Being single is awesome unlimited time to go to spa dates, always picking what to watch on tv, and of course binging on a block of chocolate with no judgment right!
Single is fabulous or so Sex and The City Tells us. But is it really?
As a single woman we can often find there are struggles that come with flying solo such as buying a property with a solo income.
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Starting a portfolio is never easy no matter who you are. As single women, we must be extra cautious, motivated and pragmatic when it comes to building a killer portfolio. But maybe you’re worried about where to start? Or anxious that this added pressure will just tip you over the edge with everything else going on in your life.
Mortgage broker Rebecca Jarrett-Dalton from Two Red Shoes believes all women deserve a place in the world of property owners single or not, which is why she has put together these tips to get you into gear to start your portfolio.
Get Advisers on Board Who Are Going to Pay Attention to You!
Sadly, many women mention that they are being overlooked or ignored. Yet women are often the key financial decision-makers, and even more obviously so when they are single. If you suggest something and you’re told no, ask why. It is your right to ask questions because it is your investment! If an advisor gives you an answer that seems glib or dismissive, go somewhere else. You don’t have to deal with condescension. Find an advisor who takes your ideas on board, or explains themselves well when they dismiss one of your suggestions.
Reduce Your Unnecessary Credit and Spending
Lenders are looking at your spending habits when considering your affordability. Reducing your credit limits and repaying any unnecessary debt before you start makes you more attractive to a lender. Fixing your spending habits before you start a portfolio will improve your cash flow moving forward, which makes everything more affordable for you!
Make Head Decisions Not Heart Decisions
Being a forward thinker is a necessity when starting a portfolio that is going to have long-term growth. Remember your own taste will likely change, and trends are as unsettled as the wind. While buying that cute cottage may make your heart sing, you need to think; will it attract the right tenant or any tenant at all? Will it suit your longer-term goals? Something with a high maintenance cost or unique features may not be a suitable investment. Always opt for the future rather than what your heart desires now.
Buy the Best You Can Afford
When it comes to buying your own home, make sure to buy the best you can afford at the time, without breaking the budget. The cost of changing over property is too much. You need to buy the place that you will be happy to live in for long enough to justify the costs of moving. Consider that moving is an exercise that costs upwards of $50,000 by the time you pay agents fees and the stamp duty again. Ensure the home you are about to buy is worth it.
