Why every Single Woman should buy a house (or two) NOW

I have been a proud homeowner for 3 years now and it’s been great. I want to encourage all my sister friends to be homeowners as well. There are lots of fears around homeownership and being single and I’ll address a few in this article:

You will not remain single by owning a house.
Owning a home will not turn you into a single spinster with cats. I’ve heard from many women over my lifetime that, “I want to buy a house with my husband.” Or, “I’m waiting on my Prince or King to come first.” Now those are great desires to have but homeownership and marriage are not mutually exclusive. Somehow there is a perception that making sound financial decisions will make you seem too independent or too something else. We, as women are always worried about if we are too something or other for somebody else. But dare to dream with me. What if you have a home and your love has a home too. Now you both own 2 properties, can live in one, and rent out the other home. Now you have more financial resources and security. There are no limitations. You can own a home and still have love.

There are programs that help first-timers buy homes.
The interest rates are low and there are many amazing first-time homeowners programs available to help you like the Federal Housing Administration (FHA), Veteran Affairs (VA) loans, and Neighborhood Assistance Corporation of America (NACA). I used the NACA program to buy a home in DC. NACA will help you own a home and pay no closing costs and no down payment. If you have credit challenges, NACA will help you establish better habits that improve your score. The best thing about NACA is they qualify you based on the monthly payment you are able to make so you don’t buy more house than you can afford. I would not have been able to buy without NACA’s help even though I had a great credit score and $30,000 saved. The DC market is expensive. I used the money I initially saved for a down payment for minor repairs, fencing, lawn care, and other home ownership expenses.

Home investment could be the foundation of your business.
I agree with Rich Dad Poor Dad author Robert Kiyosaki that a home that you live in is not an investment. The housing industry crash in 2008 taught us that home appreciation is not always guaranteed. However, a home can be a foundation for future investments. Your home could be used as collateral on a business loan. You may consider taking out a home equity loan or second mortgage in the future to fund an entrepreneurial dream. If you buy a duplex with a first -time homeowner’s loan, now you have the best of both worlds. You can live in one unit and rent out the second unit to pay the mortgage. Thus, live for free. You can buy up to a 4 unit home with a first time homeowner’s program. I’ve made money off my home by renting out a room in the basement to summer interns and through AIRBNB to guests from around the world.

Homeownership provides tax revenue and investment in your neighborhood schools and city resources.
This is a special note to my single mothers considering buying a home. The property taxes you pay to buy a home are invested in your neighborhood and your local schools. There is nothing wrong with renting but the property taxes you pay now go to your landlord’s neighborhood schools. I would guess that the landlord’s neighborhood schools are better funded and better staffed than the neighborhoods where there are predominately renters.

So, what do you think? Are you ready to buy a home today? Feel free to ask questions in the comments.