Advice for single women – Housing

January 24, 2008

cottage

It is a sad fact that many young women put off big events in their life, waiting until they are married (or have a partner) to plan for retirement or buy a house. We old women would like to give you some valuable advice:

Live your life now!

Do not wait “until” to do the things that protect your financial health.

If you are steadily employed, fund your retirement. The money you put into it in your twenties is vastly more valuable than the money you put into it in your forties. (The miracle of compound interest!)

If you can afford it, buy a house, a condo, a cottage, a town home, anything! If you meet Mr. Right and you want to buy a house together, you can keep yours as a rental property or sell it. Either way you are miles ahead of where you would have been if you were renting.

If you are in the US, there has never been a better time to be a first time home buyer. There are lots to choose from, the prices are stabilized, and the loan rates are low.

Now, regarding mortgages, you may have read lots about sub-prime loans and ARMs. You can avoid all that drama if you follow a few rules:

Get a fixed rate loan. (That way there are no surprises.)

Buy only what you can afford. (Don’t let them convince you to “stretch” into a payment that you know you can’t afford comfortably.)

If you aren’t in a position to buy, have the lender tell you what you need to do to prepare. Some of you may have credit card debt that needs to be paid down. Remember the lesson we learned from Carrie on Sex In The City. A closet full of great shoes is no good if you can’t afford the closet!

Advertisements

3 Responses to “Advice for single women – Housing”


  1. Why are you calling yourself old??

    Anyway, thought you might be interested in behindthechair.com.

  2. Kathy Says:

    This information should be dispensed from the earliest ages (in fact, let’s replace the various “Just Say No” programs with sound financial advice; the hoped-for outcome via the latter would undoubtedly be greater).

    I somehow would up investing in real estate, the happiest accident of my life. I certainly could have used a mentoring program. In fact, I used to have the occasional midday drink with my 90+ year old neighbor who told me about pulling herself up from poverty via sound real estate investments. A better education than the sketchy business sense gleaned from a liberal arts education, all while drinking premixed pina coladas!


  3. […] Aura Mae has some housing advice for single women. If you can afford it, buy a house, a condo, a cottage, a town home, anything! If you meet Mr. Right and you want to buy a house together, you can keep yours as a rental property or sell it. Either way you are miles ahead of where you would have been if you were renting. […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: