the homebuying process.

11. What should a real estate attorney do on your behalf?

Your real estate attorney, also referred to as a conveyancer in the case of property matters, is instructed to act on your behalf in all legal matters related to the purchase.

This includes performing all the due diligence associated with the home you are purchasing to check all the correct documents are in place, reviewing the survey and search information, requesting any additional information as required, and coordinating with the seller’s attorney to agree exchange of contracts.

This is the longest part of the process with good reason – your attorney will make sure that nothing is missed in purchasing your property that could leave you exposed to liability or further expense when the property is yours.

12. The types of?co-ownership of property in Florida?

Tenancy in Common, Joint Tenants, Tenancy by the Entirety (only available to married persons) are the forms of legal home co-ownership in Florida. ?

An appropriate co-ownership may be an option for affording a home otherwise unaffordable. An attorney should always be utilized to advise and set-up properly titling.

13. What's the difference between a leasehold and a freehold?

The difference between leasehold and freehold is primarily one of land ownership.

With a freehold property you own the house and the land it’s built on.

With a leasehold property you own the property for a certain length of time, as determined by the length of the lease, but you do not own the land.

In addition to mortgage repayments, therefore, leasehold property owners also have to pay ground rent for use of the land upon which the property is built as well as maintenance and other charges as determined by the freeholder.

The length of the remaining lease is an important consideration in the purchase and financing of a leasehold property.

14. What is a “chain” in real estate transactions?

When you buy a property, a new real estate transaction is being created in which there is a buyer and on the other side there is a seller.

If your seller isn’t dependent on buying a new property before they can sell you theirs, this means there is no “chain”.?

This typically makes for a smoother process as there are only two parties to maneuver (you and them) instead of three or more (you, them and their seller).

Conversely, if your seller is selling their property and buying a new one at the same time and/or if you are also selling an existing property to buy the new one, then this lengthens the “chain” and potentially the length of time it will take to complete the entire process.

15. Where do you stand legally if the “chain” falls through?

If the “chain” falls through before you have exchanged contracts, then, unfortunately, there is nothing you can do.

Once contracts have been exchanged, however, you may be able to claim compensation from your seller.

Be clear on what the obligations are for everyone in the “chain” before you exchange, and how long it takes between exchange and completion. In some cases, both can occur on the same day.”

16. How long does it take to accomplish a home purchase from start to finish?

Given the many stages involved in purchasing a property, the average estimated completion time depends on the circumstances and who is involved.

What’s certain is that working with an exclusively Homebuyer’s Agent can smooth out the entire process, significantly cut down the amount of time spent, and you save thousands of dollars.

As a REALTOR? Buyers Agent, I find that the biggest thing women homebuyers look for and highly appreciate is my guiding and representing them exclusively as a fiduciary throughout the entire purchase process from initial start to final closing.

My relationship with women homebuyers as a Buyer’s Agent starts with my offering a free, no-strings-attached homebuying strategy session, either by phone, virtual, or in-person.

During this time together, I explain my role as a fiduciary, and all the activities, which can be expected to take place during the home buying process.

These activities include my fiduciary representation and guidance with such things as client-driven searches, showings, reliable comps, informed price offerings, savvy negotiations, inspections, repairs, appraisals, surveys, home warranties, the mortgage loan process, HOA fees, and so on.

About Sandy Wilder

Sandy Wilder is a fiduciary Buyer’s Agent REALTOR? who guides and represents women homebuyers exclusively in their search for Southwest Florida properties in Naples, North Naples, Bonita Springs, Estero, Miromar Lakes, Fort Myers, and other communities located throughout Collier and Lee Counties.

To view available homes in these areas, visit my website findswflproperties.com

To learn more or schedule a free, no-strings-attached strategy session (in-person, by phone, or virtual)

Call/Text 239-850-1650?

Email [email protected] .

Website: findswflproperties.com

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