A shift in first time home buyers

The demographics of the typical first-time home buyer are changing these days.

More and more women today can afford to purchase a property on their own to
build up valuable equity and are no longer waiting to find a life partner before they pursue the financial and lifestyle benefits of home ownership.

One in four buyers these days is a single female, and new home marketing is
actually starting to reflect that. Women may be ready to jump into the
commitment of home ownership but not all are willing to give up their valuable free time to do outdoor chores. Thus, single women tend to look for homes that require little or no maintenance with an option to plant container gardens.

Sound familiar ladies?

The easiest and most popular way to hold on to a maintenance free lifestyle is to purchase a condominium. Its problem-free upkeep and unencumbered
lifestyle is an obvious benefit to people who don’t want to be tied up every
weekend with chores – there are no lawns to water and mow, and no leaves to
rake. No yard means there’s no fence or deck to repair, and no driveway to
shovel in the winter. Choose a condo and you’ll never have to worry about this stuff. Condominium members are charged a flat monthly fee to cover
maintenance of the common areas as well as provide prompt service by
reliable trades persons if there are maintenance problems in your individual
unit. Heating, air conditioning, plumbing and electrical problems are handled
by maintenance staff or service agreements set up by the condo association,
so good help is available at a moment’s notice.

Security is also an important consideration for single women living alone, and the condo lifestyle can offer such measures as restricted access, a concierge on duty screening visitors, closed circuit TV monitors, patrolling security guards and panic buttons in garages to add peace of mind.

Some single women still prefer a more traditional home as their first property.

The appeal of having an outdoor space of your own to entertain, putter about
in a garden and relax can be inviting. A single family home usually offers more privacy and is also better suited to larger pets. (If you have a pet and decide to purchase a condo, make sure to check if your pet will be warmly received by the condo board first – they uphold the rules that the condo owners have set in place.)

In the end, the style of home you choose (e.g. condo or single family home)
will depend on your lifestyle and your needs. Identifying your needs and
requirements from the very start will help make the process of searching for
your first home easier.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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About the Author

Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit www.okanaganmortgages.com

Visit their blog at www.okanaganmortgages.com/blog


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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