“You’re Gonna Make it After All”
“There is only one success -- to be able to spend your life in your own way.”
- Christopher Morley, American journalist, novelist and poet
The author Barbara Stanny states, “Prince Charming need not be a man, or even a person. Our prince could be an ideal job, an insurance settlement, the lottery jackpot… anything that we fantasize will save us financially. We must get to the point where we can say with total conviction… I can do it myself.
This applies to home ownership. I have many female friends that have put off buying a home. This has nothing to do with being straight or gay. It has more to do with female empowerment and being independent. What are they waiting for? Some are waiting for a man or the perfect partner. Others, especially in Southern California, are bemoaning the inflated housing market and how they were priced out three years ago.
Liz Pulliam Weston provides advice if you’re thinking of buying a home in a market that seems overvalued. She believes that “the possibility of a bubble alone should not keep you from becoming a homeowner. If you’re willing to stay put for awhile, you can reduce your risk from a real estate bubble in the following ways:
1. Look for undervalued properties. Even in the wildest markets, there are ugly ducklings -- flawed homes that others overlook. If the defects are fixable, you might be able to get a relative bargain and be in better shape than your neighbors should prices fall.
2. Buy defensively. Homes in good neighborhoods with good schools tend to hold their values better, real estate agents say. Single-family homes usually fare better than condominiums, which often are the first to lose value in a real estate recession and the last to regain it during a recovery.
3. Stay put. Find a home you can live with for awhile. The people who get hurt the most during real estate recessions are those who are forced to sell, usually because of a job change or because they couldn’t really afford the home in the first place. If you can hang on to a home for five to 10 years or more, you improve your chances of being able to ride out a downturn and at least break even when you sell.”
The third point is what usually stops the single women. It takes commitment to settle down alone! It takes some creativity (and possibly a roommate or two to help pay the mortgage). But home ownership is the first step to financial independence and making it on your own.
- Christopher Morley, American journalist, novelist and poet
The author Barbara Stanny states, “Prince Charming need not be a man, or even a person. Our prince could be an ideal job, an insurance settlement, the lottery jackpot… anything that we fantasize will save us financially. We must get to the point where we can say with total conviction… I can do it myself.
This applies to home ownership. I have many female friends that have put off buying a home. This has nothing to do with being straight or gay. It has more to do with female empowerment and being independent. What are they waiting for? Some are waiting for a man or the perfect partner. Others, especially in Southern California, are bemoaning the inflated housing market and how they were priced out three years ago.
Liz Pulliam Weston provides advice if you’re thinking of buying a home in a market that seems overvalued. She believes that “the possibility of a bubble alone should not keep you from becoming a homeowner. If you’re willing to stay put for awhile, you can reduce your risk from a real estate bubble in the following ways:
1. Look for undervalued properties. Even in the wildest markets, there are ugly ducklings -- flawed homes that others overlook. If the defects are fixable, you might be able to get a relative bargain and be in better shape than your neighbors should prices fall.
2. Buy defensively. Homes in good neighborhoods with good schools tend to hold their values better, real estate agents say. Single-family homes usually fare better than condominiums, which often are the first to lose value in a real estate recession and the last to regain it during a recovery.
3. Stay put. Find a home you can live with for awhile. The people who get hurt the most during real estate recessions are those who are forced to sell, usually because of a job change or because they couldn’t really afford the home in the first place. If you can hang on to a home for five to 10 years or more, you improve your chances of being able to ride out a downturn and at least break even when you sell.”
The third point is what usually stops the single women. It takes commitment to settle down alone! It takes some creativity (and possibly a roommate or two to help pay the mortgage). But home ownership is the first step to financial independence and making it on your own.
posted by Nina Smith at 10:30 PM
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